In recent years, we've seen how rising costs, disrupted supply chains, and lockdowns can adversely affect businesses of any size. But there are some solutions that, if followed, can reduce your risk and help make turbulent times a little easier. This week on Let's Talk, our experts share their tips that will help you address the risks and prepare your business for any supply chain shocks. "There are several tactics that Australian business leaders can adopt to prepare for and address the aftershocks of shipment delays and stock unavailability. "Rather than relying on the just in time approach, which can be risky when there are supply shortages or shipping delays, the just in case approach is recommended. This approach focuses on forecasting demand to proactively secure sufficient supplies ahead of time. For this to work, a robust business management solution which grants to timely data which provides insight into incoming orders versus available stock is a key requirement. The just in case approach can boost profitability, while preventing wastage. "Having up-to-date industry data like procurement lead times, stock levels and order volumes can allow business owners to manage potential vulnerabilities in the supply chain and optimise efficiencies within. Finance teams can leverage this data allowing them to create more accurate financial forecasting models to save on supply chain costs and inventory management."

With both government and companies eagerly adopting artificial intelligence (AI) strategies, we explore how AI could also streamline and scale your business. We examine the potential opportunities and risks that come with using AI, and what the future of AI and business looks like. The CSIRO defines AI as "a collection of interrelated technologies used to solve problems autonomously and perform tasks to achieve defined objectives, in some cases without explicit guidance from a human being." Subfields of AI include machine learning, computer vision, human language technologies, robotics, knowledge representation and other scientific fields. For instance, AI is already being used in autonomous emergency breaking (helping reduce 1,137 vehicle-related deaths per year) and in maintaining Sydney Harbour Bridge (using machine-learning and predictive analytics to identify priority locations for maintenance).

Artificial Intelligence (AI) has the power to completely transform the way we do things, personally and in business. We have seen many cases of small businesses that have used AI to deliver exceptional services and products that go on to outshine the competition, or examples where businesses have completely revolutionised an internal process. In October, we saw tech startup Devika, work with their client Equalution (health-tech app) to deliver a better service to users. Implementing AI gave the body transformation platform customised health plans for users, based on their mindsets. In the long run it made the service provided much more effective and affordable. With all of these discussions and stories, our aim is to remove some of the "unknown" around AI. Today we're asking people in business "What does AI mean for your organisation?" Keep up to date with our stories LinkedIn, Twitter, Facebook and Instagram. The ability for artificial intelligence (AI) to learn and process massive amount of data will continue to grow as we make greater strides in computer processing power and deep learning algorithms.

Recently, Dynamic Business attended the 2-day Gartner ReImagine HR event to hear the new trends, reports and insights from HR industry leaders and share them with our readers. HR leaders from all over Australia came together to uncover and discuss the latest HR and leadership trends, best practice, challenges and opportunities. One of those discussions was from Jonathan Tabah, Director at Gartner, about what employees really think about AI, and we've got all the best bits wrapped up for you below. The reality is, whether you or your employees are aware of it or not, we are already using lots of examples of AI in our everyday lives. Do you use Google Maps to figure out how to get somewhere?