The world of business is rapidly changing with new challenges presenting themselves daily for organizations to overcome. Companies face evolving stakeholder needs, uncertain economic conditions, increased regulations and other unforeseen circumstances, such as a global pandemic. This interesting topic came to us from Tech Target in their article, “Balancing the benefits with the risks of emerging technology.”
However, companies that have adopted emerging technologies, such as artificial intelligence (AI), have hope that they will benefit from the competitive advantages that these technologies are able to provide. For example, cost savings and heightened revenues are made possible through increased efficiency and enhanced customer products and experiences.
There is, however, another side to emerging technologies. Companies adopting emerging technologies must not only consider the benefits, but also the risks associated with these technologies. One risk is that these technologies will not achieve companies’ expectations. A clear vision needs to be established from the beginning and supported by defined objectives with realistic targets.
Most organizations have little knowledge on how AI systems make the decisions they do, and as a result, how the results are being applied in the various fields that AI and machine learning are being applied. Explainable AI allows users to comprehend and trust the results and output created by machine learning algorithms.
Melody K. Smith
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