Leveraging AI delivers several benefits to businesses as; more data-driven decision-making; improved customer experiences; increased employee productivity and satisfaction and increased revenue, and PwC estimates that AI could boost global GDP by 14 pct. by 2030, or up to US$15.7trn.

The benefits are clear, however, there is neither AI nor business without data, and users will not disclose their information if they do not trust you. 

As a result, several companies in the sector are looking into responsible AIs such as  Apple is who is currently experimenting with differential privacy and other initiatives linked to safe and responsible AI. This is done not only to earn the confidence of Apple’s users, but also to obtain a competitive advantage, by levering the use of responsible AI, as it increases revenue streams, expands potential partnerships, and increases talent acquisition and retention according to a study by EIU from 2020.

• Responsible AI can improve a firm’s top-and bottom-line growth by increasing customer engagement, broadening revenue streams, offering procurement advantages in competitive bidding processes, and increasing pricing power in the marketplace.
• Firms that incorporate responsible AI-practices throughout the product development lifecycle will build competitive advantage through enhanced product quality.
• Research by Cisco (2020) reports that for every US$1 of investment into data privacy strengthening the average company can leverage US$2.70 of benefit.
• Companies that invest in environmental, social, and corporate governance (ESG) initiatives perform better on the stock market, according to academic research and analysis conducted by firms such as Morningstar and Blackrock. The most ethical companies outperformed Large Cap Index companies over five years by 14.4 pct., and over three years by 10.5 pct.
• Nearly 80 pct. of businesses believe that implementing ethical reviews in AI development or use is critically important to talent acquisition and retention.

To increase attractiveness to prospective applicants and to acquire talent, a growing body of evidence highlights the importance of aligning organizational values and ethics with those of an increasingly socially conscious workforce.

According to the 2019 Deloitte Global Millennial Survey, millennials and Gen Zs (typical targets for technology recruiters) show stronger loyalty to employers who boldly tackle the issues that resonate with them, especially ethical issues. A recent survey by the Economist Intelligence Unit revealed that 80 pct. of businesses believe that implementing ethical reviews in AI development or use is critically important to talent acquisition and retention.

Denmark holds the answer to how businesses can test and apply AI responsibly and ethically. With support from both the Danish government and the research environment, tools and methods that can support businesses in creating long-term value with AI are already on the way.

Development of ready-available and applicable industry tools

One specific way to ensure that businesses can strengthen their efforts with ethical and responsible AI, is the creation of ready available and applicable tools and methods. This is why the Danish government have decided to launch three new initiatives as part of a national Danish AI strategy, which will make it easier for businesses to show end-users that they handle data in an ethical and responsible manner. The new initiatives include:

• Access to a practical toolbox: The toolbox includes guidelines on how to work responsibility with data in the easiest way on an everyday basis.
• Data ethics included in annual reports: Introduction of CSR reporting on data ethics as part of early financial statements for large companies.
• D-SEAL: Development of a data-ethics label for businesses that comply with the ethical principles for data utilisation to be e.g. displayed on company websites. (Read more here)

Danish best practice: Safe AI

A key focus within the Danish research in algorithms and AI relates to the responsible use of data and AI in terms of privacy and how AI affects society as a whole.

Danish researchers are internationally recognized for the design and analysis of randomized algorithms that make selections in a way that ensures privacy, and all research groups that conduct research within AI at Danish universities focus on how to make the development of AI more human-centered. 

Researcher at the Danish Technical University Lars Kai, has formulated a number of safe AI principles that jointly form a coherent vision for the responsible use of artificial intelligence based on concrete and realistic technology. The principles should not be seen as a wish list on how to work with or implement AI solutions. They are based on actual computer science methods, which are readily applicable for companies to help generate trust.