The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Bahamian companies are being urged by the head of a local technology firm to embrace the advantages of using artificial intelligence (AI) in their day-to-day operations.

Duran Humes, Plato Alpha Design’s chief executive, said multiple public and private sector industries can benefit from AI implementation only if their owners and executives see the importance of incorporating it into their business operations.

“AI revolutionises business economics by automating routine tasks, transforming them from labour-intensive to effortlessly efficient, drastically reducing human error and operational costs,” Mr Humes said. “It’s predictive prowess streamlines decision-making, optimises supply chains and pre-empts maintenance needs, ensuring a seamless synergy of foresight and functionality.

“In the intricate dance of modern commerce, AI emerges as the maestro, orchestrating resource allocation with unparalleled precision, thereby elevating businesses to new heights of efficiency and cost-effectiveness.”

He added: “In the Bahamas, the tourism industry stands to gain a lot from AI, as it can create personalised experiences for visitors, making their trips unforgettable. Agriculture can also benefit greatly, using AI to grow more with less and tackle the unique challenges of island farming.

“One concept would be making farming smarter with data-driven insights into seasonal demand and crop yields, so that the farmer can know when and by how much to sow to have the best possible reaping of their work.

“In addition, AI can be a game changer in disaster management, giving people vital information and support when facing hurricanes and other natural threats. By embracing AI, Bahamian businesses can work smarter, offer better services and tackle local challenges more effectively,” Mr Humes continued.

“One of the most significant advantages of using AI in the workplace is the potential for cost savings and increased efficiency. According to a recent survey by McKinsey, AI can improve business efficiency by up to 40 percent and reduce operational costs by up to 30 percent. When automating repetitive tasks and streamlining business processes, AI can free up employees’ time to focus on more strategic and creative tasks.”

Mr Humes said there is a gradual increase in Bahamian businesses investing in digital transformation, which he described as critical for any company to survive in a post-COVID world. However, the Plato chief executive said there is much apprehension across the Bahamian business community when it comes to AI and what it can do because of global fears.

“Lack of understanding and the perceived cost-to-benefit ratio play a huge role in the level of fear and apprehension a number of business owners have towards AI,” Mr Humes insisted. “Once a business anywhere in the world concludes that they need to improve their operations, AI is one very useful tool in their tool-belt to make their business even better than it already is.

“Think of how people initially brushed off cyber or information security prior to 2010. Fast forward to where we are now. With all of the benefits and the ease of accessibility of the tools needed, AI will be the same way. It has been around for decades but only very recently started to go mainstream. I’d say give it five to ten more years before its integral to our every day lives.”