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Responsible AI: Key Principles to Consider While Leveraging Artificial Intelligence In Your Business

 |  December 19, 2022

By: Iryna Deremuk (Litslink)

Doing no harm, both intentional and unintentional, is the fundamental principle of ethical AI systems.” 

Amit Ray, author

Artificial intelligence is turning industries upside down: it helps companies automate everyday tasks, improve performance and discover new product and service opportunities. Yet, the deep roots of AI in the business world show that its unethical use can have destructive consequences for companies and the public.

Today’s consumers pay more attention to the companies they buy from and avoid those that do business through unfair and opaque means. So, if your organization is not trustworthy enough, you can lose numerous clients.

Thus, the question, “How to implement AI in business, so it is ethical?” is on the minds of many. To help you with that, we’ve created the ultimate guide to the responsible use of artificial intelligence. Read on to find out how you can use technology ethically to leverage it successfully in your business.

What is Responsible AI?

It seems like everyone knows the meaning of AI, but has no idea what responsible AI is. Therefore, we’d like to look into it to give a better idea of this concept.

Responsible (ethical, trustworthy) AI is a set of principles and practices intended to govern the development, deployment, and use of artificial intelligence systems regulated by ethics and laws. This can ensure that the technology causes no harm to employees, businesses, and customers, allowing organizations to build trust and scale with confidence. Simply put, when companies use AI to improve their operations and drive business growth, they should first build a system with predefined guidelines, ethics and principles to regulate the technology.

How is AI responsibly used in business? Companies ensure complete transparency and interpretability, using artificial intelligence to perform many tasks such as automation, personalization, data analysis, etc. Whenever a company applies this technology, it requires an explanation to users about whether and how their personal data will be processed. This is especially important in healthcare, where medical professionals use AI to make a diagnosis. They have to provide documentation, so people can be sure it is correct.

Although the number of AI use cases in business is surging, their responsible use lags behind. Accordingly, companies are increasingly facing financial, regulatory, customer interaction and satisfaction issues. How critical is responsible AI software for business? We’ll find out in the next section…