Building ethical AI products can put businesses at a competitive advantage

On July 8, 2021, in Shanghai, China, an Ubtech Walker X Robot plays Chinese chess during the 2021 World Artificial Intelligence Conference (WAIC) at Shanghai World Expo Center. VCG | VCG courtesy of Getty Images Singapore (Singapore) — Experts said Wednesday that ensuring that AI-driven services and products are ethical and trustworthy might become a competitive advantage for firms. Businesses are already being transformed by artificial intelligence technology. They can perform repetitive activities, analyze massive amounts of data, provide content recommendations, translate languages, and even play games. However, the current extent of AI’s capabilities is quite limited. Some scientists believe the technology is still a long way from achieving “artificial general intelligence,” or AGI, which refers to AI’s hypothetical ability to comprehend or learn any intellectual job that a person can. Others, however, have pointed out that AI, even in its current, limited powers, raises a number of ethical concerns, such as whether the data supplied into AI programs is free of prejudice and if AI can be held accountable if something goes wrong. According to Wonki Min, a former deputy minister in South Korea’s science and technology ministry who drove the country’s national AI plan, cooperation among countries and diverse stakeholders is required to establish reliable AI systems. Min remarked during a panel discussion about AI governance at the Asia Tech x Singapore conference that this includes collaborating with neighboring governments as well as industry experts, academia, and everyday people who utilize those technologies. Building trust requires the following elements. Experts have already warned that AI programs that are intrinsically prejudiced can cause major difficulties and undermine people’s trust in those systems. For example, facial recognition software may contain unintentional racial and gender prejudice, posing a risk to a certain group of people. According to Andrew Wyckoff, director of the OECD’s science, technology, and innovation directorate, who was on the panel, “trust is key to adopting any technology and reaping its full benefits.” Industry gains a competitive advantage thanks to artificial intelligence. Telenor Research Vice President Ieva Martinkenaite He emphasized that there are multiple “crucial” components to establishing trust in AI systems. They include the ability to transparently describe how a program works and ensuring that the program is robust, secure, safe, and responsible. Regulators face a challenging problem in establishing a balance between promoting AI development and regulating the hazards that come with it. Some experts believe it is too soon for legislators to impose harsh new limits on technology. The OECD’s AI principles, for example, support “innovative and trustworthy artificial intelligence that respects human rights and democratic ideals,” and provide suggestions to policymakers and other stakeholders. An advantage in the marketplace According to Hiroaki Kitano, president and CEO of Sony Computer Science Laboratories, developing trusted and ethical AI systems, as well as the governance that surrounds them, might become a competitive edge for businesses. AI is used in a variety of goods of the Japanese corporation, including cameras. According to Ieva Martinkenaite, a vice president at Telenor Research, ethical AI is “responsible business in the making” for the Norwegian telecommunications company Telenor. She noted that AI-embedded software will power many of the next-generation telecommunication networks, and that technology will be critical for new growth potential. According to Martinkenaite, this necessitates a set of global AI-based norms and trust principles that are followed not only by telecom firms, but also by worldwide vendors to whom they outsource parts of their operations. He went on to say that vendors might include equipment providers, software corporations, and service assurance firms. “Artificial intelligence gives industry a competitive advantage,” she remarked. Companies who fail to meet the ethical norms created around AI, according to Wonki Min, president of the State University of New York in Korea, would not thrive in the marketplace. Governments will not be able to reap the full benefits of AI if they are unable to develop a trusted AI ecosystem. “It is therefore critical to develop a trusted AI in order to leverage the potential benefits of AI technology, and the best way to do so is through a global multi-stakeholder approach,” Min explained./nRead More