The AI revolution is well underway, and I believe just about any business or organization can benefit by automating routine tasks, augmenting decision-making and optimizing operations and processes.
Creating such a policy should be at the top of just about every organization's to-do list, regardless of size or industry. So, in this article, I'll explore the risks that companies are exposing themselves to by allowing unregulated AI use, as well as the benefits of a well-thought-out policy when it comes to navigating the complex and sometimes dangerous waters of business AI.Long gone are the days when only large companies like Google or Microsoft were using AI.
Even if they are, some simply assume it isn’t a problem due to the fact they haven’t been told not to do it!Another example is that HR departments routinely use AI tools to screen job applicants. However, unless proper care is taken to mitigate theThe same goes for businesses that are using AI tools that make decisions that can affect people's lives – for example, processing loan applications or allocating healthcare resources.
Getting any of this wrong could cause huge financial, legal and reputational damage to a company. So what can be done?If a business wants to take advantage of the transformative opportunities offered by AI, a clear, detailed and comprehensive AI policy is essential. Addressing these issues proactively will also help businesses identify the technological elements necessary for the safe and responsible use of AI.
The rapid adoption of AI across industries and the risks that this has created means an AI policy isn't just a good idea — it's critical to future-proofing any business.
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