Impact of Ethical AI in Maximizing Future Growth Potential of Global AI
Ethical AI practices and advisory will be incorporated in AI technology growth strategy to maximize future market growth potential
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Artificial intelligence (AI) is transforming organizations, industries, and the technology landscape. The world is moving to the increased adoption of AI-powered smart applications/systems, and this trend will increase exponentially over the next few years. AI technologies are maturing, and the need to leverage their capabilities is becoming a CXO priority.
As businesses make AI part of their core strategy, the transformation of business functions, measures, and controls to ensure ethical best practices will gain importance. The implementation and the governance of ethical AI practices will become a priority and a board-level concern. The deployment of AI solutions that are ethical (from a regulatory and a legal standpoint), transparent, and without bias will become essential.
As governments and industry bodies across the world articulate AI regulations, AI companies must establish their ethical frameworks until roadmaps are clearly defined.
The operationalization of ethical AI principles is challenging for enterprises, given the large volumes of user-centric data that need to be processed, the breadth of use-cases, the regulatory variations in operating markets, and the diverse stakeholder priorities. This also opens up opportunities for technology vendors and service providers. To effectively partner with enterprises and monetize these opportunities, ICT providers need to assess potential areas impacting AI ethics and evaluate opportunities across the people-process-technology spectrum.
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