Dimensions For Responsible Use of Artificial Intelligence
Artificial intelligence has great economic potential. However, this can only happen if companies harness new technologies responsibly. Five main critical dimensions need to be considered. AI could increase global gross domestic product (GDP) by 14% by 2030, corresponding to an additional US$15.7 trillion. The main goals related to investing in AI are increased efficiency, decision support, returns, innovation, and risk reduction.
However, a PwC study shows that this economic potential can only be realized if new technologies are used responsibly. To avoid an approach to AI development and integration that exposes businesses to potential risks, managers need to understand how to develop and integrate responsible AI practices.
The usefulness of AI: awareness is general
According to the analysis, AI solutions’ development, deployment and ongoing management should be evaluated against five dimensions critical to success. Companies must focus on it and adapt their specific strategy, design, development and deployment of AI. To do this, artificial intelligence must be integrated into strategic planning to address growing public concerns about fairness, trust and accountability.
Business CEOs are well aware of this: 85% said artificial intelligence will significantly change the way they do business in the next five years, and 84% admitted that AI-based decisions AI must be explainable to be reliable.
The delay of companies in AI
However, the results also show a lack of maturity and inconsistency between understanding and applying responsible and ethical AI practices. Indeed, only 25% of companies surveyed indicated that they would consider, as a priority, the ethical implications of an AI solution before implementing it. Second, only 20% have clearly defined processes for identifying AI-related risks. Finally, more than 60% of them rely on developers, informal processes or do not have documented procedures.
AI ethical frameworks or considerations were in place, but their application was inconsistent. 56% of respondents said it would be difficult to articulate the cause if AI had done something wrong in their organization. More than half of respondents have not formalized their approach to assessing AI for bias, citing a lack of knowledge, tools, and ad-hoc assessments. In this same context, 39% of respondents with graded AI were only partially sure they knew how to shut down their AI if something went wrong.
Opportunities and challenges through AI
For companies, artificial intelligence means opportunities but inherent challenges regarding trust and responsibility. Successful AI requires integrated organizational and people strategies and planning. Leaders should examine current and future AI practices within their organization and ask questions to address potential risks and determine whether the appropriate strategy, controls, and processes are in place.
AI decisions can be compared to those of humans. In any case, companies must be able to explain their decisions to understand the associated costs and effects. It is not just about technological solutions to detect, correct, explain and build safe and secure systems but about a new level of holistic leadership that considers the ethical and responsible dimensions of the impact of technology on businesses from day one.
Therefore, managers must actively promote the end-to-end integration of a responsible and ethical strategy for the development of AI to balance the economic potential with the transformation it can bring to the economy and society. Either without the other would pose fundamental reputational, operational, and financial risks.