Artificial Intelligence is no longer a futuristic concept but a working reality already embedded in the operations of businesses across Europe, Cyprus included,according to Monica Odysseos, head of the AI and Data Lab at Grant Thornton Cyprus.

“Artificial Intelligence is not a distant promise. It is already present in the everyday operations of businesses,” she said.

Odysseos explained that AI is transforming core functions, from automated reporting and data analysis to intelligent document processing and querying business data in natural language.

In her view, these tools are no longer seen as innovation pilots, but are becoming essential for faster decision-making and improved customer service.

She noted that companies using AI effectively are already saving time, reducing costs and gaining a more detailed understanding of their customers.

However, she warned that competitive advantage now depends not on adopting AI for its own sake, but on applying it thoughtfully.

“It’s not just about the tools themselves, it’s about understanding how to use them responsibly,” she said.

This shift coincides with the entry into force of the European Union’s Artificial Intelligence Regulation (EU AI Act), which classifies AI applications by risk and introduces the concept of “AI literacy”, a baseline understanding of how AI systems work and how they influence decisions, even for non-technical professionals.

Odysseos said this applies across all sectors. From retail and hospitality to education and public administration, employees at every level, whether in HR, accounting or sales, are now expected to understand the basics of how AI systems operate and how to question them.

“In practical terms, this means that employees should become familiar with AI-based tools, understand how the results presented to them are produced, and be able to interpret them critically,” she explained.

She went on to say that even when algorithms generate sales recommendations or automated reports, human input remains crucial.

“This,” she added, “is where human oversight becomes indispensable.”

She stressed that relying blindly on AI-generated outputs carries significant risks. Without proper scrutiny, businesses may act on results that appear correct but are based on flawed data or assumptions.

In her view, professionals must be trained to ask the right questions, what data was used, whether it was representative, and what the system’s underlying logic was.

Moreover, she argued that the ethical dimension of AI can no longer be treated as a theoretical issue. Algorithmic bias, opaque decision-making, and data privacy now carry real consequences for compliance, corporate credibility and public trust.

“At Grant Thornton, through the AI and Data Lab, we work with companies and organisations to strengthen the responsible and practical use of AI,” she said.

“We focus on education, identifying automation opportunities, and implementing solutions that meet real business needs, not just regulatory requirements.”

Ultimately, she believes that AI has the potential to transform operations across all sectors, but only when applied with awareness, critical thinking and a strong ethical foundation.

“The future is not just shaped by technology,” Odysseos said.

“It’s shaped by how we choose to use it. And that choice is more critical than ever,” she concluded.