Cyprus Leaders Urge Businesses to Focus on AI Value

A gathering of business leaders took place at European University Cyprus, where they explored the necessity for companies to transition from experimental phases of AI to creating tangible value. The event, organised by Panis.News in collaboration with GrantXpert Consulting and Future Skills Hub, featured a range of presentations and demonstrations tailored for entrepreneurs, professionals, and students. Under the patronage of Cyprus’s Chief Scientist, Demetris Skourides, who participated via a prerecorded interview, the event also saw attendance from Commissioner of Communications, Marios Pieri, and the High Commissioner of India to the Republic of Cyprus, Manish Manish.

Leadership and Skills: Cornerstones of AI Transformation

The evening’s proceedings commenced with Dr Celia Hadjichristodoulou addressing the challenges organisations face when seeking to move beyond the experimental phase of AI adoption. She showed the importance of leadership, a culture of curiosity, and ongoing learning as complementary to technological advancements. In his prerecorded interview, Skourides discussed AI’s potential to enhance productivity and assist smaller businesses in overcoming operational and human resource constraints. He emphasized that the introduction of technologies like chatbots or the training of personnel in generative AI represents merely a fraction of the overall effort required.

Skourides also highlighted the need for organisations to scrutinise their operational frameworks, identify high-value use cases, and devise strategies for capturing the benefits that arise from AI adoption. This approach positions skills development and organisational preparedness as key to successful AI integration. Professor Dr Loizos Symeou, Rector of European University Cyprus, spoke about the integral role of AI in academic instruction, research, and service provision, stressing the importance of ethical considerations, transparency, and human discernment alongside creativity and critical thinking.

Monica Odysseos, Head of AI and Data Lab at Grant Thornton Cyprus, provided an overview of the distinctions between machine learning, deep learning, and generative AI, illustrating their applications in business contexts such as forecasting sales, segmenting customers, assessing credit risk, and detecting anomalies. She advised businesses to commence with a clear understanding of the challenges they face before selecting appropriate solutions. Odysseos emphasized the vital importance of adaptability and the capacity to learn, unlearn, and relearn in response to evolving technological environments. George Malekkos, founder and CEO of Powersoft Computer Solutions, presented on the application of AI across various retail operations, including inventory management, demand-aware pricing, and customer service.

Integrating Systems into Daily Decision-Making

Malekkos demonstrated how AI systems can integrate sales data with external signals like weather patterns, search trends, and social media activity to inform inventory allocation decisions. He also showcased how marketing efforts can be aligned with inventory levels to promote available products and clear slow-moving stock, with human oversight remaining a key component of the stock transfer process. In his keynote address, AI and innovation strategy adviser Paris Thomas challenged attendees to consider the long-term viability of their current business models, suggesting that AI facilitates the development of products while showing the importance of solving meaningful problems.