In this round-up we will be looking at some of the developments and challenges surrounding artificial intelligence.
Development and Collaborations
The Organisation for Economic Development (OECD) has launched its Artificial Intelligence (AI) Observatory, which aims to help countries encourage, nurture and monitor the responsible development of trustworthy AI systems for the benefit of society.
The Observatory works with policy communities across and beyond the OECD - from the digital economy and science and technology policy, to employment, health, consumer protection, education and transport policy – considering the opportunities and challenges posed by current and future AI developments in a coherent, holistic manner.
The AI Observatory is being built on evidence-based analysis and provides a centre for the collection and sharing of information on AI, leveraging the OECD’s reputation for measurement methodologies. The Observatory will also engage a wide spectrum of stakeholders from the technical community, the private sector, academia, civil society and other international organisations, providing a hub for dialogue and collaboration.
According to a report produced by the European Institute of Innovation and Technology (EIT) Health and The McKinsey Centre for Government (MCG), AI can increase productivity and the efficiency of care delivery, allowing healthcare systems to provide better outcomes for patients.
The WHO estimates that by 2030 the world will be short of 9.9 million doctors, nurses and midwives, which adds to the challenges faced by an already overburdened healthcare system. Supporting the widespread adoption and scaling of AI could help alleviate this shortfall, the report says, by streamlining or even eliminating administrative tasks, which can occupy up to 70% of a healthcare professional’s time.
The issues highlighted, among others, means that ‘AI is now ‘top-of-mind’ for healthcare decision makers, governments, investors and innovators and the EU itself,’ the report states.₁
To fully unlock the potential and capabilities of AI, there is an urgent need to attract and up-skill a generation of data-literate healthcare professionals.
Artificial intelligence (AI) is influencing larger trends in global sustainability. Many communities in developing nations do not have access to clean water, which impacts health and has economic and environmental implications.
AI has the capacity and ability to adapt and process large amounts of data in real time. This makes it an ideal tool for managing water resource, whereby utility managers can maximise current revenue, effectively forecasting and planning for the years ahead.
Currently, the development of AI is accelerating, but legal and ethical guidelines are yet to be implemented. In order to prepare the future generations of business leaders and national and international policy makers, the academic community will be playing a large role in this.
For more information, click here.
In this third article in our ‘How to…’ series, we reflect on what we learned from Martin Curry, STEM Healthcare, in his training session on managing the money.
What is a profit and loss table?
A table detailing all business transactions showing all incoming and outgoing cash activity. This will inform potential investors and credit sources how your business will generate its income and manage its costs. Documenting this information is important to show the progression (improvement) over a period and to forecast whether your business is set to make a future profit or loss.
So why is forecasting important?
A profit and loss table give businesses an idea of where the business is headed financially.
If your forecast suggests that profit levels will be low and therefore capital will be limited, it can help you to become more cautious with your credit and supply chain arrangements. Having this level of insight can help you to manage your risks and allow you to rethink your strategy in order to reduce loss and increase profitability.
Monitoring your manufacturing costs is critical in order to represent the efficiency of the production process. There are two types of costs: fixed and variable.
Fixed: rent, rates, employee, insurance,
Variable: raw materials, transport, utilities,
Keeping track of the manufacturing costs will allow you to review the expenses associated with all the resources spent in the process of making the finished goods. To maximise the productivity of each unit of materials you use in the manufacturing process, ensure you review your procedures, materials and ensure waste is reduced to its minimum during the process.
Awareness of the market is key to impressing potential investors; knowing what the key drivers are and understanding the risks and the market demand. Having this information enables you to provide evidence that you can effectively evaluate the commerciality of the project.
In summary, investors will be able to learn a great deal from the financial figures of a business. Thus, preparing a profit and loss account (detailing the business transactions) is critical to providing an insight of the business’s overall position within the market.