**London**: A surge in UK businesses adopting generative AI is driving efficiency and productivity amidst rising costs. Insights from Prathiba Krishna highlight emerging opportunities and risks, as new governance frameworks and responsible practices become crucial for successful AI integration and maintaining stakeholder trust.
Many organisations in the UK are currently exploring transformative AI solutions to address pressing business challenges. A recent article by Prathiba Krishna, AI and Ethics Lead at SAS, discusses how responsible AI can drive efficiency, mitigate risks, and unlock opportunities, particularly in light of the rising cost of doing business.
Over the past two years, UK businesses have seen a staggering 24% increase in the average cost of goods and services, prompting leaders to seek innovative approaches to improve productivity and return on investment. A global survey by SAS involving 1,600 organisations revealed that 89% reported improvements in employee satisfaction and experience through the adoption of generative AI (GenAI), while 82% claimed savings on operational costs and enhanced customer retention.
The UK government’s recent announcement of the AI Opportunities Action Plan is expected to spur further investment in AI across both public and private sectors. Notably, a report from Workday indicated that AI integration has allowed employees to reclaim an average of 92 days annually to focus on more value-added responsibilities.
Despite these advantages, concerns about trust and safety in AI utilisation persist. According to Workday, a significant 93% of employees and business leaders remain apprehensive about the transparency and responsible practices associated with AI technologies. Notably, three-quarters of respondents expressed concerns regarding data privacy and security when employing GenAI within their organisations.
Krishna’s article highlighted that, while advancements in technology can lead to innovations, they are also accompanied by risks. Notably, 93% of senior tech decision-makers admitted they did not fully understand GenAI or its potential implications on business processes. Additionally, many organisations lack the governance structures essential to ensure the responsible and safe deployment of AI. Risks such as data privacy issues, biases in AI models, and cybersecurity vulnerabilities must be carefully considered.
To mitigate these challenges, organisations are encouraged to adopt trustworthy AI principles tailored to their specific data and AI maturity. SAS outlines six key principles: human centricity, transparency, inclusivity, accountability, privacy security, and robustness. According to Krishna, human oversight is critical; ongoing interventions are necessary from solution design through to continual review to maintain model performance and foster responsible use of AI.
The article further asserts that a comprehensive governance framework can help companies establish rules and guidelines for the responsible use of AI, ultimately leading to enhanced commercial success. Companies with established AI governance are likely to enjoy various advantages, such as unlocking business value through increased workforce productivity, strengthening trust among employees and customers, and attracting top talent who prioritise responsible innovation.
Transparency is emphasised as a crucial component in guiding AI development. Establishing clear data lineage and providing explanations to customers and regulators about how AI models operate can foster greater accountability. Continuous improvement practices, including model retraining and updates in response to new data, are also vital in implementing trustworthy AI.
In conclusion, Krishna’s insights underline that the adoption of trustworthy AI is not merely a regulatory requirement but a strategic imperative for long-term success and loyalty. With ongoing developments in legislation and guidance related to AI, organisations are encouraged to establish their own governance frameworks to support responsible practices that not only protect their interests but also those of their workforce and customers.
Source: Noah Wire Services
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