Artificial Intelligence (AI) is set to transform both the business and maritime sectors, according Christina Orphanidou, Director of Engineering, AI, and Data at Deloitte.

Speaking at the recently held Capital Link Cyprus Shipping Forum in Limassol, Orphanidou detailed AI’s transition from a futuristic technology to an essential tool, accelerating business processes and revolutionising industries.

This shift, she explained, is creating new opportunities and introducing significant challenges for organisations. 

Orphanidou started with a striking fact, citing Gartner, that “AI has already created $4.7 trillion in value in the global business market by 2024”. 

She explained that AI fast-tracks business processes, reduces operational costs, and simplifies complex organisational operations, thereby enhancing the execution speed of business processes, facilitating cost reduction through automation, and fostering innovation.  

This, she mentioned, enables companies to develop new products and business models. 

In the maritime sector, Orphanidou emphasised how AI is instrumental in adopting new technologies that enhance operational efficiency and safety.  

She said, “Innovations in predictive maintenance and energy efficiency allow shipping companies to reduce maintenance and fuel costs while ensuring compliance with environmental regulations.”  

She also mentioned that AI improves safety and emergency management by implementing systems that predict and mitigate risks before they escalate.  

Furthermore, she explained, “Autonomous navigation is beginning to shape the future of shipping, allowing ships to operate without the need for human intervention, which can reduce errors and delays.” 

Orphanidou emphasised the necessity of a strategic approach to AI adoption.  

“Clearly defining the ‘what’ and ‘why’ for implementing AI in any business is critical so that organisations understand their needs and integrate AI in a way that delivers maximum benefits,” she explained.  

The strategy, she noted, must ensure the right mix of people, processes, and technology to drive business success. 

She also addressed the ethical dimensions of AI technology. “The implementation of AI involves challenges that cannot be overlooked,” Orphanidou stated.  

“Ensuring fairness, transparency, resilience, accountability, and security within AI systems is not optional but essential.”  

She pointed to the AI Act, which mandates stringent oversight for AI systems, particularly those posing risks to safety, health, or fundamental rights. 

Lastly, Orphanidou stressed the importance of education and communication in AI adoption.  

“Successful adoption of AI requires not only technological advances but also education of people and good communication,” she stated.  

“Organisations need to educate their employees and ensure the active involvement of all stakeholders, which helps AI emerge as a tool that supports innovation, efficiency, and accountability”, she concluded.