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‘Global business value from AI to reach US$ 2.6 tn in 2020’

z_pi-GlobalArtificial intelligence (AI) and advanced analytics represents a growing opportunity and global business value derived from AI in 2020 will reach US$ 2.6 trillion, said Dr. Jasmine Begum, Director, Legal, Corporate and Government Affairs, Corporate and External Legal Affairs- Microsoft Malaysia and New Markets.

As strides are made toward harnessing AI across business and society, she said it is important to align and incorporate AI with corporate ethics to prompt employees to be more conscious of create business activities that promote responsible and transparent AI use.

“Al will have a big economic impact particularly on job creation. We need to identify opportunities and also take measures to mitigate possible risks in order to make AI work. Also, you should have the courage to apply what you know about ethics to AI. In other words, building expertise in AI ethics will be important for your organization to engage in responsible business practices.,” Dr. Begum told at the Future of Business –Reimagining the Future of Work, conference organized by the Ceylon Chamber of Commerce in Colombo yesterday.

“Moreover, data is crucial for economic growth, innovation and competitiveness and business success. Nevertheless, data means nothing if you’ve poor data insights. If you’ve good data insights, you will be able to respond to market needs quickly and have more products and services to cater to their diverse needs,” she emphasised.

She also pointed out that various governments across the world are struggling with polices relating to cyber security, data protection and so on.

To redress these impediments, she stressed that governments should engage in discussions that are current and applicable.

Furthermore, she said governments will have to develop new capabilities and to adapt to emerging technological advancements that will help their economies to thrive in a big way.

“However if you don’t intend to keep up with these emerging trends, someone will definitely grab these opportunities in order to better garner more economic benefits for them.”

Speaking at the event, Minister of Digital infrastructure and Information Technology Ajith P Perera said the government has drafted a new cyber security bill to protect vital information and essential services and the draft bill will be presented for cabinet approval next week.

“I hope we will be able to pass this law within a month in the parliament.”Minister said. Minister said further legal draft of Data Protection bill has also been finalized and is currently available in all three languages.

“We hope that we will be able to pass the law in another two months time,” he said. The minister said further that the government is planning to introduce a National Data Interoperability and Identity Platform to facilitate exchange of critical data and digital information among government organizations.

Through this platform, it is expected to reconcile information requirements of various government institutions and also to improve the governance and usefulness of data in these organizations.

“This platform will be ready in another six months time,” the Minister said,

He also said that the current Sri Lankan ICT workforce has the ability to create products that are exportable and have an appeal to global consumers. However when it comes to the demand-supply gap in ICT workforce, he said projections indicate a situation of a widening gap between demand and supply of ICT workforce in the country.

Minister Perera also indicated that the overall strength of ICT workforce has grown from 82,000 to 124,000, registering a growth of more than 50%.

Courtesy – Daily News

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