On 26 November 2023, stc delivered its second annual TechTalk focused on the topic of Generative AI and its impact on businesses. One of the main goals of the day was to demystify this deep-learning model, sharing practical advice and real use cases to show how today’s business leaders can take steps to integrate it into their own organizations. In addition to this, we also covered some potential risks to look out for when embarking on this journey.

We were delighted to have Rich Minford, Head of the Oil and Gas sector for Palantir Technologies, joining us to moderate this panel and bring a wealth of AI experience. The stage was shared with panelists Shaikh Ali bin Khalifa AlKhalifa (Chairman of BNET Bahrain), Abdulwahed AlJanahi (CEO of the Benefit Company), and Christelle Salamé (Partner at Artefact Mena), who offered a range of thought-provoking insights and opinions from their respective industries. The discussion covered a broad spectrum of topics, from simple tools that can benefit everyone at every stage to the most advanced technologies fit for demanding industries. Within this talk, we covered multiple sectors, including finance, big data, telecommunications, energy, and more.

Getting started with Generative AI

As our moderator Rich Minford explains, Generative AI is “a technological paradigm that excels in working in the frame of human language”. For any organization, this cutting-edge technology can seem intimidating — but it also marks the start of a fascinating time with endless possibilities in terms of creating as much competitive advantage as possible.

The telecoms industry is just one of the industries rich with opportunity when it comes to AI and the key to getting started, Shaikh Ali Al Khalifa explains, is to look at how organizations have dealt with AI in the past. “AI started off back in the 1950s. Alan Turing was the father of AI. He was the first use case that we’ve seen in recent history to prove how AI can be utilized to mimic the problem-solving and decision-making process. Today in the telecom sector, it’s mandatory for any organization to implement AI, but the dilemma is always where do we start?” Shaikh Ali Al Khalifa goes on to say: “It’s very important to include it in all levels of decision making starting from the board, down to management and down to lower management, and it’s essential to have it feature in your strategy and implement it step by step.”

The importance of data and Generative AI

Christelle Salamé, Partner at Artefact Mena, was quick to note that while Generative AI is a very promising and fast-evolving technology, starting with the foundations is critical. This means addressing data transformation from the outset: “Making sure you have the right data in place, the right data governance, the right data controls, privacy, security  — these are key aspects to be thinking about. Data quality is also one of the most important because whether it’s a basic model, data analysis, or more advanced AI model, the output and quality are going to be as good as the data that we put in.”

In fact, Christelle Salamé explained, “Depending on the data maturity of many existing organizations, there’s a lot of value that can be generated in the data even before getting into the more advanced AI technologies.” She suggests that by first working on the data and addressing any data challenges that would allow organizations to generate value, whether it’s from descriptive use cases, more diagnostic, having improved efficiency, better decision making etc — that could all first be improved by data analyses, and then later AI.” 

In continuation of this, when organizations want to stay ahead of the curve, it can be tempting to jump the gun with AI. However, Christelle Salamé reminds us that the initial step should always be to understand where we’re currently heading, and what we want to achieve. And then, she explains, “It’s about having the required enablers in place that would actually evolve with this vision that is evolving. For example, a data platform and data tools that would allow you to build data models and AI models.

In terms of scaling, her advice is to “start small but also scale fast”. She goes on to say, “We need to actually have both the vision of being able to scale and have the flexibility to increase in terms of maturity on all different fronts related to data.” Ultimately, she explains “You don’t need to have the fastest car if you don’t have the right road to drive on it.” So with that in mind, simple start with what is required, know where you’re heading, and then based on this scale it and have the suitable flexibility to be able to evolve.

Generative AI is already impacting many industries

It’s important to understand how industries are using Generative AI in order to fit within their demands. AbdulWahed AlJanahi, CEO of the Benefit Company, spoke at length about how Generative AI is already reshaping financial services by automating tasks and enhancing the decision-making process. When it comes to financial services, AbdulWahed AlJanahi explained, this can be summarized in three particular categories.

The first one is the customer experience. “When we talk about the customer experience, we all know there’s a chatbot and virtual assistant, which are powered by the AI to provide 24/7 assistance to the customers by answering their queries and assisting them with transactions, but it goes beyond that.” He goes on to explain that another vital aspect of this is that by leveraging this, “they can analyze the data to offer future personalized or customized products and services and financial advice to the customer.”

The second is AI detection, one of the leading strategies for preventing fraud. AbdulWahed AlJanahi states this will play a critical role in detecting the pattern and anomalies of customer data to identify potential fraudulent activity. One of the benefits he notes is “the fact this happens in real-time”, enhancing security measures enormously.

And finally, the third one is risk assessment and management. “The AI can analyze vast data like credit history, financial statements, market trends, and microeconomic activities — and all these help to make a better risk assessment evaluation.” He notes that digital onboarding is one way financial companies, including banking and fintech, compete for customers. “The whole idea here is to have a fast and quick decision-making process.”

Risks of AI

Of course, the use of Generative AI in critical environments can present some risks that should be front of mind. Shaikh Ali Al Khalifa discussed some of these within the Telecom space, stating: ‘I think an ultimate risk would be the potential of an overpowered AI system that is utilizing networks or any kind of sensitive data that can be a risk factor on your organization. He goes on to explain that, “When we implement anything new, we sometimes find that the regulation is quite late and the new technology or the thing that we’re developing is quite ahead.” This is always going to be the reality, he explains, but as long as you adopt it, try to define it correctly and document the policy first to protect you from any major problem that you might fall into, this will help you get back on your feet and keep moving forward with future initiatives and projects. 

To find out more about everything that was discussed during our Tech Talk, and learn more about Generative AI and its impact on business, you can watch the full video here.