Gideon Amakali

In today’s rapidly-evolving technological landscape, integrating Artificial Intelligence (AI) into business operations is no longer a futuristic concept, but a present-day reality. However, the journey to harnessing AI’s full potential is often met with resistance, especially in environments less receptive to technological change. 

For leaders, this presents both a challenge and an opportunity to innovate and drive progress. 

Forward-thinking leaders recognise that AI can be a powerful tool for achieving business success and social impact. 

By identifying opportunities where AI can deliver mutual benefits, leaders can foster a culture of collaboration and shared success. 

This approach enhances business outcomes and contributes to the greater good. 

A common concern is the fear of job displacement due to automation. 

Leaders can address this by focusing on reskilling their workforce and preparing employees to work alongside AI, rather than being replaced by it. 

This strategy mirrors the transformative impact of the industrial revolution – when new technologies created new roles and opportunities. 

Transparency and explainability are crucial for gaining trust in AI systems. 

Leaders must ensure that AI tools are practical and understandable to their teams. 

By demystifying AI and clarifying its processes, leaders can build employee confidence and acceptance. 

As AI becomes more integrated into daily operations, leaders must consider their employees’ digital well-being. 

This approach includes managing the mental load, ensuring autonomy and addressing digital dependency. 

Leaders can create a healthier and more productive work environment by prioritising digital well-being. 

The future of work lies in the collaboration between humans and machines. 

Leaders should leverage AI for routine tasks like scheduling and customer support while creating new roles like AI ethicists and model trainers. 

This collaborative approach maximises the strengths of both humans and AI.

AI’s global impact

The impact of AI is evident in its widespread adoption and significant contributions to various sectors. 

The global AI market is projected to reach N$24 614 billion by 2030, experiencing substantial growth from its estimated N$3 933 billion revenues in 2024. 

AI is expected to contribute a significant 21% net increase to gross domestic product (GDP) by 2030. 

Approximately 35% of businesses have adopted AI, with 64% believing that it will help increase their overall productivity.

 By 2025, AI might eliminate 85 million jobs but create 97 million new ones, resulting in a net gain of 12 million. 

Over 75% of consumers are concerned about misinformation from AI. 

AI is transforming the banking industry by enhancing efficiency, security and customer experience. 

AI algorithms analyse transaction patterns to detect and prevent fraudulent activities in real-time, significantly reducing bank fraud-related losses. 

AI-powered chatbots and virtual assistants, like Bank of America’s Erica, provide around-the-clock customer support, handling enquiries and transactions efficiently. 

AI models are being used to assess credit risk by analysing vast amounts of data, improving the accuracy of credit scoring and lending decisions. 

AI analyses customer data to offer personalised financial advice and product recommendations, enhancing customer satisfaction and loyalty. 

*Gideon Amakali is head of management accounting at Bank Windhoek.