“The challenge today is less about understanding technical questions and technology capabilities, and more about crafting a strategy, determining the governance structures and practices needed for responsible artificial intelligence (AI),” said Sanjiv Gossain. “Companies need to pay more attention to the non-technical considerations of AI deployments, many of which are more critical and complex than those related to developing and running the technology itself.”

Excerpts from Decideo’s article:

“Despite executives having high expectations for the impact that AI will have on their businesses according to Cognizant’s new report, Making AI Responsible - and Effective, only half of companies have policies and procedures in place to identify and address the ethical considerations of its applications and implementations. The study analyses the responses of almost 1,000 executives across the financial services, technology, healthcare, retail, manufacturing, insurance and media & entertainment industries in Europe and the US.

The research shows that business leaders are positive about the importance and potential benefits of AI. Roughly two- thirds (63 %) say that AI is extremely or very important to their companies today, and 84 % expect this will be the case three years from now. Lower costs, increased revenues and the ability to introduce new products or services, or to diversify were cited as the key advantages for the future.

However, some 40% of respondents said that securing senior management commitment, buy-in by the business and even adequate budget were extremely or very challenging, indicating that many companies are not yet fully committed to AI’s central role in advancing business objectives.

Only half of companies have policies and procedures in place to identify and address ethical considerations – either in the initial design of AI applications or in their behaviour after the system is launched.

The report provides three key recommendations to help companies take action and achieve the significant business benefits of AI:

• Formulate AI strategies.
• Develop governance structures.
• Create and maintain responsible AI applications.

Click here to read the full article in French.