Donald Geiter of Barley Snyder. Courtesy photo Navigating the AI Frontier: The Crucial Role of Corporate Governance in Artificial Intelligence
While broad governance concepts regarding AI have been the talk of various government agencies and commissions, no sweeping legislation yet exists in the area of AI and none is expected soon. Therefore, businesses using AI must craft and implement their own self-governance policies and procedures that address these risks head-on.
March 08, 2024 at 12:24 PM
8 minute read
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The year 2024 is positioning itself to be the year of artificial intelligence (AI). The theoretical concept of AI, explored by scientists and philosophers, has existed since the 1950s. However, its practical business application has recently emerged as a transformative force. In recent years, AI has presented unparalleled opportunities for innovation and efficiency across various industries.
Presently, organizations of all sizes are exploring AI as a solution for various facets of their operations. In January, behemoth online retailer, Amazon, reported that it expects to become "super aggressive" on generative AI, especially in its security functions to combat cyber fraud. Meanwhile, even small businesses are learning to leverage AI. The Small Business and Entrepreneurship Council (SBEC) reported in 2023 that nearly 48% of small businesses have started using AI tools and 93% of small business owners recognize the value of AI. From enhancing security, streamlining decision-making processes to automating complex tasks, businesses of all sizes and across all sectors are expected to continue to incorporate the power of AI into their operations.
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