Author: Jessica Davis
Publisher: Information Week
Publication Year: 2022
Summary: The following article discusses how artificial intelligence (AI) bias is a relatively new phenomenon that has serious implications. Among organizations that experienced negative AI bias, 62% lost revenue and 61% lost customers. This illustrates how businesses need to address AI bias, not only for ethical/moral reasons, but for business reasons as well. The article outlines the top concerns reported from a survey of technology industry leaders. The top concern was damage to the organization’s reputation which was followed by concerns of potential regulatory scrutiny. 36% of surveyed organizations reported negative AI bias outcomes. The article describes the upside where companies are developing and employing AI bias detectors and solutions with nearly two-thirds reported that they are taking steps to reduce AI bias outcomes.