Artificial intelligence holds the potential to deliver enormous benefits to society and a management system standard might be the answer everyone is looking for.
Artificial intelligence (AI) promises organizations to be 40 % more efficient by 2035, unlocking an estimated USD 14 trillion in new economic value to global GDP by 2030, according to PwC. This makes it the biggest commercial opportunity in today’s fast-changing business climate, all while improving billions of lives.
To unlock the full potential of AI, however, leaders must think differently. “We cannot ignore that we have to apply global standards to get the maximum benefit based on responsible use of AI technology,” says Microsoft’s Jason Matusow. These standards, he adds, would need to address business-to-consumer, as well as business-to-business (B2B), scenarios to be of value.
As General Manager of the Microsoft’s Corporate Standards Group, Matusow believes the production and adoption of AI International Standards will enable efficient, effective and trusted solutions that strengthen consumer, B2B and regulator confidence. “AI will augment human capability,” he explains, “opening the door to enormous new opportunities for every industry. It will empower individuals to achieve more in their daily lives.”
EVERYTHING DIGITAL
Digital transformation has taken root on a global scale. And things are only going to get more digitized as the world embraces the ability to convert data. A new report from the World Economic Forum (WEF) states that, by 2022, 60 % of the global GDP will be digital. In three short years, it observes, there will be “very little distinction between the digital economy and the economy, or between digital society and society”.
AI is running in the background of our daily lives continuously. Anything from creating new business models for jet engines and financial services to improving the traffic flow in smart cities is leveraging the opportunities of this digital transformation. Its benefit to society and individuals is so vast and immense that it cannot be reduced to figures alone. Nonetheless, as the transformative potential of AI becomes clear, so, too, have the risks posed by unsafe or unethical practices of such technologies.
Cybersecurity, privacy and data governance are all part of the responsible AI story. This was highlighted in the Davos Agenda organized by the WEF to foster responsible AI leadership. The platform sheds light on how the world is trying to tackle these issues while emphasizing that a lack of global consensus is holding back the accelerated adoption of the technology and the benefits it could bring.
The impact of AI will always be measured in human terms.
BUILDING TRUST
For many AI experts, creating an agency of trust will expand opportunity for every sector. The key is to start with “responsible” AI standardization. At the heart of this work is subcommittee SC 42, Artificial intelligence, whose ideal outcome is to create an ethical AI-enabled society. Working under ISO/IEC JT 1, the information technology arm of ISO and the International Electrotechnical Commission (IEC), the expert group on AI is making headway on a ground-breaking standard that, if accepted, will offer the world a new blueprint to facilitate an AI-ready culture. This management system approach will establish specific controls, audit schemes and guidance that are consistent with emerging laws, regulations and stakeholder needs.
However, a lot still needs to be done. According to New York University’s AI Now Institute, based on the current AI adoption rates, only North America, Europe and China will capture roughly 80 % of the economic benefits brought by AI, leaving just 20 % for the remaining two-thirds of the global population. If this trend continues, there will be a huge missed opportunity to significantly enhance the lives of billions of people and improve the state of the world.