Earning rewards through smart actions
There’s a strong push to speed up AI changes and responsible AI practices. But, with more rules around AI, companies need to be careful. If companies think about doing the right thing from the start, they can use more AI, avoid problems, follow rules, and create lasting value for themselves and others.
A small group of top-performing companies use AI to grow in new ways. They’re already seeing 50% more growth in sales compared to other companies. They’re also doing better in customer experience and Environmental, Social, and Governance measures.
If Responsible AI is just an afterthought, the benefits are less likely.
Companies could also take care of workers, customers, and s ociety.Governments and rule-makers are thinking about how to oversee and set standards for the responsible use of AI. Countries like the UK, Brazil, and China are already taking action. They’re either updating existing AI rules (like GDPR) or making new rules. The proposed AI Act of the EU is a good example: once approved, anyone who wants to use, make, or sell AI within the EU will have to follow these rules. As companies use AI for more tasks, following laws, rules, and ethical standards becomes key to building a strong data and AI base.
Getting Ready for Responsible AI
A lot of companies have yet to put their ideas and plans into action. One example to consider is the proposed EU AI Act, which is expected to be approved by the end of 2023, giving two years for preparation before the rules take effect.
The AI Act is a new law proposed by Europe that will regulate the use of artificial intelligence (AI). This will be the first major law that regulates AI. The law categorizes the different uses of AI into three risk categories.
First, applications and systems that create an unacceptable risk, such as government-run social scoring of the type used in China, are banned.
Second, high-risk applications, such as a CV-scanning tool that ranks job applicants, are subject to specific legal requirements.
Lastly, applications not explicitly banned or listed as high-risk are largely left unregulated.
Roadblocks to Getting Ready
Some companies have already started their Responsible AI journey, but most are finding it hard to get all parts of responsible AI working. The question is: why? The biggest problem is that scaling AI responsibly is complex and involves everyone in the company and beyond. Companies may not know what to do while they wait for clear rules. Uncertainty about the rollout process/timing and differences in standards across regions is were the biggest worries about future AI rules.
Becoming Smart from the Start
To be smart from the start, companies need to move from just following the rules to actively building mature Responsible AI practices. With the right foundations, it’s easier to adapt to new rules. This lets businesses focus more on performance and getting ahead. Scaling AI can give big results for customers, shareholders, and employees, but companies must get past common hurdles to use AI responsibly. While lack of talent and poor data quality have been the main barriers to AI adoption, now “managing data ethics, responsible AI, data privacy and information security” tops the list.
Although the success of AI cannot be measured solely by traditional KPIs like revenue generation or efficiency gains, companies often rely on these benchmarks. To ensure fairness in a system, companies must have reliable methods for measuring and mitigating risks. Though there is no one definitive approach, taking a proactive stance and building Responsible AI readiness can help overcome or prevent potential obstacles.
With Microsoft Dynamics 365 AI, a powerful business intelligence solution that combines the capabilities of Microsoft Dynamics 365 with artificial intelligence, your businesses can harness the power of responsible AI practices to make data-driven decisions, automate processes, and gain valuable insights and stay ahead in today’s competitive landscape.
