Change is the Law of Life and those who look only to past or present are certain to miss the future: John F. Kennedy.
In the Modern era of technological developments, Innovations and Inventions by a man through his Human Intelligence created new machines, computers and other technological development to improve his standard of living and comfort. This article will primarily focus on Artificial Intelligence.(AI)
Artificial Intelligence (AI) is nothing but pursuing computing to create intelligent machines that compliment human reasoning to augment and enrich our experience and competencies. Innovation = Future. AI can be termed as intelligence exhibited by machines. AI includes use of Intelligent applications by using AI Platform. AI help in Compliance Requirements. AI Lab and AI Demos are used for data mining and for achieving goals. The main ingredients with respect to AI include Deep Learning, Machine Learning, Natural Language processing, Neural Network, Computer vision, use of advance algorithms and Cognitive computing.
AI is capable of hearing, seeing, and reasoning with increasing accuracy. By making software and devices smarter, and keeping them affordable, people gain independence to perform daily tasks and personalize tools for their unique needs.AI help for better communication and connections with people and among themselves.AI facilitate using custom speech models and Microsoft Translator to improve accuracy of real-time captions for International dealings and drafting international and global level agreements. AI can be applied with respect to Face reorganization, voice reorganization in an organization. AI is in a way Revolution in automation Industry.
Machine teaching help to Explore the concepts of machine teaching and allow software developers or subject matter experts with AI expertise to provide abstract concepts to an intelligent system for the benefit of business. Machine reading comprehension capability that can extract a paragraph from documents explicitly related to your question. For example, if an employee asks, “Can I bring my dog to work?” Microsoft Search (AI Tool) will extract the relevant paragraph from the human resources manual and present it as a search result. Microsoft Search, Google Search are types of AI. Repetitive tasks are done faster through AI. Machine learning is a branch of AI that aims to give machines the ability to learn a task without pre-existing code. Machines learn and adapt their strategy to achieve those goals. Deep learning is often made possible by artificial neural networks which imitate neurons, or brain cells.
Chatbots are an example of an application of AI. Chatbots can also collect client data, Data mining or help manage production lines. Chatbots help in areas like insurance, banking, Healthcare, Government services. A chat bot is a computer program that simulates human conversation through voice commands or text chats or both. Chatbot, short for chatterbot, is an Artificial Intelligence (AI) feature that can be embedded and used through any major messaging applications.
How AI works ? : Modus Operandi of AI :
It is essential to mention technical jargons as above as the concept of AI are loaded with technical aspects. We can understand the process by following below mentioned steps:
- Graphical Processing Units or GPUs are a key enabler of AI, providing the massive computing power necessary to process millions of data and calculations quickly.
- The Internet of Things, or IoT, is the cumulative network of devices that are connected to the internet. The IoT is predicted to connect over 100 billion devices in the coming years.
- Intelligent data processing is being optimized using advanced algorithms for faster multi-level analysis of data. This is the solution to predict rare events, comprehending systems and unique situations.
With the integration of Application Processing Interfaces or APIs, aspects of artificial intelligence can be plugged into existing software, augmenting its normal function with AI.
Self Driving cars, Microsoft Search Engine, Google Search Engines, and Robotics are examples of AI.
Pros and Cons of AI
Pros/Benefits of AI :
- Increase productivity and operational efficiencies in an Organization through faster problem solving through conversion of information/data into knowledge.
- Make faster business decisions based on data and inputs from cognitive technologies
- avoid mistakes and ‘human error’, provided that smart systems are set up properly
- use insight to predict customer preferences and offer them better, personalized experience and enhances customer and stakeholders satisfaction
- mine vast amount of data to generate quality leads and grow your customer base
- Achieve cost savings, by optimizing your business, your workforce or your products for personnel department of an Organization.
- Increase revenue by identifying and maximizing sales opportunities for sales personnel.
- Grow expertise by enabling analysis of data, data mining and offering intelligent advice and support especially for Company Secretaries.
- Save time and money by automating routine processes and tasks and use the saved time for better jobs and creative thinking and improve standard of living by providing technical expertise and Industry specific solutions.
Cons/Disadvantages of AI :
- AI do not use intuitions like a man and do not use common sense and emotions like a man before arriving at a decision.
- Decisions through AI are based upon data and information provided by a man and if data provided is wrong, decisions may be wrong.Artificial Intelligence will never do what a person could do. Imagination and creative thinking of a human being cannot be replaced by AI though it facilitates faster data collection, analysis with a speed which a man cannot do.AI has its own merits and human being has its own merits.
- Fear of job loss and unemployment due to automation through AI .
- Regulatory concerns, ethical concerns, misuse of AI in some cases.
Present Role of Company Secretary (Human Intelligence (HI) Regime
The present role of a Company Secretary both in employment and in practice has undergone a sea change. The provisions of the Companies Act, 2013 widened the role and responsibilities of Company Secretary. The Company Secretary is now a Key Managerial Personnel having immense responsibilities. Due to frequent changes in law and rules, regulations, the role focuses on Interpretation skills and better decision making with respect to implementation of law in letter and spirit.
To perform effective role as a company secretary, the person should not only collect and read more data and Law but should inculcate the basic art of analysis and logical reasoning of given data/given Law. Company Secretaries are flooded with more and more information and need to be updated with respect to various laws like Companies Act, 2013, FEMA, SEBI, RERA, IBC, GST, Corporate Governance and many more. The expectations from Company Secretaries from Government, Stakeholders, Society at large are much more than never before.
To shoulder the heavy responsibilities, the company secretaries should transform themselves and mould themselves to fit themselves in all situations and challenges thrown before them. Apart from routine compliances and conducting meetings, maintaining minutes, filing forms, the Company Secretaries should look beyond given boundaries.
Future Role of Company Secretary (Artificial Intelligence (AI) Regime.
The Role of Company Secretary in AI regime is much more revolutionary and digital in nature. The role of a company Secretary is more of a imaginative and creative thinking and effective decision making. The Company Secretary equipped with Knowledge, information and data can be a Data Strategist (Chief Officer –AI Strategist) capable of solving any legal and technical problems faced by Corporate.At the time of AI Strategy, Company Secretary should look into matters of Security aspects of overall systems in a company and regulatory concerns in implementing AI Strategy.
In a AI Regime, the Company Secretary should possess following Qualities
1) He should understand basic concepts of AI in depth.
2) He should develop AI Infrastructure for better implementation.
3) He should use different mechanisms and better applications fro better implementation of AI.
4) He should use realistic AI Approach.
5) He should his knowledge to solve legal complex problems through proper use of AI.
6) He should frame a suitable Digital and AI Strategy and allocate more funds/budget for AI implementation and research for the benefit of company..
7) He should have a vision to apply AI for the attainment of Company Objectives, better advice to top management, effective compliance and corporate governance, safeguard interest of all stakeholders.
Conclusion :
To err is a Human so as to err is AI. AI is the creation of a man. The Benefits of AI override disadvantages of AI. More customer satisfaction and client satisfaction will be achieved more efficiently and at a faster rate in AI regime. However human touch and human intervention is essential in implementation of AI Policy and Strategy. Time will tell the future of AI. AI can be of great help in the field of Accounting, Audit, Legal and Judiciary System if implemented well. Let us hope for the success of AI.
Disclaimer : The Views expressed in this Article are based upon prevailing facts and changes in Law to date and views expressed are purely personal in nature. Readers are advised to seek expert opinion before arriving at a decision. You may reach me at csdeepakamrutkar@gmail.com.
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