AI is poised to become the defining technology of our age. As humans and machines engage, collaborate and interact more closely, AI offers transformational possibilities for customers, businesses and society as a whole. Many industries are already utilizing AI in some form or the other. But, artificial intelligence needs both robust governance and a new operating model.
At the heart of the opportunity for businesses is the ability to turn data into intellectual property and add value by providing solutions for most of the issues facing modern society. As machines continue to assume many tasks that were otherwise dependent on human efforts, the human race looks forward to a future where all technology applications will incorporate some or the other form of artificial intelligence. The rapid advancement of AI technologies also raises some fundamental questions about social values and the potential consequences of its implementation.
Determining the right strategy is important
While implementing AI, it is important to appreciate its challenges and opportunities which will determine the organization’s course. The optimal approach to AI will vary from organization to organization. Automated Intelligence improves productivity by automating manual tasks. Assisted intelligence helps in performing tasks faster and better. Augmented intelligence helps people make better decisions by analyzing past behavior. Autonomous intelligence automates the decision-making process. As humans and machines collaborate more intimately, AI’s potential will increase and the variation of tasks it can complete without human intervention.
Building trust and confidence with responsible AI
Part of the process of developing an AI strategy is to both assess where your business stands today and your plans for the future. Businesses should also identify and evaluate their specific pain points were AI could be of assistance. Embedding AI specific business processes where it can produce positive results introduces efficiency for the business.
The general perception of Artificial intelligence is that of a complex intelligent machine that can beat expert human players at games like chess or Jeopardy. But, games have a fixed outcome and well-defined rules. The outcomes of these games affect only players. These kinds of software can be manipulated. Failure of AI does not pose a serious risk for those involved. Risks are high when AI fails or there is a fault in its decision-making algorithm. It is ultimately required to mitigate the inherent risks involved in AI-powered solutions. It is also important to build trust among the stakeholders.
A responsible AI framework ensures appropriate AI governance. It provides a practical mechanism for ensuring effective monitoring of AI outcomes. Businesses must establish clear policies with respect to data privacy, decision rights, and transparency and set up governance structures to monitor possible errors and problems. They must also develop communications practices to explain AI-related decisions. It’s crucial to study the impact of AI on employment and strive to ensure AI complements human knowledge and expertise.
AI places power into the hands of businesses that implement it. Hence, like all power, it needs to be applied with insight, sensitivity, and responsibility.