Artificial Intelligence has come of age. The "Age of WithTM," where humans and machines work together, is upon us. Our ability to connect, collaborate, and innovate is creating remarkable new possibilities for businesses and the society, at large. And though AI has become ubiquitous in many ways--guiding strategies, improving processes, shaping business models, rethinking customer experiences, and even finding cures--we are only scratching the surface of what it can do. The power of automation and AI lies in re-imagining the way we do things.

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Establish a solid data foundation: Achieved through an agile data supply chain with cloud-based and scalable platforms. Such a foundation helped one of our clients realize a 40 percent increase in conversion rates for new lending products--this was over and above the industry benchmarks. Ensure data is secure, relevant and trustworthy: Accomplished through robust data governance, metadata management and data veracity solutions. This is enabled by machine learning (ML) or artificial intelligence (AI) technologies, right people structures and processes. According to our research, only a third of firms trusted their data enough to use it effectively and derive value from it.

Deloitte AI Institute announced Monday a new partnership with Chatterbox Labs to develop Model Insights for Trustworthy AI, a Deloitte-branded product that will assist organizations address artificial intelligence (AI) ethics by monitoring, updating, and validating clients' AI models. Through our collaboration with Chatterbox Labs, our Model Insights technology solution can help our clients put the Trustworthy AI framework into action and mitigate the ethical risks associated with AI," commented Beena Ammanath, executive director of Deloitte AI Institute. Deloitte discovered in its "State of AI in the Enterprise" third edition study of AI adopters that 95% of respondents were concerned about ethical implications. In response to the survey, Deloitte created its Trustworthy AI framework, which will guide clients on how to use AI in their business models responsibly and effectively. Model Insights will recognize immediate insights and unaccounted for biases which will allow clients to be sure their AI models are ethical and fair. Deloitte's Model Insights solution is built on Artificial Intelligence Model Insights (AIMI) from Chatterbox Labs. This patented platform delivers data and insights into enterprise AI models, enabling organizations to validate and understand their AI initiatives and ensure they are operating fairly and ethically. "Our collaboration with the Deloitte AI Institute will provide Deloitte clients with deep insights into how their AI models are operating so that they can mitigate ethical risks and validate their systems are trustworthy and fair," said Danny Coleman, CEO of Chatterbox Labs. Deloitte and Chatterbox's collaboration can impact a wide variety of organizations that are rapidly adopting AI technology, such as financial services, government, public sector, life sciences and healthcare. Model Insights for Trustworthy AI could provide those organizations with a deep AI experience with an ethical framework. "Rapid developments in AI have unlocked incredible opportunities for organizations globally.

Deloitte's government and public services practice announced the new Deloitte Artificial Intelligence Institute for Government (DAIIG) today. Institute leaders outlined a set of commitments and actions to advance applied AI in the public sector by building a cross-sector community for research and shared expertise, and mentoring and growing the talent of the future. "As evidenced in the recent National Security Commission on Artificial Intelligence report, advancing the use of artificial intelligence is a national imperative. While decisions and actions to accelerate AI innovation need to happen today, implementing AI brings ethical and technical challenges that are as complex as any we have faced in recent history," said Ed Van Buren, principal with Deloitte Consulting LLP and executive director of DAIIG. "Deloitte's AI Institute for Government is focused on efforts to actively help the public sector harness and shape this movement towards blending human and machine capabilities in a way that improves citizen services, promotes economic growth and recovery, and expands human opportunity" The institute is a hub for innovative perspectives, collaboration and research focused on all-things AI and related technologies for government.

Deloitte's government and public services practice announced the new Deloitte Artificial Intelligence Institute for Government (DAIIG) today. Institute leaders outlined a set of commitments and actions to advance applied AI in the public sector by building a cross-sector community for research and shared expertise, and mentoring and growing the talent of the future. "As evidenced in the recent National Security Commission on Artificial Intelligence report, advancing the use of artificial intelligence is a national imperative. While decisions and actions to accelerate AI innovation need to happen today, implementing AI brings ethical and technical challenges that are as complex as any we have faced in recent history," said Ed Van Buren, principal with Deloitte Consulting LLP and executive director of DAIIG. "Deloitte's AI Institute for Government is focused on efforts to actively help the public sector harness and shape this movement towards blending human and machine capabilities in a way that improves citizen services, promotes economic growth and recovery, and expands human opportunity" The institute is a hub for innovative perspectives, collaboration and research focused on all-things AI and related technologies for government.

Business organizations look to professional services firms to offload existing processes such as payroll, claims processing, and other clerical tasks. Consequently, rather than push the innovation curve as early adopters of emerging technology, professional services firms have traditionally followed well-established procedures and used conventional tools. However, much of the work they take on involves processes that are well suited for optimization through AI, and many corporations are investigating the benefits of AI for streamlining workflows and cutting operational expenses. A KPMG report predicts that enterprises will increase their spending on intelligent automation from $12.4 billion in 2019 to $232 billion in 2025, almost 19 times as much in just seven years. A McKinsey report estimates that 20 percent of the cyclical tasks of a typical finance unit can be fully automated and almost 50 percent can be mostly automated.

Machine learning (ML) is transforming the way organizations approach problem solving and product development. It allows machines to perceive, learn from, abstract, and act on data. Yet until recently, this discipline was accessible only to specialized data scientists in a process known as analytical ML--in which specialists created custom machine learning models to aid human-driven decision making. The emergence of MLOps has provided a shift from analytical ML to operational ML. MLOps is a set of practices that allows for standardized collaboration between data scientists and operations, so organizations can manage the lifecycle of ML engineering and deployment. It has changed the game by allowing organizations to scale and standardize the power of AI, deliver trusted decisions in real time, and more efficiently develop products and solve problems.

A survey published by KPMG today suggests that a large number of organizations have increased their investments in AI during the pandemic to the point that executives are now concerned about moving too fast. In fact, most of the survey respondents cited a definite need for increased AI regulation. The survey covered 950 business decision-makers and/or IT decision-makers with at least a moderate amount of AI knowledge at companies with more than $1 billion in revenue. It finds AI technologies are most likely to be moderately to fully employed in industrial manufacturing (93%), financial services (84%), technology (83%), retail (81%), life sciences (77%), health care (67%), and government (61%) sectors. Survey respondents all cited the pandemic as a factor that drove increased adoption of AI in the last year, though the degree varied by sector from industrial manufacturing (72%) to technology (57%), retail (53%), government (44%), financial services (42%), and health care and life sciences (37%). Many respondents also noted that AI technology is moving too fast for their comfort in industrial manufacturing (55%), technology (49%), retail (49%), life sciences (47%), financial services (37%), government (37%), and health care (35%) sectors.

Despite being a tough year for many, companies are accelerating their approach to artificial intelligence (AI). A quarter of the organisations that participated in the latest AI survey from PwC US reported widespread adoption of AI, jumping from 18 percent last year. Another 54 percent are heading there fast, and they're no longer just laying the foundations. Those investing are reaping rewards from AI right now, in part because it has proven a highly effective response to the challenges brought by the COVID-19 crisis. In fact, most of the companies that have fully embraced AI are reporting major benefits.