Call to embrace AI technology with open minds

Health care, finance and professional services are the three major industries facing the impact of artificial intelligence, according to Jeff Wong, EY's global chief innovation officer.  

The main changes brought about by AI in the next few years would be helping with doctors’ diagnoses, leveraging data to help with investment decisions and improving efficiency in professional services, he said. 

“Consumers might not feel the impact directly but they will be getting better services and business will also have higher efficiency,” he said in an interview in Shanghai. 

He called for open minds over new ideas and latest developments in technology because “the sharing of that insight helps everybody involved.” 

Whether a corporate, a government, a startup or an investor, “being willing to participate and actively build up an ecosystem is crucial to understanding the dynamic change that's happening these days.” 

Although there have been concerns over the potential risks brought by AI or software robots, Wong said he'd noted a high willingness among employees to pick up emerging technologies which help them enhance services by cutting down on mundane tasks. By employing software bots across its business entities around the globe last year EY had cut 1.2 million man-hours, he said. 

“It’s also very important for government and regulators to understand the implications of new technologies such as artificial intelligence and blockchain to make sure they evolve in the right direction to contribute to society,” he added. 

EY has partnered with Fudan University to launch a program to celebrate the most promising enterprise of the year to encourage and promote more small and medium enterprises to help each other and think beyond their own benefits.