HCLTech and MIT Technology Review Insights report emphasises urgency for enterprises to implement responsible AI Principles

A study by HCLTech and MIT Technology Review Insights has revealed that while 87% of business executives believe that responsible AI principles are critical to adopt, 85% of all the executives say they are not well prepared to implement them.

The findings reveal that despite the recognised importance of responsible AI, a significant gap exists between the acknowledgment of its importance and the ability to implement it effectively.

The challenges attributed to the adoption vs preparedness gap include:

• Complexity of implementation
• Lack of expertise
• Difficulties in managing operational risks
• Regulatory compliance challenges
• Inadequate resource allocation

On a more optimistic note, the study revealed that business executives plan to increase investments in building responsible AI in the next twelve months.

The report — Implementing Responsible AI in the Generative AI Age — was released at the sidelines of the World Economic Forum’s Annual Meeting in Davos. It outlines the key challenges faced ...