AI and Bahamian Businesses

NASSAU, BAHAMAS – Bahamian businesses will benefit greatly from embracing the advantages that come with utilizing artificial intelligence (AI) in their day-to-day operations, according to the CEO of a local tech company. 

Plato Alpha Design CEO Duran Humes said a number of industries in both the public and private sectors are able to benefit from AI implementation, but only if business owners and executives see the importance of incorporating it into their business operations. 

“AI revolutionizes business economics by automating routine tasks, transforming them from labor-intensive to effortlessly efficient, drastically reducing human error and operational costs,” Humes said. “It’s predictive prowess streamlines decision-making, optimizes supply chains, and preempts maintenance needs, ensuring a seamless synergy of foresight and functionality. In the intricate dance of modern commerce, AI emerges as the maestro, orchestrating resource allocation with unparalleled precision, thereby elevating businesses to new heights of efficiency and cost-effectiveness.”

He added, “In the Bahamas, the tourism industry stands to gain a lot from AI, as it can create personalized experiences for visitors, making their trips unforgettable. Agriculture can also benefit greatly, using AI to grow more with less and tackle the unique challenges of island farming. One concept would be making farming smarter with data-driven insights into seasonal demand and crop yields so that the farmer can know when and how much to sow to have the best possible reaping of their work. In addition, AI can be a game-changer in disaster management, giving people vital information and support when facing hurricanes and other natural threats. By embracing AI, Bahamian businesses can work smarter, offer better services, and tackle local challenges more effectively.”

“One of the most significant advantages of using AI in the workplace is the potential for cost savings and increased efficiency. According to a recent survey by McKinsey, AI can improve business efficiency by up to 40% and reduce operational costs by up to 30%. When automating repetitive tasks and streamlining business processes, AI can free up employees’ time to focus on more strategic and creative tasks.”

According to Humes, there is a gradual increase in more Bahamian businesses investing in digital transformation, which he described as a necessity for any company to survive in a post-covid world. 

However, the Plato CEO said there is a large level of apprehension across the Bahamian business community when it comes to AI and what it can do because of global fears. 

“Lack of understanding and the perceived cost to benefit ratio play a huge role in the level of fear and apprehension a number of business owners have towards AI,” Humes insisted. 

“Once a business anywhere in the world concludes that they need to improve their operations, AI is one very useful tool in their toolbelt to make their business even better than it already is. Think of how people initially brushed off cyber or information security prior to 2010, fast forward to where we are now. With all of the benefits and the ease of accessibility of the tools needed, AI will be the same way. It has been around for decades but only very recently started to go mainstream. I’d say give it five to ten more years before its integral to our everyday lives.”

Plato Alpha Design is one of the leading software development companies in the region, facilitating the digital transformation of companies.