A report that makes the business case for responsible AI
A new report commissioned by Microsoft and released last month by research firm IDC finds that 91% of organizations are using AI technology and that by 2024, AI will improve customer experience, business resiliency, sustainability, and operations. Efficiency is expected to increase by more than 24%.
“Furthermore, organizations using responsible AI solutions report benefits such as improved data privacy, enhanced customer experience, confident business decisions, and enhanced brand reputation and trust.” ” said Microsoft executive Sarah Bird in a blog post. “These solutions are built using tools and methodologies to identify, assess, and mitigate potential risks throughout development and deployment.”
The report, titled “From Risk to Reward: The Business Case for Responsible AI,” outlines the following fundamental elements of a responsible organization:
Core Values and Governance: Define and articulate the Responsible AI (RAI) mission and principles and, with executive support, establish a clear governance structure across the organization that builds confidence and trust in AI technology. I will. Risk management and compliance: Enhancing compliance with established principles and current laws and regulations, while monitoring future legislation and developing policies to reduce risks, with regular reporting and monitoring. Operationalize those policies through a risk management framework. Technology: Use tools and techniques that support principles such as fairness, explainability, robustness, accountability, and privacy, and build these into AI systems and platforms. Employees: Strengthen leadership to elevate RAI as a key business imperative and provide training to all employees to clearly understand responsible AI principles and how to put them into action. Broader employee training is paramount to ensuring RAI implementation.
Meanwhile, the highlights of the report provided by Microsoft include:
More than 30% of respondents cited the lack of governance and risk management solutions as the biggest barrier to AI adoption and expansion. (Click on the image to enlarge.) The biggest barrier to AI adoption (Source: IDC). More than 75% of respondents using responsible AI solutions report improved data privacy, customer experience, confident business decisions, brand reputation, and trust. (Click on the image to enlarge.) Impact level of responsible use of AI solutions by organizations (Source: IDC). Organizations are increasing investments in AI and machine learning governance tools and professional services for responsible AI, with 35% of AI organizational spending in 2024 going to AI and machine learning governance tools and 32% to professional services. will be assigned. (Click image to enlarge.) AI Organization Budget Allocation, 2024 (Source: IDC).
