Skip to main content

Event Planning and Business Entertainment in the U.S. Corporate World

A liberal democracy can survive for a while on institutional strength and widespread agreement. As long as most people are generally satisfied with how things are going (or have made peace with the status quo), it is easy to imagine that something like a social contract will keep things on track. Hamish MacAuley makes a persuasive case that many Canadians came of age politically between the collapse of the Berlin Wall and the 2008 financial crisis, when consensus was widespread and politics seemed optional, thus many chose to stay out. We abandoned democratic governing habits during prosperous times. Instead, we played politics. In response, McGill's Jacob T. Levy advocates for political action that rejects the status quo while also refusing to burn it all down or take our ball and go home. We should participate in politics, even if it is unsatisfying. When the foundations of our democratic structure or the rights of vulnerable people are jeopardized, it makes sense to delegate aut

Internet and Technology Adoption Canada and the USA

According to recent research conducted in Canada by KPMG, while more than one-third (37%) of Canadian businesses are considering how to use the well-known generative artificial intelligence (AI) platform ChatGPT to enhance their operations, this number is tiny compared to the nearly two-thirds (65%) of American businesses that are already utilizing the technology.

Only 35% of Canadian businesses report



they presently employ AI in their operations, compared to 72% of US businesses. This indicates that the overall adoption of AI by Canadian organizations is less than half that of US enterprises. Over 50% of the Canadian firms who use AI acknowledge that they could be employing it more effectively and efficiently. Of those that do, over four out of ten use it in their call centers.


Based on a poll of senior business and technology leaders at major U.S. and Canadian organizations, the results evaluate how these leaders are utilizing artificial intelligence (AI), which is fast turning into a competitive advantage for enterprises. Although generative AI is a particular kind of artificial intelligence that uses algorithms to create content quickly, AI has much broader applications, and American and Canadian organizations in the fields of healthcare, education, law enforcement, and finance have used various forms of AI to increase productivity and efficiency.

When it comes to adopting AI
 Canadian businesses are lagging behind their American counterparts. This is happening at a time when advancements in the field are advancing quickly, especially in the area of generative AI, according to Benjie Thomas, Canadian Managing Partner, Advisory Services at KPMG in Canada.


"When applied properly and ethically, generative AI can be very effective in increasing a company's productivity, efficiency, and competitiveness. Businesses in Canada who aren't implementing AI now run the risk of slipping behind, particularly as rivals in the United States continue to make progress in this area," Mr. Thomas continues.

Important conclusions


Lack of qualified personnel and high-quality data for AI algorithm training are the key obstacles keeping companies from utilizing AI efficiently. More than four in ten (44%) Canadian organizations stated their data sets are either too small or too vast, contain missing data, are inaccurate, or are improperly formatted. Almost half (47%) of these businesses indicated they lack the internal competence to validate and verify the quality of their AI algorithms.

"Big companies have enormous volumes of data at their disposal, but in order to use it to their advantage, they must first accurately evaluate the quality of the data. 'Get your data ready,' says Zoe Willis, Partner and National Data and Digital Lead at KPMG in Canada. "Without it, their path to being AI-ready will be difficult."

The actions listed below are recommended by Ms. Willis for organizations to become AI-ready:

Make a thorough inventory of all the data.
Evaluate the data's accuracy, relevance, and recentness.
Determine any current gaps in the data as well as any possible future gaps.
Analyze, find, and chart the organizational data locations.
Ascertain who can access the data and to what extent they are qualified to do so.
"Without quality data, AI algorithms are susceptible to output that is biased, incorrect, misleading and unreliable, and the consequences for businesses include errors that lead to poor business decisions," says Ms. Willis.

While most Canadian businesses are aware of the dangers of having bad data, only 44% regularly hire independent third-party experts to review or evaluate their AI algorithms for bias and errors. Of these, over half (54%) admit they are extremely concerned that their company may be making decisions based on badly designed AI algorithms.

The necessity of ethical AI



Kareem Sadek, Partner, Advisory, IT & Emerging Technology Risk Leader, states that "organizations need to adopt strong AI operating models and frameworks that include policies, practices, and tools to manage their risk in addition to having quality data."

Mr. Sadek, who co-leads KPMG in Canada's Responsible AI Framework, continues, "Organizations that want to build their AI capabilities need to have a comprehensive and robust governance plan that addresses data integrity, privacy, reliability, accountability, fairness, and security, among other considerations."

According to the report, just 43% of Canadian firms (compared to 72% of American organizations) have implemented responsible AI frameworks, and of those, 50% think their company strictly abides by them (70% of American organizations).

"This highlights a critical need for more organizations to adopt responsible AI frameworks, but also mechanisms to help stick to those frameworks," says Sadek. The author on to state that "any responsible AI framework must also incorporate monitoring, evaluation, and continuous evolution."

As demonstrated by ChatGPT, for instance, artificial intelligence is developing swiftly, therefore businesses require AI models that are not only long-lasting but also flexible enough to change with their environment. Businesses who don't take this action will eventually lag behind and become less reliable and competitive, according to Mr. Sadek. 

Comments

Popular posts from this blog

Brazil and the USA: A Comparative Look at Urban Life

  National economies are propelled by cities These spaces are attractive to the most productive firms and the most talented workers due to the agglomeration advantages they generate, which are the primary cause for their existence. This environment is conducive to growth and development. Cities promote economic advancement by facilitating the sharing, matching, and learning of individuals and businesses through their high density (DURANTON; PUGA, 2004). Furthermore, Marshall (1890) asserted that ideas are "in the air," which implies that the mere concentration of individuals could result in novel outcomes. The functional role of each city in an urban system is contingent upon its ability to provide more specialized products and services to the surrounding areas (LĂ–SCH, 1964; CHRISTALLER, 1966). Given that population development enhances the capacity to generate economies of agglomeration and market potential, the centrality level of cities is also correlated with population s

The Biggest Brazilian Community in the USA: A Cultural Hub

To like, stop inflation, the policymakers of the first military government were like, "Yo, let's introduce this sick package that includes: a) cutting government deficits; b) controlling the money flow; and c) adjusting wages based on inflation and productivity. It's gonna be lit, fam! The plan totally flopped on its initial goals - only 10% in '66 - but it did manage to bring down inflation from a crazy 89.9% in '64 to 37.9% in '66 and 26.5% in '67. Furthermore, Figure 3 below flexes a steady drop in inflation rates throughout the economic miracle. By Brazilian standards, the period was like, totally lit in controlling price rises. Which parts of the anti-inflation policies actually stopped inflation tho? The Poli Econ of the Stabilisation Policy wage dropped steadily from 1964 up to 1968 and then kept almost constant throughout the "economic miracle." On the flip side, the "white collar" peeps were totally vibing with the economic bo

The Top Profitable Business Trends in Brazil

OMG, like the private banks were all about reducing credit stuff and focusing on investing in things from the public sector. So lit, right? First, banks like totally shifted credit stuff from private sector to public entities (check out Table 38 below). Second, the foreign currency remunerated deposits in the BACEN (regulated by the Circular Letter 230) became hella popular amongst commercial banks. OMG, in 1978 those deposits were only like 1.6% of the banks' total assets. But then in December 1979 and February 1983, they went cray and increased like six times. By 1983, they were like 9.3% of all the commercial banks' assets. OMG, in 1979, public securities were only, like, 17% of the investments in shares and securities. But in 1983, they were, like, a whopping 80%! Yo, peep Figure 18 up there, it's all about the financialisation of the non-financial corporation market value. Like, a big chunk of those financial investments were totally tied to the value of public bonds c