IT For CEOs & CFOs
News & Views
Companies become AI driven
With the COVID-19 pandemic continuing to put strain on many enterprises, the latest report from FICO (www.fico.com) “Building AI-Driven Enterprises in a Disrupted Environment” (https://bit.ly/31WUc1c) finds that the uncertainties caused by the pandemic are forcing many organizations to adopt a more committed, disciplined approach to becoming an AI-driven enterprise.
According to the FICO report more than half (57%) of the chief data and analytics officers say that COVID-19 has increased demand for AI, digital products and tools within their organizations.
Written in conjunction with Corinium (www.coriniumintelligence.com), the report surveyed more than 100 C-level analytic and data executives and found that most data-driven enterprises are now aggressively investing in their AI capabilities with 63% of respondents saying that they have started scaling AI capacity within their organization.
However, enterprise chief data and chief analytics officers are facing a wide range of challenges as they increasingly look to grow AI, in particular 50% say they are hampered with poor data quality, 60% cite regulatory and compliance risks, whilst 93% say ethical considerations represent a barrier to AI adoption.
“Being ethical is not being blind to what’s in the model,” said Dr. Scott Zoldi, Chief Analytics Officer, FICO. “Organizations need to ensure that AI is designed robustly and is explainable, transparent, built ethically and governed by auditable, recorded development process that is referenced as data shifts over time.”
According to the report, ensuring AI is used responsibly and ethically in business context is a huge, but critical task. Whilst half of survey respondents said they have strong model governance and management rules in place to support ethical AI usage, more work is needed to ensure ethical AI usage as 67% of AI leaders don’t monitor their models to ensure their continued accuracy and ethical treatment. This is despite those pushing for greater AI responsibility within an organization are at board level (60%) or in charge of legal or compliance (52%).
The need to deliver better customer experiences, reduce financial crime and improve risk management is fuelling adoption of AI, and many surveyed say that they believe AI has a central role in shaping the future as global markets work through and begin to recover from COVID-19.