Author: Raj Shekhar
Publisher: LSE Business Review
Publication Year: 2022
Summary: The following article focusses on how companies that adopt responsible artificial intelligence (AI) experience higher returns on their AI investment. Business leaders globally must coalesce around the imperative to develop rigorous, consistent standards for responsible AI adoption. These standards ought to prioritize trust and ethics and oblige enterprises to integrate social and environmental impacts into their performance metrics by leaning on the precepts of stakeholder capitalism. In addition, when building responsible AI strategies, enterprises need to be mindful that no matter what the costs might be in the short term, the potential long-term benefits will most likely outweigh them.