AI has garnered the attention of business leaders globally as a way to transform their products, services and processes. For some however, it remains unclear on how adopting AI may contribute positively to their business. Aidan Connolly, CEO of Idiro Analytics, spoke to us about the new wave of Irish companies adopting AI technology and the benefits of staying ahead of the curve.
Experts in the field, Idiro Analytics has found a thriving market of Irish and international companies who seek to integrate AI into their business, a process which Idiro guides and implements. Comprising a team of 25 employees, Idiro engages data scientists, analysts, engineers and visualisation experts to create processes and build models which allow this data to be collected, managed and utilised effectively. Aidan explains: ‘We now work across a wide range of industries - education, transport, healthcare, banking, fintech, it goes on and on… We do workshops with clients to understand their business and uncover their main problems.’
Contrary to the assumption that AI is a new technology, the analytics firm established itself building machine learning models for telecom companies over 20 years ago.
‘A lot of people think that AI arrived in November 2022, but AI machine learning has been around for an awful long time,’ Aidan explains. ‘What is different now is that there’s a lot more horsepower available.’
The public profile of AI has soared with advancements in generative AI through accessible software like ChatGPT and Gemini, however understanding the variances and uses of AI technology is vital.
‘If it’s used properly,’ Aidan continues, ‘I think we’re going to see an explosion in terms of productivity. A piece of technology that would typically take nine months and six developers - with generative AI, I think it’s very reasonable to get that down to four months with six developers.’
Aidan believes uptake of AI could lead to revolutionary breakthroughs in three to five years in sectors such as healthcare. AI can be used in tandem with healthcare professionals to develop new drugs and make diagnoses.
While some companies have been reserved in their adoption and innovation of AI technology due primarily to worries about data leakage, or ‘hallucinations’ (inaccurate outputs produced by generative AI software) Aidan feels there are answers to all of these issues.
‘The advances are amazing. There are technologies to wrap around AI to reduce or eliminate these problems.’
Across the board, AI is starting to permeate most business functionality in some way. From HR systems to invoice management software and transcription services, many tools quietly upgrade. One day, you might log on to see that it now runs with an element of AI technology.
The EU AI Act will regulate Artificial Intelligence in the EU by 2026, but it will extend past the EU and involve more than just technology companies. If AI impacts the life of a citizen - affecting, for example, access to education, justice, financial services or infrastructure - it will be regulated as high-risk under the Act. This will ensure that high-risk AI models are not biassed or discriminatory, and that outcomes can be logically understood, with rationales described in plain language.
While it is prudent to be aware of the risks, the potential for companies to transform by integrating or innovating using AI is an opportunity that cannot be missed.
Larger, more established companies can sometimes find themselves constrained by legacy systems and processes,” says Aidan. “In contrast, many smaller firms in the Irish market are relatively agile and open to innovation. They’re keen to adopt new technologies and tailor them to their specific needs, often looking to place these AI-enabled capabilities at the core of their customer offerings.
Concluding on a positive note, Aidan maintains that there are great opportunities for Irish companies to win global market share by adopting the technology quickly, and intelligently. His advice: be prepared to make mistakes and learn quickly along the way.