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Understanding the Impact and Potential of AI

January 27, 2023 / Melody Smith / Comments Off on Understanding the Impact and Potential of AI

Artificial intelligence (AI) can be transformative for businesses, but the increased use of the technology inevitably leads to a higher rate of AI system failures. The World Economic Forum brought this interesting information to our attention in their article, “Scaling AI: Here’s why you should first invest in responsible AI.”

AI has reshaped industries and society. It holds incredible promise, but unfortunate incidents diminish public trust and draw attention from successes. Responsible AI – the practice of designing, developing, and deploying AI that has good intentions and benefits society – is not just the morally right objective: it also yields tangible benefits by accelerating innovation and helping organizations compete more effectively. Navigating the responsible AI landscape is challenging.

AI can be used for anything from insurance underwriting to detecting cancer. The defining characteristic is that limited to no human input figures in the decisions made by the system. This can lead to many potential issues, and companies need to define a clear approach to using AI.

In addition, most organizations have little knowledge on how AI systems make the decisions they do, and resultingly, they have little insight into the application of AI and machine learning results. 

Melody K. Smith

Data Harmony is an award-winning semantic suite that leverages explainable AI.

Sponsored by Access Innovations, the intelligence and the technology behind world-class explainable AI solutions.

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Melody Smith

Melody K. Smith has provided organizational, social media and digital communication services to a large non-profit for the past twenty years. Prior to that she championed employee engagement and communications in the healthcare field. She holds a Bachelors degree in Marketing. When not wrangling and writing TaxoDiary content for your reading pleasure, Melody writes fiction, rescues dogs and throws legendary dinner parties.