According to Harvard Business Review, AI would add 13 trillion dollars to the global economy by the end of the upcoming decade.
However, according to McKinsey data, only 8% of organizations engage in practices of adoption of AI. Most organizations use AI extempore or apply it to cover a single process of their business.
AI has been around for some time now. But, if anything has hampered its progression, of which it has unimaginable potential, it’s ethics.
Nevertheless, a little bit of prudence today, when AI is still in infancy, could prove rewarding in the near future when AI would be mainstream in a radical manner.
Ethical AI can help businesses achieve scalability without overlooking responsibility.
Businesses face challenges to which AI can offer solutions. Industry experts and AI experts need to come together and chart out a roadmap to achieve a middle ground where impulses are curtailed and prudence takes precedence.
AI can pave the way for a makeover of businesses only if AI development processes are infused with ethics.
In fact, ‘Ethical AI’ is the cornerstone for fast-track digital transformation and sustainable growth that businesses are looking for.
But, no matter how hard businesses brainstorm ideas about ethics, they don’t come into the picture until brought under the ambit of practical usage.
A balance needs to be forged between the two; ethics won’t be hauling us out of the labyrinth of AI and the dire repercussions of its irresponsible usage.
Ethics are a practicable, adaptable, implementable set of practices, not abstract ideas.
When we talk about ethics, it isn’t some abstract verbal jargon or philosopher’s amusement, but a practicable, adaptable, implementable set of practices.
AI ethics are not easy practices. For instance, it’s hard for even astute AI developers to develop algorithms at a slower pace when there’s a faster route available.
While the former takes time to validate that it doesn’t harm people, the latter just goes with the flow and leaves AI at the mercy of his/her whims.
Where personal interests and societal interests part ways, ethics intervene to bridge diversions. This is important if we want AI to succeed at all fronts.
The success of businesses that use AI lies in the success of AI as a trusted and reliable technology. So does the success of society at large.
Ethical AI for businesses
As businesses gear up to implement AI (Artificial Intelligence) into their organizational setup to stay ahead of the competition, the question remains whether AI products will do more harm than good.
There are questions surrounding AI’s mainstream rollout, which need answers. For instance, safety, accountability, privacy, and transparency are all valid apprehensions people have toward AI.
Methods have to be discovered to get algorithms rid of biases they are prone to before implementing AI in businesses on a larger scale.
It’s not incomprehensible any more. Businesses know that AI has begun to permeate every aspect of modern society. It’s everywhere – from shopping suggestions to voice assistants.
Even complex tasks such as hiring, law enforcement, and insurance are being handled seamlessly by AI.
However, less has been done to counter concerns surrounding AI. Issues such as privacy, safety, accuracy, fairness have not been given satisfactory deliberation.
But, the EU’s Vestager, executive vice president for digital affairs of the European Commission, seems to have taken a lead in the direction of ensuring safe AI for all.
Undoubtedly, the question is not whether AI is feasible or not. It surely adds value to businesses.
Instead, it’s mediocre algorithms that pose a serious threat. Besides risk, it could lead to poor results, hence bad outcomes for businesses relying on it.
Five ways businesses can adopt ethical AI.
So, companies need ethical AI to scale up their business and avoid errors and threats. Here are our five practical tips for the ethical deployment of AI in your business.
1) Observe government regulations strictly
From time to time, governments keep updating AI regulations to streamline and regulate their usage. Strict adherence to government regulations is in the best interest of all.
Businesses and government institutions have to come under the same roof to create truly rewarding ethical guidelines for safe and mainstream utilization of remarkable AI technology.
Companies can take the backing of regulations and turn it into their favor by moving ahead with AI procurement with confidence.
2) Create a post for Chief AI Ethics Officer
As said earlier, ethical AI is more about hard practice than a verbal demonstration. Saying things won’t make any difference, but doing those things could.
When you create a separate post for Chief AI Ethics Officer, you could ensure ethical usage of AI in your company, especially in areas such as exploitation of personal data and controversial facial recognition.
The Chief AI Ethics Officer and your AI production team could work in tandem to ensure strict adherence to ethical frameworks in the development stage itself.
3) Identify risks and their origins
“Nip the evil in the bud” holds true in AI implementation. To eliminate AI risks, businesses have to identify why they arise in the first place.
It’s only after identifying risks and their origins that businesses can develop ethical standards and certifications for error-free implementation of AI.
4) Educate your business executives and AI development teams
Knowledge is a potent weapon against any pitfall. It’s only possible through knowledge that businesses can get out of the labyrinth of AI.
Therefore, it makes sense to educate business executives and AI developers about benefits as well as the challenges of using AI.
Ethics constitutes a major portion of AI education. Besides, an ethics advisory board, if you’ve got one in your company, could help businesses produce and sell AI more efficiently.
5) Farsighted approach
A farsighted approach is needed for AI. The truth is that AI can’t be overlooked and dumped in the basement just because we’re fearful of its less pleasant side.
Bringing ethics into practice can help businesses move forward and employ AI for what it is, which is a remarkable technology with the potential to completely revolutionize the way businesses work, hough an ethical approach is needed in order to prevent AI misadventures.
AI promises countless benefits. As long as businesses tread carefully and follow guidelines for the ethical use of Artificial Intelligence, nothing can stop businesses from scaling up for growth.
AI is more about trust than profitability existing between technology and humanity.
As a business, your goal is to care for humanity, and that’s why it’s ethical AI that should be at the forefront of business’s AI development programs.
In the pursuit of ethical AI, all businesses have to act responsibly and understand that it’s about creating goodwill among masses for AI, without which no business could reap its benefits.