AI Taking Decisions in Boardrooms
On Monday one of the most valuable companies in the UAE, Abu Dhabi’s International Holding Company (IHC), appointed an AI-powered observer by Aiden Insights, to the board of directors in the company.
Aiden Insights, in collaboration with Microsoft, developed G24. Advanced data will be provided along with data analytics and ‘insights and risk assessments’, said IHC in a statement. Aiden Insights will use the world’s largest AI supercomputer, and it will be able to process data analysis, financial information, market trends, as well as global economic indicators of the case. Other factors that Aiden will be able to provide for the board members are the following, risk assessment, strategic planning support, innovation tracking, and ethical and compliance monitoring.
IHC mentioned that Aiden will attend board meetings, but the catch is that it will attend them as an observer who is a non-voter. As well as it will provide time insights into discussions, and it will be able to guide them.
Syed Basar Shueb, an IHC chief executive has mentioned that “the initiative reflects our dedication to embracing cutting-edge technology and innovation, ensuring that IHC remains a leader in strategic investment and corporate responsibility”.
Professor Nancy Gleason, at NYU Abu Dhabi, stated that “innovative step in the right direction to embracing generative AI. Aiden Insights can provide a valuable brainstorming position for counterarguments that are neutral to office politics. Secondly, AI can process and analyze and make meaning from vast amounts of data quickly. This gives the board more informed and evidence-based options to consider in making their decisions.”
Ms. Gleason has stated that International Holding Company’s decision to include AI in the company’s work shows the importance of AI in the workplace.
What Will the Future Hold
The use of AI in such a context could be a great helping hand to the company’s operation as a whole. It can be of great influence on the ways and trends of how people invest their money and how, as well as the market trends that are taking place. The use of large amounts of data along with small algorithms provides an explanation of many financial and market risks and patterns. This allows investors to work minute by minute and eliminate loss factors.
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