Tamen Logo

Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

The steady march of Artificial Intelligence (AI) has reshaped the way we work, penetrating almost every aspect of modern business.

This seismic shift to AI has offered a plethora of benefits across industries ranging from retail and healthcare to banking and financial services.

On the flipside, drawbacks and potential dangers of using this new technology remain a valid threat and successful integration of AI requires careful consideration of ethical concerns and potential security risks.

Enhanced efficiency and productivity

AI often augments human capabilities and can increase productivity while reducing operational costs.

It can handle repetitive, mundane tasks with the ability to analyse vast amounts of data, freeing up employees for higher value work and decision-making.

Customer service

AI powered chatbots and virtual assistants provide round-the-clock customer support, addressing enquiries promptly.

There are downsides to the technology, however. An AI-powered chatbot can sometimes fail to understand human emotions and give a robotic reply to a query, resulting in a dissatisfied and frustrated customer.

Safety and security

AI can assist in predictive maintenance, preventing equipment failures and ensuring workplace safety.

Businesses should be aware, however, that a cybercriminal can restrict the capabilities of a business’s AI systems to penetrate them and access sensitive information.

Broadly speaking, AI can support firms through automating business processes, gaining insight through data analysis and engaging with customers.

Those who fail to take advantage of AI risk falling behind competitors who can operate far more efficiently. Many still believe that more regulation is necessary to negate any potential risks.

Share this post:

Looking for instant advice?

Our team are waiting to answer any question you may have via our live chat feature.

Socials

Contact our team

Call us on:

01204 391 505

Email us on:

mjs@tamenaccountants.co.uk

Related blog articles

18th Jul 24 | Updates/ News

How will Rachel Reeves change UK taxatio...

At some point between now and the end of 2024, Rachel Reeves will step up...

Read more

16th Jul 24 | Updates/ News

Government is using AI...

The Government Actuaries Department has declared it is using artificial intelligence to help government departments...

Read more

11th Jul 24 | Updates/ News

Remember to pay your Class 1A NIC...

Class 1A NICs for 2023-24 are payable if you have provided employees with taxable benefits...

Read more

Let us know your thoughts

Leave a Reply

Your email address will not be published.