Tag Archives: AI

ACCA UK calls for AI cybersecurity approach to emphasise global applicability

  • Leading accountancy body ACCA says the UK government’s proposed AI cyber code is a useful starting point for a global regulatory approach
  • Industry experts are best placed to manage the emerging and evolving range of cyber risks

 

Responding to a UK government consultation led by the Department for Science, Innovation & Technology outlining an AI cybersecurity code of practice, ACCA says the government is best placed to set up overarching regulatory structure and principles, while those on the frontline of AI developments should be given the space to work to combat emerging cyber risks.

 

However, the pro-innovation approach of the proposed code – as set out in the government’s white paper – needs to have safeguards and its requirements may need to be revisited. The cyber challenge in AI is dynamic, and a ‘point in time’ view can become quickly outdated.

 

ACCA also highlighted the risks and impacts to end users in small and medium enterprises (SMEs), with a significant number of its members operating in this segment. The greater challenges faced by this group of stakeholders on cyber readiness – across both skills and budgets – are well-documented. ACCA wants end-user SMEs to be safe and protected from cyber risk, yet empower them to choose AI given its potential to augment business productivity.

 

Glenn Collins, head of technical and strategic engagement, ACCA UK, said: “ACCA is pleased to see the consultation taking a principle-based approach as our current view of AI offers too many unseen scenarios. ACCA, its members and partners, will be profoundly impacted by its planned use of AI including delivering finance professionals with an optimal experience and skill set for the modern workplace.”

 

ACCA warned that adherence to any code carries a cost, including indirect costs of adhering to the code and the impact through the supply chain. Effort and cost will be needed to raise awareness of the code, as well as monitoring and enforcement.

 

Narayanan Vaidyanathan, head of policy development, ACCA, noted: “We anticipate utility from such a code for those providing assurance or third-party verification of AI systems. This is an important category of stakeholders who will have a key role to play in creating a trusted AI eco-system to supplement the regulatory and legal direction from policy makers.

 

“We do not anticipate this group to be subject to the requirements of the code itself, but assurance requires checks against a well-defined, and ideally, publicly available standard – which this code could provide. Cyber risks are a part of what the assurance of an AI system may need to check for. Therefore, those providing assurance would find such a cyber code and associated standards helpful.”

 

In its response, ACCA also called on the government to tackle the skills gap, which needs to be filled in order to combat cybersecurity risks. The Apprenticeship Levy could be expanded to a ‘Growth and Skills Levy’ that is more flexible and can be used to fund shorter-term accredited training programmes that upskill and reskill workers on the cybersecurity of AI.

 

Companies should also be able to increase the proportion of their unspent levy funds to their supply chains – ACCA suggests an increase of 25% to 40%. This could unlock millions of pounds to develop AI skills.

 

Ultimately, cybersecurity issues linked to AI need staff to be trained on current and emerging risks. If insufficient training is given, standards and frameworks will fail to achieve any impact.

 

Read ACCA’s response here.

 

Visit ACCA’s website for more information.

AI and analytics partnership to accelerate healthcare innovation

SAS and the Maxwell Centre at the University of Cambridge has announced a partnership aimed at accelerating healthcare innovation through enhanced access to advanced analytics. It will embed SAS experts and SAS® Viya® data and AI platform capabilities into the University environment, enabling targeted collaboration with leading researchers and early-stage entrepreneurs, supporting them to “find the quickest way from a billion points of data to a point of view”. 

The unique SAS Advanced Analytics Hub will be established at the Maxwell Centre on the Cambridge West campus. It will have capacity to concurrently recruit and support several high-quality, high-impact academic research projects and promising early-stage startups in the health-tech space, providing their innovative ideas with extra momentum. 

The partners have already demonstrated the effectiveness of the collaboration in addressing an important healthcare challenge. A University of Cambridge-led project on kidney transplants, PITHIA, developed an AI-based decision support approach using SAS’s dynamic analytics platform. 

It is being used to automate the process of scoring biopsies for kidneys to better identify those organs that can be used for transplantation. The aim is to increase the number of transplants and improve the function of those kidneys used. This has the potential to save lives and transform the quality of life for more than 100 people each year who would otherwise require dialysis, as well as saving the NHS millions of pounds annually.

This collaboration was initiated and led by Dr Alex Samoshkin (Deputy Head, Office for Translational Research, School of Clinical Medicine) who facilitates interactions between clinicians and researchers from the Biomedical Campus with researchers in science and technology working with the Maxwell Centre. 

Dr Samoshkin said: “In 2018 I supported the PITHIA project led by Prof. Gavin Pettigrew, looking to optimise qualification of kidneys for transplantation, for which SAS turned out to be the perfect industrial partner. We demonstrated that synergy between the University and SAS was instrumental in accelerating the process of transitioning from ideas to the clinic.” 

This initial success paved the way for a more ambitious partnership between Cambridge and SAS. The Cambridge team visited the SAS headquarters at Cary, NC, USA in June 2023 to discuss collaboration opportunities with the SAS senior leadership team including Dr Jim Goodnight, co-founder and CEO. A year later, the vision has turned into reality as the SAS Advanced Analytics Hub at the Maxwell Centre begins building a pipeline of new collaborative projects with potential to improve health outcomes for millions of patients around the world. 

The Maxwell Centre Director, Dr Aga Iwasiewicz-Wabnig, commented: “We are excited to interface Cambridge’s world-class research and innovation with SAS’ leading expertise in advanced analytics and AI forming a partnership for societal good. We are starting with a strong focus on healthcare and will build momentum to support future interdisciplinary projects on sustainability and social equality.”

Roderick Crawford, Senior Vice President, SAS Northern Europe, commented: “There are many examples we’re seeing of how AI can have a truly transformational effect, not just on businesses, but in areas such as healthcare and society as a whole. We’re delighted to deepen our relationship with the University of Cambridge through this partnership, and there is enormous potential when you consider the additional expertise our partners, such as Microsoft, and customers, such as AstraZeneca, can provide.”

Over a third of businesses unprepared for AI

New analysis from Fasthosts reveals that more than a third (35 per cent) of businesses polled are not ready to use AI and other advanced technologies because of limitations in their existing IT infrastructure.

In today’s business landscape where a robust IT infrastructure is paramount, businesses must not underestimate the importance of creating an AI-ready environment. Yet, many are being held back by a lack of understanding and inadequate computing capacity within their current infrastructure.

In fact, 60 per cent of polled businesses said that their understanding of technologies such as AI is non-existent or basic. Additionally, over half (61 per cent) of respondents noted that they are yet to evaluate how AI-ready their infrastructure is.

Failing to prepare or even consider creating AI-friendly IT environments can put businesses at risk. It can leave them trailing behind those who are implementing AI quickly and efficiently, as well as missing efficiency opportunities and facing increasing long-term IT costs.

Justin Bateman, Senior Product Manager at Fasthosts, said, “It’s alarming that more than half of businesses are unsure of limitations in their current IT setup that could hinder the adoption of technologies like AI. By not evaluating this, businesses are depriving themselves of an AI-ready infrastructure that offers cost-effective scalability, data management and increased control over their IT environment.

“For businesses that understand these technologies, they need to create an AI game plan and act. And for those that are hesitant or confused, it’s time to invest in a partner and technology that bridges both the knowledge and infrastructure gap.”

Two thirds of UK finance professionals optimistic about AI in accountancy

  • 66% of UK finance professionals believe that AI will allow them to add more value in their roles
  • 42% are concerned about the potential impact of AI on their roles in the future – but this is lower than the global average of 51%
  • 71% of finance professionals are keen for more training on AI to better understand it and integrate it into work

 

Recent research conducted by ACCA, the leading global accountancy body, takes a look at the current state of the UK workplace for finance professionals. Analysing key areas such as remuneration, staff retention, employee wellbeing, AI and diversity and inclusion, the study highlights the state of affairs for the finance profession across the UK.

 

AI has been dominating the conversation for UK finance professionals, but the response has been positive on the whole. Two thirds of survey respondents reported feeling positive about AI, seeing it as a tool to add more value to their roles and reduce data-heavy tasks. The fact that almost three quarters (71%) are keen for more training on how to best use AI demonstrates that the UK’s finance professionals want to understand and utilise AI effectively. Using AI to reduce time-intensive but low value work tasks means more time is freed up for high value work.

 

The pace of change in technology at work was a concern for one fifth (22%) of respondents, who felt overwhelmed by the rapid rate at which technology was advancing and changing.  However, the global average for this was 37%, indicating that UK finance professionals feel more prepared and resilient in the face of change than their global peers.

 

Concerns raised by respondents around AI included job displacement, qualifications taking longer, and the risks of AI such as privacy, security and ethical use of data, as well as potential issues of over-reliance on AI.

 

Alongside AI, ACCA’s survey revealed that finance and accounting employees in the UK are still very much embracing a hybrid work model, with 64% reporting this was their working pattern, almost a third higher than the global average of 41%. Only 21% of those surveyed are working full-time in the office in the UK – globally, that figure jumps to 52%. In the UK, Wales has the highest percentage of workers full-time in the office, at 38%. Only 52% of Wales’ finance professionals work in a hybrid pattern, the lowest of the UK nations surveyed.

 

However, there is a trade-off between productivity and team collaboration highlighted by the survey, with 68% saying working remotely improves their productivity, and 49% saying it makes team collaboration harder. Respondents did cite benefits of being in the office (in addition to improved collaboration) including workplace cultural reinforcement and adoption, particularly for new hires, organic learning and networking opportunities.

 

Joe Fitzsimons, senior manager, Policy & Insights, ACCA UK, and author of the report said: “The responses from UK finance professionals in this survey around AI reflects a growing conversation about how technology will change the future of work. It is positive to see that two third of respondents are optimistic about the role of AI and even more are keen to understand it more through training and upskilling. While UK finance professionals are more optimistic than their global peers, there is still a long way to go in full rollout of AI in organisations, and ACCA will continue to provide insight, research and support for a smooth transition.”

Lloyd Powell, head of ACCA Cymru/Wales, added: “Wales offers a diverse range of opportunities for those working in accountancy roles.

“We know from the many employers that we work with across Wales that attracting and retaining accounting and finance talent is a key focus, and that offering training, professional development and other employee benefits is something they are implementing in a competitive job market. The higher than UK average percentage of workers in the office full-time in Wales is interesting, and we’ll continue to monitor this from an employee and employer perspective.”

Read the full report here.

Boardroom leadership needed to manage AI risks and drive trust

  • Businesses urged to take steps to maximise the opportunities of AI and lay foundations for responsible use of new technologies
  • AI use in finance must be built on trust in order for it to succeed in rollout and application

 

Chief executive officers (CEOs) and chief financial officers (CFOs) need to build trust in artificial intelligence (AI) by taking steps in their organisations to manage the associated risks.

 

As AI plays a greater role in the accounting and financial reporting of businesses, CFOs and financial controllers will have to be confident about the adequacy of oversight and controls of AI systems.

 

In the first in a series of insights, AI monitor: trust, ACCA (the Association of Chartered Certified Accountants) urges finance professionals to ensure that AI governance and AI risk management is in place, beginning with:

 

  • Investing in AI literacy and skills development: finance professionals must invest in education and training to critically evaluate AI outputs, communicate clearly with key stakeholders, and make informed decisions.
  • Collaborating via cross-functional teams: finance professionals should actively engage with IT, data science, legal and risk management teams.
  • Developing an AI governance framework: beginning with critical uses, finance professionals should take steps within their organisation to establish clear policies, oversight and governance practices.

 

AI presents many opportunities to businesses such as providing more insights from a wider array of information sources, driving greater efficiency and better customer experiences. But it also poses a challenge to trust in accounting and finance reporting with new dynamics being introduced to the traditional trust mechanisms that underpin corporate accounting.

 

Alistair Brisbourne, head of technology research, ACCA, said: “Introducing AI is both about trust in the systems and trust in the people that we work with, and how we bring those two elements together.

 

“CEOs and CFOs need to focus on making the changes needed to harness the many potential opportunities but also retain trust. This includes upskilling to deal with the technology and introducing new knowledge into their organisations. They also need to focus on the governance, the oversight and culture required to allow different teams to work together effectively. It’s about bringing change management and governance together.”

 

AI monitor: trust highlights some of the risks of AI in accounting systems, such as:

  • Impacting decision-making without clearly explaining the rationale of the forecast or recommendation;
  • An over-dependence on AI procedures in auditing and assurance and a decline in use of human intervention and judgement;
  • Concern over AI bias or error in fraud detection, risk assessment and compliance monitoring;
  • Over relying on AI-powered virtual assistants which give inaccurate or inappropriate responses.

 

Lloyd Powell, head of ACCA Cymru/Wales, said: “In the AI era, the role of finance professionals is to focus on the outcomes driven by technology. Value lies in understanding how these outputs inform decisions and actions that drive business outcomes.

 

“As we recognised at a recent roundtable held in Cardiff, AI will change the finance function and there will be new roles as a result, but accountants will remain central to the success of Welsh businesses and organisations.”

 

In 2024 future issues of the AI monitor will explore talent, risk and controls, the relevance of effective data strategy, and sustainability applications.

 

Read Enabling trust in an AI-enhanced world

 

Visit ACCA’s website for more information.

The legal technology landscape in 2024 and AI

Legal Software Suppliers Association members discussion with LSSA CEO Kevin Horlock

2023 saw generative AI take the world by storm, with individual law firms and the legal sector as a whole working to harness and capitalise on the capabilities that AI offers. What is next on the horizon as the sector considers the opportunities and challenges created by innovation?

In the first of a series of legal technology prediction articles LSSA CEO Kevin Horlock and expert LSSA members discuss the impact of AI.

Kevin asks,

“What is the impact of ChatGPT and other AI tools on the legal technology industry? How will this develop in 2024? “

John Flanagan, Head of Product at LEAP replies,

“Those of us of a certain vintage will remember many great sci-fi movies from the 1980s where computers with artificial intelligence have taken over the world and are at war with humans. From the outside AI can seem a risk, but not harnessing its potential is foolish. Where we are with AI is where we were with Cloud 15 years ago – if we as software businesses don’t use it, we will be left behind by those that do.”

John mentions that there are some who suggest that AI is no more than a manifestation of the Infinite Monkey Theorem, in that if you put enough computer processing power behind a question, it will eventually come out with the correct answer. He thinks that this is a misunderstanding of generative AI, which uses highly sophisticated algorithms and machine learning to analyse data to identify patterns and structures to produce coherent and meaningful output.

John adds, “In the legal sector, we will see the introduction of a co-pilot for the work you are undertaking. This co-pilot will digest huge quantities of data for the area of law, look at specific circumstances, reference case law and analyse other data to help you achieve the best outcome for your client.”

Chelsea Goldsby, Operations Director of Osprey Approach thinks that AI tools will inevitably impact the legal sector in the coming years – like most other sectors – enabling teams to produce work and service clients quicker, easier, more accurately and with ensured compliance.

Chelsea comments,

“AI isn’t just about tools like ChatGPT: it can be embedded into existing tools to enable them to work smarter. For SME law firms, it’s about a shift in mindset to be open to change and innovation. A cultural shift is needed to enable firms to take advantage of the AI opportunities as they come, encouraging experimentation, testing theories, and trial and error.

Utilising existing workflow automations, client-facing tools, or document production features – within your case management software for example – is a good start to using tech to your advantage. “

Oliver Tromp, UK Vice President of Action Step, expects that, in 2024, we will see an increase in existing legal technology suppliers leveraging large language models (LLMs) in the obvious areas: document automation, legal research, contract review, chatbots, etc. However, he also expects to see LLMs used in more complex ways such as compliance monitoring and predictive analytics. He thinks that law firms are a wealth of historical information, and the most innovative legal technology suppliers will help lawyers to leverage their own data to improve client service, efficiency and consistency.

Oliver says, “I also expect to see an increase in machine learning, specifically around time recording. Many legal professionals record time every day, and I expect to see time recording solutions become more intelligent and reliable at suggesting time entries based on the work that the lawyer has actually done. It’s also important to mention here that the adoption of this technology will also have a direct impact on security measures law firms take to protect their client and company data.”

Kevin Horlock, CEO LSSA summarises,

“Technological developments in software dedicated to the legal profession are taking great strides, as we see above.  As with all developments, they come with a health warning: protect your data at all costs.  What law firms need is software which meets their needs, both today and for the foreseeable future: in both cases, AI is proving a vital consideration.

We know that selecting the right package can put great pressure on hard-pressed practice-management staff and partners alike: yet that has to be the most important consideration for all law firms.  Get it right and the practice thrives, expands and works together: get it wrong and the practice stutters, loses clients and becomes fractious internally.  Because of all the technological developments we have seen recently, especially in AI, making a firm, initial specification of new or replacement software will continue to be the most important trend in the landscape of legal technology.”

This article is part of a wider discussion between the LSSA and its members about AI, cyberattacks and future trends and challenges in the legal technology sector.

For the full discussion article please visit: https://www.lssa.co.uk/the-legal-technology-landscape-in-2024-ai-cyberattacks-and-other-future-trends-and-challenges/

World Leading Asian Dining Concept, Panda Restaurant Group, Chooses Luminance’s AI

A global leader in Asian dining experiences, Panda Restaurant Group, Inc. (“Panda”), has adopted Luminance’s award-winning technology to bring AI to every aspect of its contracting processes.
The restaurant group, which has over 2,500 locations worldwide and includes beloved brands, such as Panda Express, Panda Inn, and Hibachi San, deals with hundreds of leases, purchase agreements, NDAs and engagement letters every year. As a result, the organisation’s corporate legal team sought an end-to-end AI platform capable of enhancing and augmenting their high-volume commercial contracting. After an extensive evaluation of the legal technology market, Panda turned to Luminance for its ability to bring next- generation AI to every stage of the contract lifecycle.
As the parent company of some of the fastest-growing restaurant chains in the United States, Panda’s legal team now uses Luminance’s AI as its primary tool for negotiating and reviewing contracts, utilising the technology’s revolutionary ability to take a first pass review of any incoming contract to ensure that critical business deals are closed quickly and the company can maintain its exponential growth. Further, with essential l legal and enterprise knowledge now centralised within Luminance, Panda’s growing legal team can rapidly get up to speed with the company’s standards and better inform future decision-making.
With Luminance’s AI-powered contract repository delivering instant insight into any contract type, the technology is helping Panda to maximise revenue opportunities by ensuring that Supply Chain and Business Partner teams are alerted to impending contract termination or renewal dates. Meanwhile, Luminance AI-powered search functionality ensures Panda’s team can answer critical business questions from Finance and other teams across the organisation in minutes.
David J. Kim, Executive Director of Corporate Legal at Panda Restaurant Group, said: “As a best-in-class Asian dining concept, we know the importance of maintaining the highest levels of efficiency and our legal processes are no different. We’re excited to partner with Luminance to enhance and improve our productivity across our commercial contracting processes, empowering our team with the tools they need to focus on our mission of delivering exceptional dining experiences for our guests.”
Eleanor Lightbody, CEO of Luminance, added: “It’s fantastic to see yet another household name join the ranks of industry leaders using Luminance’s award-winning AI. Efficiency is best achieved by deploying one end-to-end AI solution across the entire contracting process. Luminance’s specialist AI allows Panda to do just that. I’m incredibly excited about the future of our partnership.” 

Explorance MLY partners with University of Westminster to support enhanced qualitative analysis of student experience insights

The University of Westminster is partnering with Explorance MLY to support its institutional need for enhanced qualitative analysis of student experience insights emerging in surveys.

MLY, formerly known as BlueML, is a revolutionary advancement in the field of feedback analytics that identifies recommendations from comments. For students, it helps to enhance teaching methods and curriculum through the evaluation of student learning experiences, supporting student satisfaction and engagement. It also supports employee journeys, capturing experience and learning insights.

The University, which has more than 21,000 students drawn from 160 different nationalities on its undergraduate, postgraduate and professional courses, is currently rolling out MLY within its student and colleague surveys after purchasing the system at the end of 2022-23.

“We decided to purchase MLY as a result of wanting to build on our qualitative analysis capabilities,” explained Kirsty Bryant, Senior Institutional Research Analyst – Strategy, Planning, and Performance at the University of Westminster. “Prior to MLY, we would manually thematically analyse the open comments from just one of our surveys, despite running several large-scale surveys throughout the academic year. Whilst we knew our dataset well, we were also aware of how resource-intensive such analysis was, so were looking for ways to streamline this process to increase the amount of qualitative analysis that we could undertake.”

MLY offered the University “quick processing deductive thematic analysis”, Kirsty said, as well as a platform for enabling wider innovation in her team.

“The AI through Explorance MLY gives us greater capacity so we can run all our major surveys through this system and will enable us to be more responsive, especially in consideration of module evaluation surveys, where we can identify in-year issues and react quickly,” she continued. “We also expect there to be a culture shift in how my team spends their time. We can focus on how and what we communicate to stakeholders and ensure there is accountability in making positive change. We will be able to share high-level analysis of the open comments almost as quickly as we currently deliver the quantitative counterparts of our surveys. We expect this to be a real culture change as our qualitative data can be elevated to the same status as our extensive quantitative datasets.​”

Kirsty added: “Bringing in all the qualitative data from all our major surveys means we will have the capacity to map different levels of study or different time periods to identify patterns and trends. We can segment the data to better understand different student user journeys and develop measures to ensure success for all our students. The Explorance team have really listened to our suggestions and have taken many of them on board to further improve MLY.”

John Atherton, VP Sales EMEA at Explorance, said: “We are really pleased to be working with the University of Westminster, which is not currently a user of our Explorance Blue course evaluation platform but has purchased MLY to support its existing system. MLY empowers organisations to listen inside and out by gathering insights not only from internal survey comments, but also from external channels, such as reviews or social posts. This way, MLY provides the capability to distil actionable feedback directly from the authentic voice of people, without the filters and constraints of survey questionnaires.”

In the UK, Explorance supports over 25 universities: Aberdeen, Anglia Ruskin, Bath Spa, Birkbeck – University of London, Brighton, Bristol, Buckingham, Cardiff, Cardiff Metropolitan, Coventry, Durham, Glasgow Caledonian, Keele, Kingston, Leeds, Liverpool John Moores, Loughborough, Manchester, Newcastle, Nottingham Trent, Northumbria, Sheffield, Strathclyde, Westminster, Worcester and University of Law.

H&S experts Stanley, sees growth in AI wearable safety technology market as it creates new dedicated team

Health and Safety experts, Stanley, based in St Albans, has created a new Ergonomic Safety Tech division and appointed Andre Jutel to lead it, as it bolsters its AI wearable technology offering. The organisation is focusing extra resources and expertise into this technology as the UK market takes off.

Andre Jutel has worked in the technology sector for over 20 years for some of the world’s largest companies including Samsung and Philips.  He has a background in data and data I.O for C-suite clients working at boardroom level.  He also has experience of working in the exoskeleton market with a focus on health and safety in business.  He is joined on the team by Katie Coan as a new dedicated sales manager for ergonomic technology.

Andre Jutel says:

I am delighted to be joining Stanley at this exciting time, heading up its new Ergonomic Safety Tech division and the commercial delivery of our suite of solutions and products into the market.  This wearable technology is bringing disruptive change to the Health and Safety sector and new opportunities to improve business efficiency by cutting workplace accidents, and I look forward to being part of Stanley’s growth in this sector.”

Graham Sharp, Managing Director of Stanley says:

“As a company with over 75 years of experience in offering Health and Safety solutions to business, we are already seeing the benefits that AI wearable technology can offer in terms of improved productivity and reduction in workplace accidents.  I am delighted that Andre is heading up our new Ergonomic Safety Tech Division and looking forward to seeing continuing fast growth as these technologies start to enter the mainstream.”

According to the latest figures from the Health and Safety Executive, the total number of cases of work-related musculoskeletal injuries in 2021/22 in the UK was 477,000,and a more recent 2023 survey conducted by the CIPD and Simplyhealth found that 51% of long term sickness absences in the UK are caused by musculoskeletal injuries. Wearable technologies have the ability to help businesses reduce these numbers dramatically by collecting and tracking detailed employee data to focus on where the biggest risks to workplace safety lie.

The technologies exclusively being offered by Stanley in the UK  are:

  • WearHealth from Stanley uses video scanning technology to match workers with exoskeleton suits designed to help improve their safety, health and wellbeing. The objective is to assist workers when lifting heavier loads, working longer hours, or executing ergonomically unsafe tasks, and to make sure that their usual daily activities can be performed without getting overly fatigued or at risk of musculoskeletal disorders. Stanley offers health and safety advice and the option to test exoskeletons in-situ to assess comfort and level of support based on real time data generated by the wearer.  If they are effective, then the right exoskeletons can be implemented and used as required.
  • The Modjoul Smartbelt from Stanley is an innovative AI driven belt that prevents injury through real-time feedback and data analysis. The belt is designed to measure a range of workplace risks including lower back movement and general ergonomic risk. This SmartBelt  technology can also be used as a collision avoidance system using AI technology to report potential collisions between workers and machinery in real time, delivering another layer of dynamic workplace safety.
  • Inteliforz™ from Ansell: The Inteliforz™ pod identifies risky hand and wrist movements with a small wearable device that is inserted into a hand wrap which can then be worn over a protective glove. It can capture up to 60 hand and wrist motions every minute to assess risk, allowing workers to view their movements and undertake training and coaching opportunities if needed.  If a worker makes a movement that might put them at risk of injury, the device delivers a haptic buzz to remind them to adjust position.  The charging station also establishes data communication with cloud services to upload the Wearable Pod Sensor data daily to the Cloud.

These products working in conjunction with each other providing insights and new ways to improve workplace productivity and efficiency whilst maintaining employee safety.

2024 A Breakthrough Year for Immersive Experiences, Predicts HYPERVSN

LONDON, 15 January 2024 – As the landscape for consumer attention becomes increasingly competitive, HYPERVSN, a global leader in 3D holographic technology, shares its predictions for 2024, offering a vision for how emerging trends will shape customer engagement in the coming year.

1: Selective engagement set to grow in a content-saturated world

Customers are drowning in content – and the inundation of advertisements is leading to widespread desensitisation, prompting a change in consumer behaviour. Instead of passive content consumption, there’s a growing appetite for immersive, engaging experiences that offer more than just visual stimulation. Consumers no longer want to observe – they crave to be captivated.

This trend indicates a need for a more strategic approach to content creation. In 2024, brands will need to pivot towards offering personalised, interactive experiences that not only capture attention but also provide deeper emotional and intellectual engagement. The focus is shifting towards content that can truly resonate with the audience, turning every interaction into an opportunity for meaningful engagement.

2: The rise of holographic 3D content in brand communication

One reason which consumers are increasingly becoming desensitised to the daily bombardment of content is the format in which it is presented. 2D digitally presented content becomes overfamiliar to consumers, to a point where they are becoming actively unengaged.

The disengagement will drive the move among organisations towards distinctive and memorable experiences to stand out amongst the crowd. Holographic 3D content will reveal itself as the answer to 2D fatigue. It’s already shown to increase viewing and engagement time by approximately 40% when compared against 2D content. It will no longer be a desirable extra, but a necessity.

3: The fusion of digital and physical elements in retail stores

Holographic visuals will increasingly be a critical mechanism in “phygital” consumer experiences. In sectors such as the retail industry, digital and physical worlds are colliding more often to enhance interactivity with customers.

We will only see this blend being used more often on the shop floor in 2024. Retail outlets can find that incorporating holographic innovation can boost sales of promoted products by as much as 40%. The focus will be on recapturing the attention of visitors and turning them into engaged brand advocates.

4: Digital appearances merging seamlessly with the physical retail experience

The line between digital and physical consumer identity is increasingly blurred, especially among Generation Z. Online, users meticulously curate their digital avatars, reflecting their fashion and style preferences. This trend is more than a digital pastime, it’s a part of their identity, influencing their real-world fashion choices. Retailers are catching on, utilising holographic technology to bring these digital experiences into their physical stores. One example is using holographic displays in its stores to allow customers to interact with and preview digital-only collections. This innovative approach is transforming the shopping experience, merging online identities with offline retail environments and will flourish in 2024.

By blending the comfort and familiarity of physical stores with the excitement of digital innovation, retailers are creating immersive, memorable shopping experiences. Customers can now see their online preferences come to life in the store, bridging their digital and physical worlds. This convergence is a powerful tool for leaving a lasting impression that extends beyond the store visit.

5: Spatial storytelling will be the future of retail

Among fashion and beauty brands in particular, more will leverage 3D technology to create immersive, story-telling environments. Spatial storytelling – consisting of brands creating ‘story-based layouts’ inside their stores – will offer unparalleled opportunities to captivate the attention of audiences and turn them into regular shoppers.

This evolution in retail storytelling isn’t just about aesthetics, it’s about creating a deep, emotional connection with the consumer. By immersing customers in these vivid, 3D narratives, brands are not only showcasing their products but are also forging a powerful, lasting bond that resonates with the values and aspirations of their audience.

Kiryl Chykeyuk, CEO and Co-Founder, from HYPERVSN adds: “The modern customer craves more than mere transactions; they seek emotional engagements that resonate on a deeper level. It’s our inherent neural wiring for sensory stimulation that transforms engaging experiences into lasting, positive memories. We are, fundamentally, wired for immersion. The emergence of immersive experiences, driven by holographic technology, will push this immersion to the next level.”