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Safety and AI — How this Fusion Heralds a New Dawn in Workplace Safety

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Safety and AI -- How this Fusion Heralds a New Dawn in Workplace Safety


340 million — that is the number of occupational accidents that occur every year — according to the International Labour Organisation. And approximately 6000 people succumb to their deaths every day due to work-related injuries. The grim situation reflected in this data has become a major concern for safety professionals.

Needless to say, companies, big and small, have, over the years, realized the fundamental importance of workplace and employee safety. Concerned authorities turn to excel sheets, audits, meetings, and whatnot, to combat the risks that accompany their respective fields.

Different industries will encounter different health and safety hazards. For instance, heavy equipment leads to physical harm to a construction worker. Thus, depending on the industry, there will be different measures in place to ensure safety. The way ahead across all sectors is to introduce new strategies and move with the current trends.

Technology has paved the way for many opportunities and redefined multiple spaces in our day-to-day life. It has undoubtedly made life easier and processes more cost-effective and less time-consuming. It does not hold back when it comes to workplace safety as well. The penetration of technology in other aspects of life is common compared to the combination of AI and safety. Nonetheless, technology, especially AI, has opened up many avenues for improvement. It helps promote and sustain a safer workplace for the benefit of employees and employers.

How does AI help in improving Workplace Safety?

Workplace safety, by its very nature, is a complex issue. It isn’t one problem that plagues the companies, nor is there one solution that can solve all safety concerns. As such, AI tackles the issue of workplace safety and introduces better and safer practices. As per the needs of the company, AI is customized and chosen.

AI has also proven to be helpful in managing the workforce and overcoming challenges. Owing to its unique features and ease of use, AI has drastically improved the safety culture that penetrates any workplace. The role AI plays in workplace safety is phenomenal. The general benefits of AI in the workplace are as follows –

  • Data Collection and Analysis

Today’s world is essentially data-driven. Everything and anything produces data for everything and anything. Companies, especially, have a never-ending relationship with data. Data storage has come a long way since its beginnings when it was first kept in cabinets.

Thereafter, typed records were stored on secure Excel spreadsheets and further modernized to Google Sheets/Docs. With human intervention, it would take over months to analyze said data into meaningful sets.

But AI can sweep across the data to offer valuable insights enabling companies to make informed decisions for their safety programs. It also allows for the prevalence of a better safety culture which facilitates accountability and visibility. Data related to all workplace injuries would aid the management in identifying the most common injuries. It would also help them take the necessary action to remedy such situations.

What workplace is free of accidents? Be it a food manufacturing company or any warehouse, for that matter, life-threatening accidents are right around the corner. AI provides real-time information about any incident that has occurred in your workplace. Companies will have access to information relating to accidents as well as near-miss incidents. Those in charge of safety will gain knowledge about which group of people are more likely to run into accidents. Depending on the at-risk practices of the employees, required solutions can be introduced to improve their behavior.

AI would also be able to identify accident-prone zones, materials, and vehicles which would lead to actions being taken to reduce said risk. This advantage of AI empowers the company to have better control over the working environment. Such reporting is an important tool for following the plant safety protocols of any company.

Employees are the biggest assets of a company. Monitoring their behavior has proven to bear exceptional results. With AI-powered employee monitoring, the company can expect better productivity and outstanding performance. Employee monitoring also enhances the creation of a safe working culture. It can keep track of the employees’ essential vitals and their location within their workplace. Additionally, AI helps identify behaviors harmful to the well-being of others and/or the company.

This intervention by the AI also assures employee safety by alerting them of nearby hazards and safeguarding them from physical harm whenever possible. If an employee is in the blind spot for a forklift, constant monitoring would mean that they are alerted beforehand, and a crisis is averted.

Dangerous and often lethal equipment fills the workspaces of many companies. Hydraulic presses, handheld grinding wheels, and cranes are but to name only a handful of the dangers of warehouses and plants. Faulty tools and machinery are one of the leading causes of workplace accidents.

AI tools and software are strategically designed to pinpoint equipment that is not functioning properly and may cause harm. Checklists can also be enabled to confirm whether the equipment has undergone required updates and to set off alerts for pending repairs. With AI lending such a helping hand, Safety Heads can reduce workplace accidents and ensure the efficient functioning of all vehicles, tools, and machines.

  • Replacement for Dangerous Tasks

There are certain activities that employees have to undertake, despite those being a big health hazard. But with the introduction of AI, times have changed. Employees no longer enter risky places and control harmful machinery.

AI can enter zones otherwise deadly for human beings and send across the necessary data. This again reduces the chances of employees being victims of dangerous accidents. Drones, along with AI, have rapidly been growing popular. It is useful in inspecting hazardous environments such as underground mines, construction sites, and rooftops, among others.

AI in the Working

Now that it is established that AI lends the upper hand to companies concerning workplace safety — let’s indulge a little bit in understanding the various customizations AI undergoes to be molded as per the safety requirements of different industries.

  • Forklifts are a major contributor to workplace accidents. Forklift accidents occur due to poor driving, lack of visibility of pedestrians, improper turning, and speeding. Integrating AI into this workflow would mean that the management will have a better grasp on the driving behavior of the employees for the forklifts, thereby implementing measures for improving their improper skills.

Like a two-pronged fork, AI provides another edge to the management in relation to sending alerts when a pedestrian is in the vicinity of the forklift to avoid collisions.

  • The field force of the companies is employees as well. For them, their work constitutes the roads they travel on. Companies with assistance from AI in the form of driving safety solutions can help make their employees safer on the road. For them, road safety equals workplace safety.

As such, data regarding driving behavior, incident reporting, trip details, etc., allow companies to take strict actions to curb road accidents.

  • Sensors and alert systems in loading docks and Action Tracking Systems in plants/warehouses also help in cultivating a culture of safety in the workplace.

Conclusion

In conclusion, Workplace and employee safety should always assume priority for any company. While traditional methods have been effective, they do have certain shortcomings.

However, with the integration of AI, companies can fill these gaps and shoulder the goal of creating a ‘Zero Harm’ workplace and achieving results in any health and safety audits.

The affiliation between AI and workplace safety would spell optimized safety management and reduced risk of human errors.

AI is a fairly recent player in this game and, thus, will undergo many changes and updates in the near future. It is safe to assume that all these amendments and accommodations will only help further the cause of workplace safety.

Featured Image Credit: Provided by the Author; Pexels; Thank you!

Thanmai Deekshith

Thanmai Deekshith, the CEO & Founder of SafetyConnect, is an experienced entrepreneur with a knack for providing creative and out-of-the-box solutions to complex problems. He likes to write on technology, IoT, AI, safety, and other allied fields.

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Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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