Justin Clapham, honorary chair of the Jersey Chamber of Commerce Finance Committee, gives businesses some advice for using AI in the workplace
A RECENT Chamber of Commerce survey has revealed insightful statistics about the attitude of firms in Jersey towards artificial intelligence.
Astoundingly, 80% of members believe that AI could assist them in their roles. Furthermore, 75% have interacted with ChatGPT, a prime example of AI’s capabilities in the workplace. However, juxtapose this with the fact that 85% of firms in Jersey currently have no AI policy, and a staggering 92% do not provide any AI training. This reveals a discrepancy between the perceived value of AI and the readiness of firms to adopt it effectively.
Yet the potential productivity gains from incorporating AI in financial workflows cannot be understated. While 83% of staff express their eagerness for AI training, only 3% regard AI in the workplace as unfavourable.
This means that the majority of staff not only see the potential but are also enthusiastic to be part of this technological revolution. If harnessed correctly, the competitive edge AI can bring to Jersey’s finance sector is immense.
For firms in Jersey keen to embark on this journey, here are three easy steps to prepare for the use of AI.
Establish and document a basic AI policy for the firm
Why: The first step is to have a clear understanding of the purpose, limitations and applications of AI within your firm. This not only sets clear guidelines for employees but also ensures that AI is utilised in ways that align with the company’s objectives.
How: Set fair usage rules for staff which are aligned to the existing IT and internet rules such as those used for existing web search engines. Include confidentiality and usage parameters. Allow staff to use ChatGPT, Bing AI, Google Bard and other free AI services. Where possible, use Enterprise-ready versions of AI, to further mitigate the risk of confidential data sharing.
Train staff on data sensitivity and fact-checking:
Why: AI, as advanced as it might be, still lacks the discretion that human judgment offers. It is imperative to ensure sensitive or confidential data are not fed into AI systems. Additionally, while AI can provide rapid answers, it is equally crucial for staff to verify the accuracy of these responses. Some AI services provide a checkable reference or URL for validation.
How: Organise workshops emphasising the importance of data confidentiality. Foster a culture of fact-checking by highlighting real-world cases where unchecked AI outputs led to undesired outcomes.
Train staff to “prompt” AI for best outcomes:
Why: The efficacy of an AI system like ChatGPT is often contingent on the quality of the input or “prompt” it receives. A well-phrased query can yield precise answers, whereas ambiguous prompts can lead to unclear or misaligned results.
How: Provide hands-on training sessions using AI tools. Encourage employees to practise framing questions or prompts effectively. Over time, with consistent feedback and practice, they will master the art of deriving optimal outputs from AI systems. You can also ask AI how to prompt effectively for any give requirement.
In conclusion, while the enthusiasm for AI in Jersey’s finance sector is palpable, a structured approach to its integration is essential. By adopting a clear policy, prioritising data security and ensuring effective communication with AI, firms can harness its full potential.
AI is not just a fleeting trend but an evolving toolset that, when employed judiciously, can catalyse unprecedented productivity gains. It is time for Jersey’s finance sector to move beyond mere acknowledgment and actively embrace the future of finance, powered by AI.
It is not expensive, difficult or complicated to obtain immediate productivity gains from AI.
