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Duncan agrees that we cannot afford to ignore the risks associated, but businesses, governments and educational institutes must work together in order for the world to benefit from AI.

“I have no doubt that artificial intelligence will transform the world of business and society. Most of the consequences will be extremely positive. AI is already being applied in healthcare, to support doctors in their diagnoses of mental conditions, and more widely can eliminate dull and time-consuming tasks to allow employees to focus on more valuable work. However, there are also risks, including the use of AI in cyber warfare. Our Timeline 2030 report examined the long-term impact that technology will have, and found that together we must use its potential to lead us down a path to prosperity, or otherwise face the consequences.

“Governments, businesses and industry bodies have to prepare for the potential influence of artificial intelligence. We must understand how AI can be used and evaluate the regulation and controls needed. We must take a measured approach to its impact on society, and concentrate on reskilling employees and job security. However, it’s also critical that we leverage the incredible value of artificial intelligence to support prosperity and wellbeing. A timely and coordinated response across global governments, educational institutes, business and society will be imperative, and indeed 84% of global business leaders are in favour of a coordinated response to prepare for change. With the right leadership and preparation, we can all benefit from artificial intelligence.”