AI holds fantastic opportunities for large and small-medium organisations alike, and businesses are right to embrace them. Be it to improve back office operations, maximise marketing efforts or deploy predictive technologies to allocate resources more efficiently, algorithms have a lot to offer and we are seeing many organisations deploying AI systems already.
Talking with industries as well as policy makers, I notice that we all seem to share the same belief, that is that innovation and ethics can go hand in hand. In fact, many believe that businesses that can utilise data, and do so ethically, have a clear competitive advantage. This is for two main reasons:
- First, because the trust consumers have in the handling of their personal data has been impacted by the recent scandals in the media, including Facebook, several data breaches and stories around microtargeting for online manipulation. Businesses need to embed transparency so that customers can trust them.
- Second, because organisations need to demonstrate due diligence in their deployment of AI systems. Algorithms require a large amount of data, and that data needs to be collected fairly, handled lawfully and safely. Furthermore, limited datasets and poorly thought algorithmic procedures can produce unfair, biased and discriminatory outputs, thus infringing upon human rights and equality law. Businesses will want to make the most of their data without putting their reputation at risk.
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