Artificial intelligence gives us great power. Let us use it wisely and thoughtfully.
While many organizations recognize the real value that AI can bring to their business, they are struggling to address the associated risks. If companies take a responsible approach to AI, it will not only be a way to mitigate risk, but will also deliver business impacts that are truly transformational. Trust among customers and other stakeholders will be critical as AI transforms our world.
When it comes to AI, we believe that it’s not just a matter of safety—but also a source of value. And responsible AI will only be possible when principles become actionable. Organizations that focus on ethical AI and making products or providing services that benefit everyone will achieve better long-term outcomes than organizations that do not.
Key benefits of incorporating ethical practices at the core of AI capability:
Increase profits
Organizations that embrace responsible AI and publicize that fact, are more likely to engender trust than organizations that do not. Trust, in turn, enhances customer loyalty and leads to greater revenues. In contrast, a lack of trust carries a high cost.
Brand recognition
Customers increasingly seek out businesses whose values align with their own. Those businesses that have a strong sense of purpose are more likely to generate better shareholder returns than those whose integrity in AI is subpar.
Talent retention
Responsible AI attracts the talented staff critical to maximizing organizational output. A well-thought-out AI program empowers staff to explore and innovate freely within the boundaries of responsible AI.
Foundational steps to achieve Responsible AI:
- Build the team – Identify a Champion and put together a skilled team to drive Responsible AI initiatives
- Create policies and guidelines –Build policies with the principles of Responsible AI, develop standards and design training for the team
- Establish governance – Define roles and responsibilities, accountability of outcomes, mechanisms for compliance monitoring and escalations
- Integrate Responsible AI – Enrich data, process and model building to integrate Responsible AI principles
- Develop a response plan – Devise a procedure to respond when an incident related to Responsible AI occurs. Test and refine the process