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17 Aug 2022

Responsible AI as a Framework

Responsible AI as a Framework
Technology operated machines have not taken over our world. At least not yet...

Though, they are beginning to play a significant role in our everyday lives by affecting small things we might not even notice, from optimized chatbots to virtual assistant technologies such as Alexa. Artificial Intelligence (AI) capabilities have increased as a compelling technology with seemingly limitless functions. As an exciting innovation, AI can be used for a wide range of purposes. It can significantly impact businesses, societies and help solve some of humanity’s biggest challenges.

With Great Power Comes Great Responsibility

Though AI’s promises are ideal for improving efficiency, bringing down costs, and accelerating research and development, debates surrounding AI entail that it could potentially cause more societal harm than economic good. Subsequently, we all have the immense obligation to ensure that a balance is met between AI’s potential and its boundaries. The way to do this is by following the Responsible AI governance framework. In the many years to come, AI will be a core element of digital organizations, so businesses must offset the prospect of using technology efficiently and understand its broader effects on society, consumers, and employees.

Why Is Responsible AI Important for Increasing Technology’s Accountability

Responsible AI integrates many practices into AI systems, making them more reasonable and trustworthy as it enables the operations to be fully transparent, accountable, and ethical.

Many organizations employ a Responsible AI framework to manage the understanding of traditional AI and moderate the public’s preconceived notions around its ethics. Some common beliefs around the ethics in AI include individuals believing that AI can lead to workforce displacement globally, as the technology will perform the work of regular employees and perhaps do it better. Whilst AI is highly data-driven, the sense of privacy can also be lost in technologies that use AI, due to the fact that the data used may not even be consented to. Hollywood movies and science fiction novels typically portray (AI) technologies as human-like robots that threaten to conquer the entire world. In reality, AI technologies are not that scary – or even quite as smart as that (yet). Instead, AI has evolved to provide specific benefits for many industries.

However, ensuring that these ethical challenges are acknowledged and addressed will accommodate user expectations, corporate values, and society laws and conventions. Making AI systems transparent, fair, secure, and inclusive is central to widely asserted responsible AI frameworks, and each group interprets and operationalizes them differently. Governments, corporations, civil society organizations, and academic institutions have all collectively embraced the idea of Responsible AI for a better future.

What does the future hold?

We live in an unpredictable world, and the capacity to design learning systems capable of dealing with our reality by recognizing patterns and relationships in data has been a massive step in the right direction. There is still time for AI to reach its full potential, though the numerous positive influences on many industries are already seen. With the help of Responsible AI, companies can further implement a technology that can solve users’ issues and accomplish objectives whilst confirming that there is no bias, accountability is addressed, and their use of AI is anti-discriminatory.

The moral responsibility for companies is more important than ever now as AI expands in its usage and starts to cover more industries. With the help of AI, advanced strategies for logistics will mean more efficient operations and practices, and data will continue to aid marketing ventures by targeting content to the right individuals.

Take the opportunity to gain practical insights at the AI Summit New York this year.

With AI at the core of everything from capital markets to retail, it is undoubtedly powering the future of numerous industries. As AI can streamline and optimize processes to increase performance in so many different areas, it brings a drastic change in technological fields all around.

Our seventh annual AI Summit New York will take place at the Javits Center, December 7-8, and is dedicated to enabling AI-based enterprise transformation. In recent years, it has become evident that AI is no longer a nice to have amenity. Every growing, successful enterprise now relies on artificial intelligence in some form or another. Scoping out, implementing, and scaling AI is becoming more and more challenging as enterprises try to embed AI across their organizations. AI projects will not achieve the ROI that must be seen in the (post) pandemic world without a structured roadmap, the latest insights, the best partners, and the brightest talent.

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