Date
9 December 2019
People enjoy the convenience brought by technology, but they also fear the risks associated with artificial intelligence.  Photo: AFP
People enjoy the convenience brought by technology, but they also fear the risks associated with artificial intelligence. Photo: AFP

Business executives voice concerns over AI

Artificial intelligence is expected to contribute up to US$15.7 trillion to the global economy by 2030, according to research by PwC.

Almost all industries want to use AI to speed up their development. But the widespread use of AI ir also raising concerns among businessmen and consumers.

Consumers enjoy the convenience brought by technology, but they also fear the risks associated with AI. They hope the government will improve the way it regulates the use of AI and data.

Although 85 percent of corporate chief executives agree that AI will significantly change the way they do business in the next five years, according to a CEO survey by PwC, most of them do not have 100 percent faith in the technology.

Over 80 percent of the CEOs in the survey said AI-based decisions need to be explainable in order to be trusted.

Companies need to explain how algorithms arrive at certain decisions to all stakeholders, including regulators, staff and consumers. These explanations should be made in a timely and consistent manner.

Next-generation AI systems are increasingly becoming self-aware. They are capable of detecting errors and correcting them. In the survey, CEOs stressed the importance of security in developing AI systems.

Bias is one of the biggest risks of AI systems. It’s impossible to make a decision that is fair for everyone. But CEOs believe it’s necessary to keep the bias of an AI system to the minimum in order to comply with anti-discrimination laws.

This article appeared in the Hong Kong Economic Journal on July 24

Translation by Julie Zhu

[Chinese version 中文版]

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RT/CG

Venture Partner of Sequoia Capital China, former head of the data committee and vice president at Alibaba Group.