Very well known for its ritzy annual conference in Switzerland, The World Economic Forum, wants to help the firms dodge the likely pitfalls which come with the deployment of artificial intelligence.
Artificial Intelligence promises to change the operations of business radically by opening new ways to innovations such as autonomous vehicles, and robots who take care of the elderly. However, it could also be exacerbating inequalities in society which would lead to massive job loss.
The World Economic Forum’s solutions are a set of guidelines designed for the corporate boards which spells out how Artificial Intelligence can be used by the firms responsibly.
The Machine Learning Chief of the World Economic Forum, Kay Firth-Butterfield, told Fortune that they found out that majority of the boards did not really understand Artificial Intelligence, and without any tools, they were asked to implement Artificial Intelligence in their firms.
The main interest of the World Economic Forum is that it wants to make use of its Artificial Intelligence toolkit to respond to the questions like how can Artificial Intelligence be best implemented by the firms in their businesses.
There will also be a tip sheet highlighting the significance for businesses for creating Artificial Intelligence ethics councils to monitor
The tip sheet will also highlight the importance for businesses to create A.I. ethics councils to closely monitor the usage of A.I. and customer backlash, as well as, the public relations black eye which firms have to face in case they mess up.
Butterfield is expecting that the board members will take help from the guidelines and understand the entire set of questions which they need to get answers to or be able to ask.
She along with her team made an announcement of the plans for the in January during the Davos summit. From then onward, they have collected feedback from firms, as well as, from A.I. experts to finish the job.