How responsible AI creates measurable ROI

by | Oct 31, 2022 | Technology

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Even in the midst of an economic downturn, artificial intelligence (AI) adoption in enterprises around the world is still climbing. IBM’s recently released 2022 AI Adoption Index, for example, reports that the AI adoption rate is around 35% — up four percentage points from one year ago. It also found that despite increasing adoption rates, 74% of companies admit they haven’t taken any steps to actually make sure their AI is responsible and bias-free. 

The question is, why not?

Navrina Singh, CEO and founder of the Palo Alto-based Credo AI, which announced what it claims is the first responsible AI governance platform in April, says it’s because companies are burnt out with the way conversation happens around the topic of responsible AI — and getting more people on board begins with changing the conversation surrounding it. While definitions of responsible AI vary, Accenture describes it as, “the practice of designing, developing and deploying AI with good intention to empower employees and businesses, and fairly impact customers and society — allowing companies to engender trust and scale AI with confidence”

“I think it’s really talking about the [return on investment] ROI of responsible AI — the ROI of RAI,” she said. “Enterprises are not focusing on the positive aspects — or the ROI of it. I think we need to change the conversation from one of the soft metrics to actual ROI of trust and actual ROI of responsible AI.” Secondly, she added, organizations need to be shown a pathway to [the] implementation of responsible AI. 

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