Karthik Venkatasubramanian

🌐 Navigating the Future of AI Governance #solution Being AI Group has partnered with Truyo | An IntraEdge Company to deliver a powerful solution to assist with Governance to enable adoption of AI into business across Australia and New Zealand. In todays rapidly evolving AI landscape, robust governance is no longer optional—it's essential. As businesses integrate AI into their operations, the need for transparent, ethical, and effective governance frameworks becomes paramount. At Being AI, we are at the forefront of helping New Zealand & Australian businesses navigate this complex terrain. 🔍 Why AI Governance? The exponential growth in AI capabilities, particularly with generative AI, presents both unprecedented opportunities and significant risks. Recent global reports emphasize that AI governance frameworks are crucial to manage these risks and ensure AI systems are safe, ethical, and aligned with societal values​. 💡 Current Trends in AI Governance: Regulatory Developments: Australia and New Zealand are keeping pace with global trends, with increasing focus on AI ethics and compliance. Best Practices: Key practices in AI governance include deploying strong security frameworks, ensuring transparency in AI operations, and continuously monitoring AI systems for bias and ethical concerns​. 🚀 How Being AI & Truyo Can Help: Truyo offers a powerful solution for AI governance, combining advanced compliance tools with intuitive user interfaces to help New Zealand businesses stay ahead of regulatory demands and ethical standards. By integrating Truyo, your organization can achieve: Enhanced Data Privacy: Automated compliance with global and local data protection regulations. Risk Management: Proactive identification and mitigation of AI-related risks. Transparency and Trust: Clear insights into AI decision-making processes, fostering greater stakeholder confidence. 📈 Let's Discuss: Are you ready to lead the way in responsible AI deployment in New Zealand? Connect with us to explore how Being AI Group & Truyo | An IntraEdge Company can support your AI governance journey. Together, we can ensure your AI initiatives are both innovative and ethical, driving sustainable growth and trust in the digital age. 🔗 Contact us today to schedule a consultation. #AIGovernance #AICompliance #EthicalAI #Truyo #BeingAI #AIRegulation #TechInnovation #NewZealandBusiness

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Had a great chat about the future trends and what's shaping business in 2024 and beyond in forecasting futures with the folks over at MBA Discovery From AI, to sustainability, an ageing population and geopolitical shifts. Check it out here - and feel free to share what you think? https://lnkd.in/gq6j-yDy

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Generative AI: Calculating Business Value Amidst Uncertainty As the initial excitement around generative AI (GenAI) begins to wane, Australian executives are eager to see returns on their investments. However, many organisations are grappling with the challenge of proving and realising the value of this technology. The financial implications of developing and deploying these models are becoming increasingly apparent as initiatives expand. Gartner predicts that by 2025, at least 30% of GenAI projects will be abandoned after the proof of concept stage due to escalating costs, unclear business value, poor data quality, or inadequate risk controls. While piloting is relatively straightforward and cost-effective, scaling presents significant challenges. The uncertainty in predicting costs and value upfront makes it difficult for organisations to justify substantial investments, particularly when it comes to productivity enhancements that don't directly translate to financial benefits. Some key points to consider: 1. Deployment costs can be significant, depending on use cases and scale 2. There's no one-size-fits-all approach to generative AI implementation 3. Organisations need to identify their AI ambition, whether it's market disruption, conservative productivity gains, or industry transformation 4. Generative AI requires a higher tolerance for indirect, future financial investment criteria rather than immediate ROI Early adopters across various industries report average improvements of 15.8% in revenue increase, 15.2% in cost savings, and 22.6% in productivity. However, it's crucial to note that these benefits are highly specific to individual companies, use cases, roles, and workforce compositions. To maximise the potential of generative AI, organisations should: 1. Collaborate with HR, finance, legal, and corporate strategy teams early in the process 2. Consider long-term benefits, such as improved customer engagement and reduced employee burnout 3. Establish fast-cycle innovation labs to assess both technical feasibility and proof of value 4. Regularly analyse business value and total costs to make informed investment decisions As we navigate the complexities of generative AI implementation, it's clear that success lies in strategic planning, cross-departmental collaboration, and a willingness to look beyond immediate financial returns. #GenerativeAI #BusinessValue #AIStrategy #TechInvestment Read more: https://lnkd.in/e-Z7R33X

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I recently had the privilege of moderating an insightful event with Corinium Global Intelligence where mid to senior-level leaders from Brisbane joined StreamSets Inc. and Accenture Australia to explore the current state of play for data. Here are some key highlights: 📉 Current Landscape: Organisations face significant headwinds in the macro business environment. This is materially impacting investment, and appetite, for innovation through data. Prior to the worlds Large Language Model (LLM) boom, organisations were at various stages of leveraging components of Machine Learning for optimising outcomes. With Generative AI now in the spotlight, the struggle to establish robust data foundations and equip workforces to harness data safely grows. 🔄 AI's Impact: While the role of data remains unchanged, the pace of change and the potential (good and bad) consequences are unprecedented. While process-based and unstructured data is now more accessible for augmentation and automation, the poor state of this data presents a significant hurdle. Accessibility to AI tools, especially LLMs, raises focus on data-informed decision-making and the very real issue of over-reliance on superficially sound outputs. 💡 Strategic Focus: Businesses should prioritise data quality, incorporating variability as a measure to mitigate bias. Many are dealing with brownfield environments, making data quality and integration time-consuming and costly. Addressing these issues is crucial to leverage opportunity. 📣 Driving Change: Influencing organisational transformation requires a focus on foundational data work while delivering quick wins. Success lies in aligning urgency and necessity with business needs, fostering a collective voice to drive progress. Storytelling is a powerful tool, yet challenges remain in engaging all levels of the organization. Overcoming middle management resistance, and addressing organisational and professional identity crises are key to embracing data innovation. There's always more to be done to push the boundaries and drive data innovation forward! 🚀 Paul Milinkovic, Srikanth Mohan, Vanessa Jalleh, Malisa Mlinaric, Anatoly Tulchinsky, Kamil D. #data #analytics #ai

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The Federal Budget headlines are here, but what truly matters to mid-sized businesses? Our latest MYOB Bi-Annual Business Monitor sheds light on their priorities, surveying 500 mid-market decision-makers (20-500 FTEs, $5m+ revenue) for the first time 👀. Key Findings: - Operational Efficiency is Paramount: Mid-market businesses are laser-focused 🔍 on overcoming cost pressures. Fuel prices (49%), utilities (43%), and interest rates (43%) are their top concerns. - Innovation for Growth: While cautiously optimistic (63% believe the economy will improve📈), they seek measures that support digitization (36%) and national security (37%). - Red Tape Reduction is Crucial: Cutting red tape (36%) is a major priority, allowing them to scale and adapt more effectively🚀. What the Mid-Market Needs: - Streamlining Operations: Incentives to tackle rising fuel and utility costs, along with support for efficient business processes👌. - Investing in Innovation: Funding for digitisation initiatives and policies that foster growth in green technologies and national security sectors💡. - Less Bureaucracy, More Growth: A streamlined regulatory environment to free up resources and unlock their full potential🔓. Read more here - https://lnkd.in/dpsVuKEd

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Fantastic summary here of everything going down in Government & Policy as far as AI and AI Governance here in Australia, in the medium term. The message though seems to be, there isn't remotely enough money allocated for the development of a robust infrastructure for evangelism of both the benefits of AI, and the necessity of every effort to be "responsible" from get go. (for the scale of benefits slated to accrue and by corollary the risks & secondary harms that opens us all up to) Broadly, I see AI Governance somewhat taking off inside US corporations about now - the signal being the sheer number of "AI Governance Leader/Manager" jobs being advertised. Given how usually, we lag the US by a few months in tech adoption/general gung-ho ness routinely, I predict we'll see a huge flurry of AI Governance activity here within the next year or so.

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Classic bait-and-switch wrapped in shiny new tech toys! Recent investments in #NDIS tech upgrades, including DART, ICT PACE Salesforce, could be viewed as strategic moves by NDIA to centralize control & cut costs, at the expense of participant autonomy. Bit like giving a kid a shiny new bicycle with one hand while tightening the training wheels with the other. Sure, they're upgrading the systems, but at what cost? Evidence suggests procurement process for these systems, particularly Salesforce, was marred by ethical concerns & cost blowouts, a contract value ballooning from $27 million to $135 million due to scope changes. Additionally, there were instances of undisclosed gifts & hospitality received by NDIA officials from Salesforce, raising questions about the integrity of the procurement process. Did the extra cash come with a side of accountability, or just an expensive lunch for a few NDIA officials? The sweet aroma of undisclosed gifts, where transparency goes to die. Ethical Concerns? More like ethical nightmares. A little gift here, a hospitality event there & suddenly, what was supposed to be a transparent process looks more like a backroom deal. Who needs a fair procurement process when you can have a cozy relationship with your vendor? Centralized Control or should we say, centralized surveillance? By tightening the reins on financial management, NDIA might save a few bucks, but what happens to participant choice? It's like they’re handing out free collars to the participants – complete with a shiny tag that says, "Property of NDIA." Big question here is NDIA really trying to empower participants, or are they just trying to tighten their grip under the guise of efficiency? Line between progress & control is a thin one & it seems like they’re walking it with a pair of blinders on. Maybe it's time someone held magnifying glass up to see who’s really benefiting from these “upgrades.” Cost-Cutting Agenda: NDIA is playing Monopoly with people’s lives, and the utilities and railroads are all marked "NDIA-owned." They’re streamlining operations alright – straight down the highway of control, where autonomy is just a pit stop that no one’s allowed to visit. Reduces participant choice & increase surveillance, aligning with a broader cost-cutting agenda. Shifting towards these systems may reflect an underlying strategy to enforce stricter controls over spending while limiting participant autonomy in managing their plans. Tech Upgrades or Trojan Horses? If these new systems are so great, why does it feel like they’re more about watching participants than helping them? It’s the classic government move – sell it as empowerment, but the fine print reads “You’re now under stricter surveillance.” These upgrades might enable NDIA to take direct control over transactions too, reducing the role of intermediaries like plan managers, centralizing financial management. Time we ask how these technological changes align with the original goals of NDIS.

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"Greater utilisation of artificial intelligence (AI) could add $200 billion a year to the Australian economy...and the creation of an additional 150,000 jobs from 2023-2030." These are the weighted words of Professor John Mangan, an emeritus professor of economics at The University of Queensland in a new report, Australia’s AI Imperative: The economic impact of artificial intelligence and what's needed to further its growth. Sounds good, no? Well to reap the rewards - we have a way to... sow. Australia must adopt world-standard AI systems in key industries, increase university funding for research into AI development and implementation and create programs to up-skill Australian workers.  Professor John Mangan emphasises the urgency of overcoming government and industry inertia, warning that failure to act could cost the nation 1.4% of GDP yearly (😮). The report is well worth a read, you can download the full report at the Kingston AI Group. https://lnkd.in/g_NikNck #accessibleai #AIFuture #Economy #Innovation #Australia PI.EXCHANGE Quan Pham Cameron Welland Ramanan Subramanian

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🔍 The landscape of artificial intelligence (AI) has evolved rapidly, with over 3,000 generative AI tools now available for businesses of all sizes to leverage. Deloitte predicts that by 2030, Australian companies will significantly increase their investment in AI tools, with the number of daily users expected to double within the next five years. This surge in adoption of automation has far-reaching consequences, particularly for finance teams. Generative AI is revolutionizing tasks such as fraud detection, risk assessments, software development, and customer service. Studies suggest that by 2030, nearly one-third of all task hours could be automated. Australian businesses view this shift as a positive development, with 79 per cent of leaders foreseeing generative AI as the catalyst for industrial and organizational transformation over the next three years. Furthermore, 72 per cent of executive leaders express 'excitement' as their primary sentiment towards generative AI, showing a strong positive outlook. The enthusiasm for generative AI is well-founded, as it addresses key, and often costly, issues faced by businesses of all sizes. The integration of generative AI into travel and expense (T&E) management is a significant advancement for business leaders and finance teams. Traditional methods of managing T&E are often manual, time-consuming, and prone to human error, which can lead to inefficiencies, financial discrepancies, and unresolved or undetected fraud. In contrast, generative AI introduces automation, data analysis, and predictive capabilities that overhaul these processes. 🔁 To maximize the benefits of generative AI, businesses must foster a culture of innovation and continuous learning to keep up with evolving AI technologies and their applications in finance. Business leaders should also invest in training to ensure that team members are adept at using AI-powered tools and interpreting the data and insights generated by these systems. The journey of generative AI is just beginning, and it's clear that forward-thinking executive leaders are already leveraging AI-based tools to improve workflows and decision-making processes. By incorporating AI into operations, finance teams can be liberated from mundane, repetitive tasks, enabling them to redirect their focus towards high-value work. What are your thoughts on the rapid rise of generative AI tools in the business world and their potential impact on finance operations? Comment below! 👇 #AI #Finance #Innovation #Automation #FutureOfWork

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Deloitte and Amazon Web Services (AWS) are hosting a Hands-on Gen AI Workshop as part of the Cloud Native Summit on 23 October in Wellington. Please join us and build some AI-enable apps! https://lnkd.in/g-Wt53Mp This event is a hands-on workshop that enables participants to build generative AI prototype apps (chatbots, image gen, summarisation, etc.) on AWS. The workshop is designed for people with no experience with AI, but who are comfortable programming and using the command-line. Workshop participants build simple generative AI apps while learning key concepts. The labs use AWS Bedrock and include prompt engineering, security and guardrails, chatbots, retrieval-augmented generation (RAG), image generation & editing, and multimodal capabilities. Resources: It is a hands-on workshop so you must bring your own laptop to the workshop and you can run this workshop through an AWS-managed event or from your own account. Cloud Native Summit - Australia & NZ Mark Goatley Shivonne Londt Ali'imuamua Ron Amosa Hannah Prior Kate Phillips Luke Collier Tom Weber Damian Harvey Matt Dalton Dr Amanda J. Williamson

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Our latest #WorkTrendsIndex is here, and it shows Aussies are world-leaders when it comes to adopting #GenerativeAI.  84% of Australian knowledge workers use #GenAI at work, while the global average sits at 75%. It’s great news for skills and productivity, but the 2024 #WTI also found a disconnect between employees and leaders—with employees eager to use AI at work and unwilling to wait for companies to catch up, giving leaders the opportunity to channel this momentum into organisational impact. ​Read the full report and learn more about AI at work: https://lnkd.in/gKKKuJpQ #MicrosoftAustralia #MSModernWorkANZ #WorkTrendsIndex #CopilotANZ

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🌐 Advancing AI Responsibly: Join the Discussion! 🚀 As the rapid evolution of #AI reshapes our society and industries, navigating its complexities responsibly and safely has never been more important. ❇ I’m thrilled to moderate the panel ▶ Technical, business, and risk factors organisations should consider to advance AI in a responsible, safe, and compliant manner ◀ at the upcoming Australasian Joint Conference on AI Industry Day, by University of Melbourne and RMIT University. 📅 When: Thursday, 28th November 2024 📍 Where: Melbourne Connect, Parkville, Victoria. Our panel will tackle critical questions, including: 💠Balancing innovation and risk in AI adoption 💠Practical steps for AI safety and compliance 💠Addressing knowledge and skills gaps in AI 💠Building trust to enable responsible AI It’s a privilege to be joined by incredible experts: Liming Zhu, Nicola Smyth and Janice Carey from CSIRO, Amazon Web Services (AWS) and Coles Group.   💡 The Industry Day also features an exceptional lineup of speakers and discussions on: ❇Business Risks and Digital Ethics in AI ❇Ensuring AI Compliance and Assurance ❇Building AI Governance and Workforce Skills Aman Verma, Jeannie Marie Paterson, Toby Murray, Simon Wail, Mike Backeberg, Gregory Hill, Eduard Hovy Greg Cameron, James Bailey This event is a unique opportunity to gain practical strategies, network with thought leaders, and prepare your organization for the challenges and opportunities of AI. 👉Learn more and register now: https://lnkd.in/gMrVWk34 📣 Feel free to share this post or tag someone who shouldn’t miss out! #AISafety #GenerativeAI #DigitalEthics #ResponsibleAI #Innovation #AIAustralia #industryDay #AIforBuisness

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Copilots signify a huge leap forward for productivity with AI. These apps use AI to upgrade the customer experience and increase efficiency. Explore six use cases of Microsoft Copilot - download our e-book: https://lnkd.in/gAuBvinG #MicrosoftAustralia #MicrosoftNZ #MSAIANZ #MSModernWorkANZ #CopilotforM365ANZ #MSAzureANZ #MSSecurityANZ #Copilot #AI

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For nearly two decades, New Aim has been quietly revolutionizing the e-commerce landscape in Australia. Today, I'm excited to pull back the curtain and reveal our true identity: we're not just an e-commerce company, but a cutting-edge technology innovator at our core. This collaboration with Google Cloud is a testament to our tech-first approach. It's allowing us to streamline our operations, strengthen our cybersecurity, and most importantly, accelerate our AI and big data initiatives. As Australia's largest private e-commerce technology company, we're not just adapting to the future of retail - we're actively shaping it. Our recent launch of AirOxy.AI is just one example of how we're leveraging our enhanced capabilities to drive innovation in the industry. I'm incredibly proud of our team's relentless pursuit of technological excellence Jason Hu, Carrie Hu, Terry Lau, Guang Xu, Nader Chmait, Ryan Wu. Also special thanks to Nerissa Penfold, Courtney McWatt, Matthew Zwolenski and the entire Google Cloud team for their support and partnership in this transformative journey. This is just the beginning of a new chapter for New Aim as we continue to push the boundaries of what's possible in e-commerce technology. #NewAimTech #GoogleCloudPartner #AustralianTech #EcommerceTechnology #AIinRetail

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Have you had the opportunity to read ADITS' article, "A Deep Dive Into Australia's AI Ethics Principles"? From my perspective, AI ethics is more than just fixing problems, it involves a commitment to genuine accountability and transparency. As AI increasingly becomes part of our daily lives, from facial recognition to mental health apps, it’s important to focus on privacy and how we use data. Designing AI with privacy as a foundational element is not just a recommendation but a necessity for building a balanced and ethical future. Check this article out to see how these principles can make a difference. #AI #Ethics #DataPrivacy #ADITS

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Congrats to AI Forum NZ on the release of this AI Blueprint for Aotearoa, that describes some of our existing strategic advantages and how these can be further leveraged to avoid becoming mere consumers of new and emerging AI capabilities. Also includes a range of very practical recommendations across 6 key sector groups including: - Agriculture - Architecture Engineering and Construction - Creative Industries - Education - Environment - Health https://lnkd.in/gjmAf9iv

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