Survey Finds Increasing Number of US Businesses View AI as a Risk
According to a report by FT, up to 56% of large US companies consider artificial intelligence a "risk" to their operations. Read Full Article at RT.com.
TroibNews 
A significant increase in U.S. companies recognizing artificial intelligence as a potential threat has been noted, with more than a fivefold rise in the past two years alone, reported by the Financial Times based on a survey analysis. The study highlighted that currently, 56% of America's major corporations have identified AI as a "risk factor" in their latest annual reports, as revealed by research from Arize AI, which monitors public disclosures by significant firms.
Back in 2022, this percentage was merely 9%, according to the FT, with the survey mainly examining the Fortune 500 companies. These companies have expressed concerns about AI-related risks which include heightened competition and issues regarding ethics that might affect reputation and operations.
Among the risks flagged were potential problems like "AI may not always operate as intended and data sets may be insufficient or contain illegal, biased, harmful or offensive information, which could negatively impact" earnings and reputation, as stated by Motorola.
The media and entertainment sector showed the highest concern, with major players like Netflix and Disney considering the swift advancements in AI systems as a significant business risk. According to FT, the influence of generative AI, which is skilled in creating text, images, and videos, is becoming evident across numerous industries. Around two-thirds of the firms discussing this AI type viewed it as a hazard.
In response to generative AI's rise, Hollywood has already experienced significant labor disputes, notably the lengthy strike last year by screenwriters and actors over AI’s role in content creation, which led to new operational guidelines on its use in the film and TV industries.
On the other hand, some organizations have highlighted the advantages of AI, such as cost savings, innovation spur, enhanced customer service, and better claims analysis.
Globally, the adoption of AI stands at 40%, with India leading at about 59% of its companies utilizing AI, followed by Russia where approximately 32% of firms are applying AI in their operations as of late 2023, per the National AI Development Strategy.
Alejandro Jose Martinez for TROIB News
Back in 2022, this percentage was merely 9%, according to the FT, with the survey mainly examining the Fortune 500 companies. These companies have expressed concerns about AI-related risks which include heightened competition and issues regarding ethics that might affect reputation and operations.
Among the risks flagged were potential problems like "AI may not always operate as intended and data sets may be insufficient or contain illegal, biased, harmful or offensive information, which could negatively impact" earnings and reputation, as stated by Motorola.
The media and entertainment sector showed the highest concern, with major players like Netflix and Disney considering the swift advancements in AI systems as a significant business risk. According to FT, the influence of generative AI, which is skilled in creating text, images, and videos, is becoming evident across numerous industries. Around two-thirds of the firms discussing this AI type viewed it as a hazard.
In response to generative AI's rise, Hollywood has already experienced significant labor disputes, notably the lengthy strike last year by screenwriters and actors over AI’s role in content creation, which led to new operational guidelines on its use in the film and TV industries.
On the other hand, some organizations have highlighted the advantages of AI, such as cost savings, innovation spur, enhanced customer service, and better claims analysis.
Globally, the adoption of AI stands at 40%, with India leading at about 59% of its companies utilizing AI, followed by Russia where approximately 32% of firms are applying AI in their operations as of late 2023, per the National AI Development Strategy.
Alejandro Jose Martinez for TROIB News
