Frank Laura, CTO, EngageSmart, on where AI will take CIOs in 2024
Cloud computing is witnessing another transformative trend—the rise of Artificial Intelligence (AI).
Most CIOs are closely evaluating where application might make sense from tools like ChatGPT that enhance customer interactions to algorithms that can help prevent fraud.
CIOs noting the investment big players like Microsoft, AWS and Google are making in AI are already envisioning how it will change the game.
AI can help address talent shortages, especially in sectors where mundane tasks abound. AI can streamline or entirely manage many of these tasks, opening new avenues for human creativity and strategic thinking. In this symbiotic relationship, AI will handle the tedious, allowing human talent to focus on what truly moves the needle.
Who’s Leading the AI Charge?
The early adopters of AI are likely to be platform providers like those in the payments industry, who’ve already laid solid infrastructure but can adapt. Because it’s constantly integrating new rules and updating its approach, AI can adapt quickly, too.
The Changing Role of CIOs
As mundane tasks are automated and AI becomes integral, CIOs will go from managing routine IT to spearheading innovation and addressing complex issues like governance, legality, ethics and compliance.
More Specifically, AI in Payments
AI is processing transactions not just faster, but smarter. Focus is shifting from simple transaction management to data analysis, providing insights that can enhance customer experiences. The integration of AI with digital currencies is another exciting frontier, promising a future where transactions are both secure and intelligent.
Preparing for an AI-Driven Future
The key to harnessing AI’s potential lies in cautious experimentation. Using simulated data to test tools helps CIOs to understand and tailor these technologies to their needs before deploying them. This strategy facilitates compliance and security and maintains customer trust.
The regulatory landscape will evolve in response, especially in areas like data privacy, ethics, and industry-specific regulations in finance and healthcare. Companies should be proactive in understanding and adapting to these changes, so that their use of AI remains transparent and ethical.
The Road Ahead
In 2024 and beyond, the integration of AI into business processes, especially in cloud computing and the payments industry, is not just inevitable – it’s imperative. For CIOs, 2024 will be about adapting and helping their organizations leverage AI’s potential while navigating its challenges.
The journey ahead is exciting, filled with opportunities to yet again redefine how we work and interact with technology.
As we embrace AI, let’s do so with a vision that balances innovation with responsibility, driving forward not just business, but also society at large.
