A report from the International Data Cooperation (IDC) has revealed that consumers believe there should be a higher level of ethics involved when using AI in companies and organisations.
Two-thirds of organisations are now using AI technologies, with these companies also heading towards an “AI-first culture”.
However, the report also revealed that only a quarter of companies actually have devised strategies to ensure this happens.
Trust, bias and ethics
Around 2,500 people were questioned in the report carried out by the Chinese data company, which revealed that increasingly, companies were focusing on the trust, bias, and ethics of using higher levels of AI within their organisations.
IDC’s artificial intelligence strategies VP, Ritu Jyoti, said: “Organisations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins, and (more) productive employees.”
The vice president continued: “Organisations worldwide must evaluate their vision and transform their people, processes, technology and data readiness to unleash the power of AI and thrive in the digital era.”
When it comes to using artificial intelligence in a company, there is expected to be a 50% failure rate when implementing this type of tech. Many organisations blamed the cost and lack of access to skilled workers in their reasons behind not being able to optimise on AI.
Positive AI implications
60% of companies did report that AI had a beneficial impact on their business model with 50% of those going on to say that they were inspired to add ethical and trust risks into their framework of using AI. In order to ensure these strategies are put in place, 25% more companies have hired higher levels of management.
Jyoti continued: “For many organizsations, the rapid rise of digital transformation has pushed AI to the top of the corporate agenda… However, as AI accelerates toward the mainstream, organisations will need to have an effective AI strategy aligned with business goals and innovative business models to thrive in the digital era.”
In a separate report by Capgemini Research, 76% of people believe that more regulations need to be put in place in how companies are using AI.