Artificial intelligence and robotics are set to revolutionize the business world. Machine learning algorithms can now analyze large data sets in real time, providing deeper insights into market trends, risks, customer assessments and behaviors.
Are companies ready to maximize the potential of these new technologies, while managing the risks? Are they ready to address ethical challenges, privacy and personal data protection? In addition, jobs will certainly be threatened with the adoption of artificial intelligence at all levels of companies, including robotization that is already transforming the operations of major global players such as Amazon and large local groups. RPA (Robotic Process Automation) is a Game Changer because it allows repetitive tasks to be automated; this technology mimics human behavior.
The country is “on the brink of a significant shift,” rightly explained Sheila Ujoodha, CEO of MIoD, during the first edition of the AI ​​Summit, which was sold out. AI has a transformational power in the business world, “it improves decision-making and leads innovation,” she stressed.
Labor shortage
Dev Hurkoo, Managing Director-Technology, at Rogers Capital, explained that RPA is THE solution for companies, and this for various tasks, including Business Continuity. Especially since the country suffers from a shortage of human resources. “RPA is the solution for the current context with the labor shortage, and the change in the nature of work. RPA can help with various tasks within companies. Enterprises will become more efficient and work smarter, and they can concentrate on more value-added jobs,” he explained. And continues: “AI and RPA together are a game changer for enterprises and are transforming work, the nature of work, the workplace, the workforce, the workload and the workability, meaning the agility within the enterprise. » Dev Hurkoo indicated that Rogers Capital is already working to introduce this type of technology in the four largest companies in Mauritius as well as the first company in Nigeria. “Data is important, data can shine, but it must be extracted from documents, audio and video, that you gather in your enterprise. Data also comes from IoT censors. We have already done it for many businesses,” he says.
He raised a point on artificial intelligence, emphasizing that many companies in Mauritius do not know “who are those who are conversing with GPT”. And that: “you have to know the level of digital competency of your team. For a company to succeed human capital – which is the biggest asset, you really need to look into it, and know what your employees can do. Don’t miss that step, understand your workforce, their capabilities and the gaps. » According to him, there are tools that can measure the level of technological skills of human resources, and this, in different sectors of activity. Dev Hurkoo did not fail to advance that: “we are seeing a real lack of competencies in specialized domains, domains which will make a difference, in domains that matters for the future. We must train in order to bridge the gap. AI is not easy, many enterprises have tried but it requires special skills.”
“Set the tone from the top”
For Sheila Ujoodha, we must be ready for change. “Don’t just watch, be part of it as AI with its immense power will transform our world.” Already, significant progress is seen in the fields of medical care, finance, risk management and fraud detection, in the sector of commerce, governance and data analysis. All these advances should, she said, help companies make better informed decisions and “anticipate future trends.”
However, the adoption of artificial intelligence requires great vigilance, with increased risks. The CEO of MIoD made it clear that there is a need for “responsible development” of AI, as this is only the beginning of change with the need for a “comprehensive strategy” that integrates innovation, investment and education, in order to chart the way forward. She repeatedly stressed the critical role of good governance in the adoption of AI and the importance of “setting the tone from the top to ensure ethical standards”.
The Minister of Financial Services, Sunil Bholah, who was present at the opening of the AI ​​Summit, spoke of a “historic moment that calls for action”. Addressing financial institutions as a whole, he explained that it is crucial to continue to master the potential risks and benefits of AI. He affirmed that “we are acutely aware that every city wants to be an AI hub”, and that competition will become even fiercer between nations while maintaining that “Mauritius has its assets”, particularly in terms of its workforce and its “trusted” ecosystem. The Minister advised to “dream big and set ambitious goals, foster a spirit of boldness and innovation, embrace AI with a vision that is forward looking, ensure that our actions are guided by principles of fairness, pull resources and expertise”.
The AI ​​Summit welcomed experts who shared their vision on the impact of AI in various fields. Among them was Sandeep Mohapatra, Head of Digital Transformation & Technology at ABSA Mauritius. Gauri Nayak, Director Technology & Transformation at Deloitte Mauritius, hosted a session on Boosting Innovation in the Workplace with AI, demonstrating how AI can drive innovation within organisations and transform the way they work.
Ryan Allas, Managing Director at Rogers Capital Tax Services, addressed the critical issue of Artificial Intelligence & Taxation: Navigating the Intersection of Technology and Compliance, discussing the implications of AI on tax and compliance.
Enhancing Operations with Robotics
Rogers Capital offers innovative Robotic Process Automation (RPA) solutions to optimise business operations. RPA bots (applications programmed to perform certain tasks) use the user interface to capture data and manipulate applications, much like humans would.
These bots are able to interpret, trigger responses and communicate with other systems to perform a variety of repetitive tasks.
The benefits of using RPA include increased productivity, better utilization and allocation of human resources, increased efficiency, cost savings, reduced operational risks, better customer experience, and improved insights for data analysis.
Courtesy of Le Mauricien.
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