Founder and CEO of Forty-seven software professionalswith over a decade of experience advising F500 companies and growth-stage startups.
In the dynamic world of technology, or the era of Industry 4.0 as it is also commonly known, innovation knows no bounds. Day by day we are witnessing changes in many services due to the implementation of AI and ML. If you don’t follow the news of new AI products even for a day, you may miss something important.
As a seasoned entrepreneur with over 15 years of experience in IT consulting, I have noticed that we should look into the ethics of implementing AI. There is no doubt that AI offers us many exciting challenges and opportunities along the way; but we also need to think about the future.
Exploring the Ethics of AI
Many of us work extensively with our clients, implementing AI into existing business models across various industries. We all know that AI has the power of a revolutionary force, but at the same time it raises ethical issues in many ways, from biased algorithms to privacy concerns.
There are currently several approaches to AI ethics. For example, UNESCO adopted its “Recommendation on the ethics of artificial intelligence” in November 2021, and the European Union published its own paper in 2020.
What if we considered the present? It is 2024 and many innovations have already been applied in all sectors. I think more amendments should be made to existing AI ethics recommendations.
AI Adoption in Business
According to a report According to McKinsey, “60% of organizations reporting AI adoption are using Generation AI” and “overall AI adoption remains stable at around 55%.”
What does that mean? From my point of view, this means that business models are changing and almost all companies will face big challenges in the near future. Yes, it brings innovation, but at the same time we need to focus on new methodologies and policies within companies.
For example, requiring companies to disclose the use of AI systems in decision-making can increase transparency and allow users to understand how AI affects them. Industry experts, researchers, entrepreneurs, and policymakers must work together to create regulations that foster innovation while upholding AI ethical standards.
AI can have a significant impact in various situations. For example, there are companies where AI models are used to make decisions regarding hiring employees and approving loans. However, AI models can sometimes create unfair results.
I’m also concerned about privacy issues because AI collects a lot of personal information that can be used inappropriately. By working closely with engineers and ML specialists, we see how many threats can be sensitive to privacy concerns. This highlights the need for clear regulations across all sectors, as well as transparency for all market participants, including customers, engineers and business owners. We must consider human rights as an important point.
Let’s also think about the fact that some AI products must be used by specialists. On the one hand, AI will eliminate many jobs; on the other hand, it will create a different type of specialist that we haven’t seen before. According to a report According to Goldman Sachs, AI has the potential to replace around 300 million full-time jobs. This could involve automating a quarter of work tasks in the United States and Europe.
I have heard some specialists say that we are going to face new professions such as AI virtual reality architect, AI creativity consultant, AI supply chain analyst, AI cybersecurity analyst and many more. The report also suggests that AI could contribute to a 7% increase in the total annual value of global goods and services. Just like with a glass, some people see it as half empty while others see it as half full. This is why it has become crucial to think about regulation and ethics.
Exploring the ethical aspects of AI is just as important as the technological advancements it brings. As an entrepreneur who has seen the impact of AI, I believe it is essential to balance innovation and responsibility. It is not only a moral obligation, but also a strategic requirement for the long-term success and sustainability of businesses in the Industry 4.0 era.
Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Am I eligible?
