7 things every company must know about AI

Artificial intelligence (AI) rapidly is advancing, thanks to ever-more-powerful computing, massive growth in the availability of digital data and increasingly sophisticated algorithms. The world's largest technology firms are investing billions to develop their AI capabilities, and companies across industries, from travel to real estate to fashion, are racing to bring AI-enabled services to market. AI has the potential to bring significant social benefits, including healthcare (via improved diagnostics), transportation (through self-driving vehicles) and law enforcement (with improved fraud detection). AI also brings new social risks, including to non-discrimination (from algorithmic bias), privacy (through the misuse of personal information), child rights (through lack of informed consent) and labor rights (because of the mass displacement of workers by machines). While by no means exhaustive, we believe the following seven considerations are essential for our members to factor into their AI strategies. AI is relevant for all industries, not just technology companies.