You gotta be smart. You gotta be responsible…
The market is ripe for AI and could hit a whopping $100 billion before exploding twentyfold by 2030, according to the folks at Next Move Strategy Consulting. This AI boom isn’t just for show, it’s set to cover everything from supply chains to product making to research and analysis, and experts are predicting even more sectors will get in on the action. Thanks to the insights from Statista, we know chatbots, image-generating AI, and mobile apps are gonna play a big role in this AI revolution
But be warned, the AI song and dance has its risks. The National Strategy for AI says we need effective policies and standards to keep this powerful technology in check. We don’t want it gettin’ out of control and causing trouble. AI should be people-first and this means responsibility has to underpin everything. McKinsey is tellin’ us that leaders in AI are already spendin’ at least 20% of their budgets on AI-related tech, and so far they’re fairing well.
Let’s talk about responsibility…
The bad rap on AI lately has been about ethical problems and potential bias. It’s bleeding into sectors like recruitment, and people are startin’ to wonder who’s gonna hold AI accountable when it messes up. According to Shriranga Mulay over at NTT, doing AI right means focusin’ on ethics, transparency, and our good ol’ human values. Keep that privacy in check, make the machines accountable, that’s what responsible AI is all about. And as AI becomes bigger, it’s not just the guys at the top who need to pay attention, everyone in the system should be on board with acting ethically.
Is responsible AI even possible?
There’s been some talk about playin’ it safe with AI. Aashish Mehta over at nRoad is tellin’ us that there’s room for ethical concerns, biased algorithms, and job displacement from AI, but responsible AI could keep that stuff in check. Animesh Samuel at E42.ai says it’s about being conscious of how we do AI. Keep up on the ethical standards, keep the protocols updated, and make sure everyone’s on board with the, “Do the right thing” way of thinking.
Furthermore, the word on the street is that the government is lookin’ to bring in a Digital Personal Data Protection Act in 2023. The big goal is to make sure you can’t just process folks’ personal data all willy-nilly with AI, informed consent is the name of the game. They’re also talkin’ about a Digital India Act to regulate AI and other cutting-edge tech, and folks are watchin’ closely to see how this all pans out.
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