AI adoption is swiftly transforming industries, yet with its exponential growth comes the need for robust governance. The anticipated challenges, like the potential
postponement of AI deployments, underscore the need to protect the investments businesses have poured into AI. A proactive stance in governance, risk management, and compliance is imperative to ensure the longevity and efficacy of AI investments.
AI Adoption On the Rise
A recent
PwC's study reveals that AI has the potential to contribute $15.7 trillion to the global economy by 2030 — a significant economic impact that cuts across industries. AI adoption is also on the rise, with
50% of enterprises integrating AI into their operations by the year 2022, up from only 20% in 2017, according to McKinsey.
As enterprises adopt AI solutions, however, they are not just investing money; they're also investing time, research, and even their reputations. Every delay, every misstep, and every oversight can erode the potential returns on these investments:
- Research & Development: The resources spent researching and developing AI solutions are immense. Protecting these investments means ensuring the end product is ethically sound, technically robust, and legally compliant.
- Training & Deployment: The cost of training AI models with vast datasets and deploying them is significant. Mismanagement at this stage can compromise the entire AI initiative.
- Brand Reputation: AI decisions directly reflect on a company’s brand. A single error or bias can have far-reaching reputational consequences.
Challenges Threatening AI Investments
The dynamic nature of AI's integration into business processes presents challenges that can directly impact ROI:
- Technical Diversification: AI solutions are diverse. Investing in the right tool becomes pivotal. A misaligned investment can mean wasted resources.
- Regulatory Hurdles: Adhering to AI regulations — such as the EU AI Act, OECD AI Policies, and the NYC 144 AI Bias Law — ensures that businesses protect their investments from potential legal ramifications.
- Policy Clarity: The larger the organization, the greater the need for clear internal AI policies. Unclear methodologies can result in costly mistakes.
Konfer AI GRC: Protecting Your AI Investments
In order to address these challenges, Konfer champions a 'Governance by Design' approach to AI development and deployment.
Konfer AI GRC seamlessly operationalizes governance, enabling enterprises to take a proactive approach to AI governance and actively shield their precious AI investments.
How does Konfer AI GRC help ensure the safety of AI investments?
- Transparency: Regulations underscore the need for clear and transparent AI systems. Konfer AI GRC meets this demand head-on. It provides tools that demystify AI operations, enabling businesses to foster transparency and satisfy regulatory mandates.
- Efficient Compliance and Auditing: Konfer AI GRC streamlines the intricate facets of AI governance. Companies can swiftly determine the compliance status of their AI assets, making tasks like annual audits more efficient and less daunting, especially in regions where specific regulations like NYC 144 come into play.
- Future-Proof Adaptability: The ever-shifting landscape of AI regulations can render previous investments obsolete if not updated in time. Konfer AI GRC is designed to monitor your AI assets in real-time, ensuring your AI investments remain relevant, compliant, and protected from potential future pitfalls.
As AI becomes an integral part of business strategy, safeguarding its associated investments becomes paramount. The 'Governance by Design' approach, as championed by
Konfer, provides businesses with a comprehensive and proactive framework to harness the power of AI while ensuring that every penny, every ounce of effort, and every bit of trust placed in AI is secure.
Interested in seeing how Konfer AI GRC can help safeguard your AI investments? Schedule your free demo here:
https://konfer.ai/contact/