Australia’s CBA flags surging AI costs as tasks grow complex, slams ‘work slop.’
At a time when AI adoption is on the rise, Commonwealth Bank of Australia (CBA) CEO Matt Comyn has issued a warning: the cost of using AI will rise in unpredictable ways as companies deploy the technology for complex tasks.
Complex tasks, higher costs
Comyn pointed out that as the technology becomes more sophisticated, businesses will need to invest more in training and maintaining their AI systems. This is due to the increasingly complex nature of tasks being handled by AI, from fraud detection to customer service.
The result, Comyn said, will be “unpredictable” expenses. “The costs of deploying and maintaining AI will grow, and they will grow in ways that we don’t really understand yet,” Comyn told a gathering of finance executives.
The AI cost conundrum
The warning comes as companies are increasingly leveraging AI for tasks that require high levels of nuance and expertise, such as regulatory compliance and risk assessment. However, the lack of standardization in AI systems and the dearth of qualified professionals to maintain and upgrade them will contribute to these unpredictable costs.
“We’re seeing a lot of ‘work slop’ in the industry,” Comyn said, referring to the inefficiencies and waste that can occur when companies attempt to deploy AI systems without a clear understanding of the costs and benefits involved.
What this means
For businesses looking to harness the power of AI, Comyn’s warning serves as a reminder to prioritize careful planning and budgeting. This includes investing in the skills and expertise needed to deploy and maintain AI systems, as well as developing a clear understanding of the potential costs and benefits involved.
In doing so, companies can avoid the pitfalls of “work slop” and ensure that their AI investments deliver real value to their customers and shareholders.
