July 28, 2023 | Procurement Software
The explosive growth of artificial intelligence is nothing short of 'turning the world on its head'. The AI solutions market was valued at $136 billion in 2022 and is now projected to rise to $1,500 billion by 2030.
As enterprises across industries continue to harness AI's vast potential, an emerging concern is the procurement of AI solutions that are both responsible and ethical.
A partnership between the World Economic Forum and GEP has responded to this pressing need by publishing a comprehensive guide called Adopting AI Responsibly: Guidelines for Procurement of AI Solutions by the Private Sector ".
This guide aims to ensure that the procurement process of AI tools is aligned with business goals, ethical standards, and regulatory requirements.
It serves as a structured framework that business and procurement leaders can rely on for socially responsible AI adoption.
AI's transformative power comes with an array of applications, ranging from automating repetitive tasks to optimizing pricing strategies.
By deploying AI, businesses can enhance operational efficiency, improve decision-making capabilities, and explore untapped opportunities. This allows employees to shift their focus from mundane tasks to strategic activities, ultimately driving business growth and productivity.
Yet, the procurement of AI solutions can be a challenging labyrinth for enterprises due to various factors, such as lack of expertise, defining a strategy, data quality, and the absence of established playbooks to follow. It is here that the World Economic Forum and GEP's guide becomes instrumental in providing a robust procurement framework.
The global AI market's exponential growth is a testament to its increasing adoption in enterprises.
However, it's crucial to ensure that this disruptive power is deployed ethically, responsibly, and aligns with the organization's values. Businesses must critically evaluate AI solutions during the selection process and set up regular reviews to ensure continuous alignment with their strategic objectives.
Moreover, a lack of industry standard practices and a guide to minimize organizational risks make the navigation of AI procurement even more complex. Enterprises must consider factors such as business strategy alignment, non-monetary gains, technology and data integration, ethical standards compliance, risk assessment, and the integration of agile AI systems into their existing processes.
As enterprises grapple with the rapidly evolving AI landscape, guides like "Adopting AI Responsibly: Guidelines for Procurement of AI Solutions by the Private Sector" serve as much-needed compasses, providing a structured and comprehensive framework to navigate this complex terrain.
Emphasizing transparency, accountability, and human-centered design, these guidelines lay down the roadmap for businesses seeking to ethically harness AI's disruptive power.
While the potential of AI is vast, its responsible procurement is critical. It's essential to keep an eye on the ethical implications of this technology to ensure that its benefits are not marred by unwarranted repercussions.
Download World Economic Forum and GEP’s Insight Report on Adopting AI Responsibly: Guidelines for Procurement of AI Solutions by the Private Sector.