Artificial intelligence (AI) has embedded itself into the business landscape. No longer the purview of Big Tech companies alone, firms across various industries are actively integrating AI into their processes, acquiring tech startups and scouting opportunities to deploy the technology in the near future. COVID-19 has only accelerated this trend as businesses have had to contend with plummeting revenue and workforce restrictions, according to Ben Hoster, Director of Transformative Technologies, Marsh McLennan Advantage and Richard Smith-Bingham, Executive Director of Insights, Marsh McLennan Advantage.
But as companies increasingly look towards AI to solve business challenges and increase their profitability, what risks will they face? How might they mitigate such risks? What else should business leaders take into consideration?
Despite the substantial benefits that the technology promises, AI deployment without safeguards poses risks at all levels of business, especially for traditional, non-tech companies. To limit severe financial and reputational harm, it is crucial that companies weigh the many benefits of AI use against the risks intrinsic to its use, as well as associated concerns from the broader community. Consider, as one particularly pertinent example, the myriad ways wherein AI has been deployed in response to the global pandemic: from contact tracing to enhanced infection risk profiling, those who develop and use such cutting-edge techniques must carefully balance the dual imperatives of public health and individual liberties.