According to international estimates, businesses that introduce artificial intelligence solutions only use 30% of the possibilities they provide, while 1 in 2 abandons the effort after 3 years. The reasons are related to the costs of the venture, access to computing power, know-how and skills, the pre-existing digital and technological maturity of the business, the adequacy and appropriateness of the data at its disposal, but also the regulatory framework linked to the development and AI implementation by businesses.

These issues, and many more, were discussed during the open event, entitled “People and Businesses in the Age of Artificial Intelligence”, organized by SEV, within the framework of the “RU AI?” initiative, with invited Dr. Konstantinos Daskalakis, President of the National Committee for Artificial Intelligenceand distinguished scientists and market executives, on Monday, June 3.

Presenting the BSE Action Package on Artificial Intelligence “RU AI?”, the General Director of SEV, Dr. George Xirogiannis, emphasized that “IT concerns all businesses, regardless of their industry, size or geographic location. The real recipients of the information are the dynamic small and medium-sized businesses that want to use technology as a driver for their growth. The benefits of artificial intelligence are significant, and span the entire range of business functions.”

Ms Despina Spanou, Director of the Office of the Vice-President of the European Commission, Ms. Margaritis Schinas, welcomed the event stressing that artificial intelligence is an opportunity for Europe and must be exploited in a way that is reliable, secure and compatible with our values. The European Union has adopted a holistic policy for the industry that combines a new regulatory framework to guarantee trust in the technology by all, incentives for European universities and businesses to partner to develop reliable artificial intelligence, as well as skills enhancement initiatives.

During the discussion that followed, between Dr. Konstantinos Daskalakis and President of the Innovation Committee of the BSE, Mr. Marco Veremidiscussed the impact of artificial intelligence on the economy and society, the potential of AI tools, the dynamics that Greek scientists and researchers can offer for the country’s perspective in the age of artificial intelligence, but also the impact of the regulatory framework on development and implementing AI solutions.

Opening the debate, Mr. Veremis referred to the SEB’s continuous effort to encourage the adoption of innovation by Greek entrepreneurship, of all sizes, noting that technology produces in our country only 1% of GDP. He also emphasized that Greece missed the “software” train and today has the opportunity – if it moves quickly – to get on the new IT technology train. He highlighted the importance of data as the fuel of AI and called on businesses to dare to take the first steps by starting to leverage off-the-shelf AI tools (such as GPT). He also commented on the issue of regulation by the EU, noting that “regulation should be offset by a productive strategy”.

In terms of business, Dr. Daskalakis noted that they can choose three ways to exploit artificial intelligence, taking into account the nature and characteristics of their production process: “1) They can use horizontal applications and services offered by the technological giants, integrating them into their production, 2 ) To adapt existing horizontal solutions to their own needs, and 3) To develop vertical applications using their own data, which can lead to the development of completely new tools, which requires an “in-house” development team. Regarding Greece’s ability to pioneer in the era of artificial intelligence, he underlined that “something like this presupposes that high-level research programs will be developed, in cooperation with academic institutions abroad, in order to utilize the excellence of Greek scientists throughout the world. We have excellent human resources, but we need resources and infrastructure. Finally, he pointed out that annual public investments of €50m. in AI R&D can support the country’s transition into the new era.”

Referring to the BSE Guide to Artificial Intelligence, Ms Maggie Athanasiadis, Director of the Sector of Industry, Development, Technology and Innovation of the BSE, focused on the benefits businesses can reap by adopting AI solutions. He noted that “globally, every €1 invested in AI has a 3.5x return, with payback in 14 months, while 1 in 5 businesses that have adopted AI solutions have seen increased market share, improved customer experience and upgraded employee productivity. Additional benefits include a 10%-20% increase in sales, 13% higher profitability, daily time savings per employee of the order of 2 hours, and 44% faster completion of routine tasks.”

Mr. Yiannis Loumakis, Chairman of Board & Managing Director of UNISYSTEMS, in his intervention he emphasized that “IT unleashes enormous forces of increasing productivity and development, the likes of which we have not seen before in the evolution of humanity. The IT adoption path will be different for each company or organization depending on their degree of digital readiness. The only thing that is certain is that those who start quickly will win, because the changes will be exponential and those who are left behind will not be able to easily make up for lost time.”
Dr. Yannis Mastrogeorgiou, Special Secretary for Long-Term Planning, pointed out that “Artificial Intelligence is the most important challenge for Humanity, Democracy, Economy and Employment. Mainly, in the matter of employment and productivity, we must distinguish between the ability of AI to influence in the direction of either “automation” or “augmentation”. As always in the history of Technology, so now, we must invest much more in the perspective of the “augmentation” of the human dimension in employment than in immoderate and universal automation. AI can help us, but it shouldn’t replace us.”

Highlighting the targeted adoption of artificial intelligence solutions and prioritizing security as prerequisites for success, Mr. Apostolos Kazakos, General Manager of Group Strategy of EUROBANK SA, noted that “like any technological development, AI has come to improve our lives. Of course, its correct use requires careful steps and can have an application and a positive effect in different areas of our daily life, such as work, health, education, safety and even in our social life. At Eurobank, we already use artificial intelligence, but in very specific actions and applying a strict governance framework. As it evolves, we understand it better and therefore manage it accordingly. Its use is expected to increase.”

Mr. Nikos Giannakakis, General Manager of the MOTOROIL Group stated that “as a first concern the business must clarify its approach, but also the expected benefits from the use of AI. The revolution brought by AI has 3 special characteristics: speed, the synthesis of a series of innovative technologies, but also the prominence of data as the new capital asset of companies. MOTOROIL started the development of AI use cases having thoroughly analyzed the impact, the complexity, but also the quality of the required data. The MOTOROIL AI garage is the innovative approach to the dissemination of AI knowledge, but also its interaction with the entire organization. Leadership in the case of AI is also a key factor, with the role of Chief AI Officer embedded in the management team.”

The main message conveyed by Mr. Spyros Tassis, Lawyer and Partner of POTAMITIS-VEKRIS was that “the creation of a harmonized market in the EU, promoting investment while ensuring that AI systems are secure and reliable, is fully reflected in the AI ​​Act. The Act obviously requires a strong data governance framework in businesses, but this is something they must have already achieved with the implementation of GDPR or complete soon, with the ultimate goal of creating a safer and more ethical IT ecosystem that will also lead to better exploitation of new technologies.”

Finally, Dr. Lilian Mitrou, Lawyer and Professor at the Polytechnic School of the University of the Aegean stated that “the AI ​​Act introduces obligations for providers and users of Artificial Intelligence systems. A business should identify its needs, aspirations, and role in this new, promising but demanding ecosystem and accordingly understand its obligations. It is critical to see compliance as an opportunity for rational and quality data governance. For its part, the State should ensure a clear strategic and development framework, opportunities for experimentation (regulatory sandboxes) and effective supervision mechanisms, which will guarantee the fulfillment of the objectives of the Artificial Intelligence Act (safety of products/services and protection of fundamental rights) without to operate reactively to innovation.”