By Sabrina Carpenter
- 65% of businesses suffer from AI data bias
- Artificial Intelligence industry projected to grow to more than $1T
Business leaders across industries are feeling anxious over their newfound responsibility to implement, regulate machine-learning software. The benefits of artificial intelligence (AI) are endless when it comes to decision-making for complex industries, leading to 65% of businesses feeling like they are suffering from AI data bias. Generative A.I. is projected to add $4.4 trillion in value to the global economy, however the consequences of its usage is more worrying considering datasets currently used to train the technology are designed through a white patriarchal lens.
Why This Matters: The challenges are equally countless including security breaches, discriminative algorithms, exploitative practices that trade data in exchange for free services, are just a few of the alarming results from AI’s business transformations. Recruitment tools have been eliminating “Black” sounding names from job applications, while on the art-centric side of Generative AI, Stable Diffusion was found to amplify stereotypes and misogyny.
Existing disparities for People of Color in the workforce could also grow. AI is predicted to disrupt 4.5 million jobs for African Americans, who have a 10% greater likelihood of automation-based job loss than other workers, according to a recent McKinsey report. Hollywood actors are striking right now to prevent the entertainment industry from using AI to steal roles. Streaming giant Netflix (NFLX +2.24%) is looking for a way around the controversies by hiring artificial intelligence specialists with salaries up to $900,000, according to the WSJ. So much for closing the racial gap in STEM.
What’s Next: AI raises important ethical concerns around privacy, bias, theft and representation. Some companies are already paying the price: Microsoft (MSFT +0.94%), GitHub, and OpenAI are currently facing class-action lawsuits. CIOs need to be heads down in devising risk management strategies for AI in tandem with strategizing on how to use the technology to gain a competition edge.
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