Founder and CEO of FortySeven Software Professionals, with over a decade of experience advising F500 companies and growth-stage startups.
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In the dynamic world of technology, or the epoch of Industry 4.0 as it’s also commonly referred to, innovation knows no limits. Day by day, we witness changes happening in many services due to the implementation of AI and ML. If you don’t follow the news of new AI products even for one day, you might miss something important.
As a seasoned entrepreneur with more than 15 years of experience in IT consulting, I have noticed that we should delve into the ethics of AI implementation. There’s no doubt that AI is providing us with numerous challenges and exciting opportunities along the way; however, we should also think about the future.
Exploring The Ethics Of AI
Many of us work extensively with our customers, 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 aspects, from biased algorithms to privacy concerns.
Currently, there are several approaches to AI ethics. For example, UNESCO adopted its "Recommendation on the Ethics of Artificial Intelligence" in November 2021, and the European Union issued its own document in 2020.
What if we consider the present? We are in 2024, and many innovations have already been applied in all industries. I believe there should be more amendments brought into existing recommendations of AI ethics.
Adoption Of AI In Companies
According to a report from McKinsey, "60 percent of organizations with reported AI adoption are using gen AI" and "reported overall AI adoption remains steady at around 55 percent."
What does that mean? From my perspective, it means that business models are changing, and there will be great challenges in almost every company in the near future. Yes, it brings innovation, but at the same time, we need to focus on new methodologies and policies inside the companies.
For instance, making it mandatory for companies to reveal the use of AI systems in decision-making can increase transparency and enable users to understand how AI affects them. Industry experts, researchers, entrepreneurs and policymakers must work together to create regulations that promote innovation while upholding ethical AI standards.
AI can have a significant impact in various situations. For example, there are companies in which AI models are used for decision-making in hiring employees and approving loans. However, sometimes AI models can create unfair outcomes.
I’m also concerned about privacy issues because AI collects a lot of personal information that can be used improperly. When working closely with engineers and ML specialists, we see how many threats there are that can be sensitive to privacy issues. This emphasizes the need for clear regulations in all industries, as well as transparency for all players in the market, including customers, engineers and business owners. We need to consider human rights as an important point.
Let’s also think about the fact that some AI products need to be used by specialists. On one hand, AI will eliminate many jobs; on the other hand, it will create a different kind of specialist that we didn’t see previously. According to a report by 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 U.S. and Europe.
I’ve 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. That’s why it has become crucial to think about regulations and ethics.
Exploring the ethical aspects of AI is just as important as the technological progress it brings. As an entrepreneur who has seen the impact of AI, I believe it’s essential to balance innovation with responsibility. This is not only a moral obligation but also a strategic requirement for the long-term success and sustainability of businesses in the epoch of Industry 4.0.
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