Recently, Manx Radio interviewed us, along with several other key AI professionals on the Isle of Man, to discuss how local businesses can tap into the potential of Artificial Intelligence (AI) to stay competitive in an ever-evolving global market. The discussion, hosted by Christian Jones, also included Dan Thomas, founder of Archit3ct Ltd, and Lyle Wraxall, Chief Executive of Digital Isle of Man. The conversation offered valuable insights into how AI is not only impacting the future of businesses worldwide, but also playing a pivotal role in the future of the Isle of Man’s business landscape.

Artificial Intelligence (AI) is increasingly shaping the global business landscape, and Isle of Man businesses have a unique opportunity to harness its potential for sustainable growth. The UK’s government projects that AI could boost the UK’s economy by £47 billion annually over the next decade, and industries ranging from finance to retail are already experiencing the benefits. Digital Isle of Man predicts that AI could boost the local economy by 10% by 2030, marking a significant shift in the way businesses operate. However, as AI continues to evolve, the question remains: How can businesses on the Isle of Man utilise AI’s capabilities to remain competitive in this rapidly changing environment?

Unlocking AI’s Potential on the Isle of Man

The Isle of Man is well-positioned to capitalise on the growth of AI, thanks in large part to initiatives such as the Activate AI programme, launched by Digital Isle of Man. This programme is designed to equip businesses and individuals with the knowledge and skills necessary to effectively integrate AI into their operations. The programme has already seen significant results, with over 1,000 participants in its first phase. Now in its second phase, Activate AI continues to offer free business-focused training and AI solutions, accelerating the adoption of AI technology across the island.

Lyle Wraxall, Chief Executive of Digital Isle of Man, emphasized the importance of not only providing training but also fostering a culture that demystifies AI for businesses: “It’s not just about training; it’s about creating a culture of AI that businesses can understand and use effectively. You can’t just talk about AI; you need to demystify it for local businesses so they feel empowered to take it on.”

AI: From Awareness to Practical Application

While AI awareness is growing, the real challenge for businesses is understanding how to apply AI to improve their daily operations. Natalie Gallagher stressed the importance of practical application: “It’s not enough to just be aware of AI; you’ve got to know how to use it.” LEMA Logic’s approach centers on transparency and providing businesses with the tools to effectively implement AI. For example, AI can identify inefficiencies that may not be immediately obvious, such as customer service bottlenecks. By leveraging AI, businesses can streamline operations and improve efficiency, especially in small businesses where resources are often limited.

Brian Gallagher highlighted the concerns that businesses often have about adopting AI: “Many businesses feel intimidated by AI because they don’t know where to start. That’s where services like AI Solutions from Digital Isle of Man come in. It’s all about taking small, manageable steps, which help businesses understand how AI can work for them without needing to invest heavily in a consultancy firm.” This step-by-step approach allows businesses to make informed decisions and integrate AI incrementally.

The Role of Innovation and Regulation

While the United States has long been a leader in AI innovation, Europe is introducing stricter regulations, which can sometimes slow down the pace of development. Natalie stressed the importance of finding the right balance between innovation and regulation. She stated, “The balance between innovation and regulation is something that needs to be addressed. In the EU, there’s more regulation, but I think both sides of the coin are necessary. I would like to see more collaboration across regions—EU, UK, and Isle of Man—to create solutions that foster innovation while keeping people safe.”

For businesses, transparency in the use of AI is crucial in building trust with customers. Natalie reflected on the experiences of LEMA Logic, where openly disclosing the use of AI has been positively received: “When businesses are upfront about AI’s role in their services, it creates transparency and builds trust. The challenge arises when businesses attempt to hide their use of AI, which often leads to suspicion and uncertainty.”

AI and the Future Workforce

A common concern surrounding AI is the fear that it will replace human jobs. However, Lyle Wraxall was quick to address this concern, emphasizing that AI is not a job killer, but rather a job enhancer: “AI will not take your job. Someone who uses AI will take your job.” Upskilling the workforce to integrate and utilize AI technologies will be critical for businesses to remain competitive in the future.

Moreover, AI’s potential extends beyond business profitability—it can also contribute to social good. For example, AI is being used in medical research to assist Alzheimer’s patients by helping them engage in conversations, thereby slowing the progression of the disease. Brian Gallagher noted, “This is a great example of how AI is more than just about making money—it’s about making a difference.”

The Path Ahead for AI

As the Isle of Man moves forward with AI adoption, businesses have a unique opportunity to leverage AI for growth and innovation. The key to success will lie in the practical application of AI—identifying how AI can solve real-world business challenges, whether that’s improving customer service, streamlining operations, or driving product innovation.

Collaboration between businesses, government, and tech experts will be essential in creating a sustainable, people-focused approach to AI. Together, they can foster an environment where AI benefits not only the economy but also society as a whole. For businesses on the Isle of Man, the future is clear: those who embrace AI, upskill their workforce, and maintain transparency about its use will not only thrive in the age of AI but will also play a pivotal role in shaping the future of business on the island.

To hear more insights, listen to the full podcast.