Technology has made significant advancements and has already solved many of the supply chain challenges affecting companies today. However, we can't claim that all the challenges have decreased when compared to previous years. On the contrary, globalisation, trade sanctions, Brexit, an eCommerce revolution and finally a global pandemic are just some of the factors that are complicating an overcomplicated supply chain – especially for companies that might lack the resources of bigger corporations. Developments in AI have assisted in the planning and development of operations across the supply chain. And if the pandemic has taught us one thing, it is the importance of forward planning and anticipating supply chain challenges.

Research predicts the global market for AI in fintech will be worth USD$46.9 billion by 2030 As global business expands, so too does the volume of international cross-border payments: $120 trillion in global B2B payments is processed annually according to research by McKinsey and Visa. And according to Abdul Naushad, President and CEO, Buckzy, Artificial Intelligence (AI) is playing a decisive role in processing these cross-border payments. "Tech advancements and competitive challenges have transformed the payments industry and together have combined to meet both consumer demand and standard banking regulations," said Naushad. A significant part of AI's value in cross-border payments lies in how it substantially improves security. "AI's ability to distinguish patterns and suspicious behaviours is invaluable for identifying fraud and suspicious transactions, and also safely and securely processing sensitive financial documentation," continued Naushad.

The government is undertaking research to explore how AI R&D is successfully commercialised and brought to market. The Department for Digital, Culture, Media and Sport (DCMS), along with the Office for Artificial Intelligence and Digital Standards and Internet Governance (DSIG), are leading the research project. Research consultants Oxford Insights and Cambridge Econometrics have been commissioned with exploring the ways'technology transfer' happens for AI, and are seeking to conduct interviews with those with knowledge of the industry. Who is being invited to take part? Oxford Insights and Cambridge Econometrics would like to speak individuals with experience and knowledge of the AI development ecosystem, Innovate UK and other funding programmes, Standards Developing Organisations (SDOs), AI patents, AI R&D in the public and private sectors, AI funding and Venture Capital, and AI policy.

The debates around the advancement of artificial intelligence have frequently made the technology headlines for the last several decades, with some of the most challenging hypotheticals concerning potential surges in unemployment due to the predicted higher productivity rates of AI systems in comparison to humans. And as far as Wales is concerned, this issue would prove to be a large area of concern for workers in labour-intensive positions, especially given the recent loss of jobs in sectors such as automotive for example, in which we saw the impactful closure of the Ford Engine Plant in Bridgend nearly 18 months ago. On the other hand, there is also much long-term value in developing artificial intelligence within Wales. This has proved to be particularly evident in the South Wales power-electronics cluster, and Wales' soaring Fintech sector in both North and South Wales, in which both industries are using some form of small to large scale artificial intelligence within their infrastructure and supply chains. But could the debate eventually turn to the job security within their sectors? Business News Wales spoke to Steph Locke, the CEO of Nightingale HQ based in Pontypridd, South Wales, who are a leading provider in AI-powered software and help manufacturers integrate these systems into their infrastructures without the need for significant investment or having to acquire extensive research into them.

Global tech giant Fujifilm has given Welsh healthcare professionals an exclusive first look at its latest medical innovation ahead of the product's global clinical launch. The Japanese multinational photography and imaging company, which is a pioneer in medical imaging and diagnostics equipment, previewed its new artificial intelligence (AI) software, which is integrated into a mobile radiography system, at an event hosted by Life Sciences Hub Wales. Flown in from Tokyo for the event, the FDR nano is a mobile X-ray unit that uses integrated AI technology to quickly identify and flag abnormalities that need further investigation. The product is the first Fujifilm AI-enabled mobile unit in Europe and is due to commence clinical trials in a UK hospital. The AI in the unit highlights suspicious areas on an image to the radiographer taking the X-ray using a heat map.

AI is already being implemented in businesses around the world, and while worries persist over whether robots will be taking over the workplace, some are predicting that it will actually improve and even create jobs in the future. From devices in our homes to mobile apps, AI has already made its way into our daily lives. The workplace is no exception and AI has already helped businesses make better use of data and streamline processes. Artificial Intelligence on Big Data – Businesses are starting to use data to make decisions with the help of algorithms and real-time methods. AI assists with this by breaking down excessive data to help businesses make use of it.