Artificial Intelligence

Staying ahead of the curve – The business case for responsible AI

A new study from The Economist Intelligence Unit (EIU)

The AI revolution is now. Over 75% of respondents in EIU’s executive survey are already experimenting with AI, if not piloting or implementing the technology. While AI’s potential to transform how we live and work has been widely explored, a thin evidence-base means industry executives remain less clear about how to navigate ethical uncertainties associated with AI design, development and implementation. 

Our study, Staying ahead of the curve: The business case for responsible AI, sponsored by Google Cloud, offers a conceptual toolkit to help firms realise the full potential of AI, while balancing critical questions around ethics and responsibility. 

We provide an independent, objective assessment of the benefits and costs of adopting responsible AI practices, both short- and long-term as it relates to key business metrics: value proposition, talent management, regulatory preparedness, data security and privacy, revenue generation, stakeholder relationships, and reputation.

Key Findings

  • Responsible AI should be seen as a potential source of competitive advantage, not only as a reactive measure to assuage ethical concerns.
  • Firms that incorporate responsible AI practices throughout the product development lifecycle will build competitive advantage through enhanced product quality.
  • Responsible AI can significantly benefit talent acquisition, retention and engagement, especially given employees’ growing scrutiny of their employer’s ethics, beliefs and practices.
  • Companies’ growing reliance on user data is emphasizing the need for better data management, security and privacy, which will in turn fuel growth in the AI industry.
  • AI regulation is imminent and firms should invest in readiness.
  • Responsible AI can improve a firm’s top- and bottom-line growth by increasing customer engagement, broadening revenue streams, offering procurement advantages in competitive bidding processes, and increasing pricing power in the marketplace.
  • Societal belief in the virtue of technology companies remains high, but heightened focus on the sector has increased the trust and branding risks associated with a lack of responsible AI.

The ability of firms to foresee this opportunity and make timely investments in responsible AI practices will determine leaders and laggards for years to come.

READ THE FULL REPORT HERE

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