The clock is ticking.
As the growth and business-driving importance of artificial intelligence (AI) continues to surge through organizations in every industry, the need to operationalize Responsible AI is becoming ever more critical. Enterprises who rely on AI as a key element of their business are exposed to extreme risk through lackluster AI governance systems, which are often manual, unscalable and incapable of providing the oversight needed to prevent AI from behaving in unintended ways.
And organizations that wait for industry or government regulations – which are under development – to be finalized before wholeheartedly tackling Responsible AI may in the meantime suffer tremendous brand and financial consequences should their AI algorithms prove to be biased or discriminatory.
That is because their approach is, likely, limited. Many organizations are trying to fill the gap with machine learning (ML) development platforms, ML monitoring platforms, MLOps, open source ML fairness tools and/or enterprise software solutions. These alone are unlikely to enable organizations to achieve the highest ethical AI standards, at scale, and can incur high overhead costs.
So, the time to act… is now.
And that is why we’re seeing heightened interest in our AI governance SaaS product among organizations of all sizes and across several industries. Credo AI reduces organizational risks related to Responsible AI and creates a record that is auditable and transparent. This approach is becoming essential, as organizations who dove headfirst into AI development see the need to establish – and quickly implement – a standardized approach to AI governance.
It’s an approach that is gaining increased third-party recognition, as well.
Recently, IDC analyst Ritu Jyoti released a vendor profile on Credo AI. The report examines the growing need for a holistic governance framework to ensure AI’s responsible implementation, and explains how our governance and risk management platform is tackling that issue.
The ability to operationalize Responsible AI is becoming increasingly urgent because of the meteoric growth of AI and ML. In the report, IDC cites its previous predictions – primarily, that enterprises will invest $112.9 billion on AI solutions in 2022. Further, the firm anticipates AI spending to nearly double, to $221.8 billion, by 2025.
While the idea of creating AI with the highest ethical standards in order to deliver on the promise of responsible AI at scale may seem daunting, it is no pipe dream. As our use cases with some of the world’s largest and most sophisticated organizations illustrate, the ability to automate AI risk assessment and mitigation at scale improves an organization’s speed in reacting to issues that, otherwise, could negatively impact reputation and business results.
We are proud that Credo AI is gaining recognition within the analyst industry. But we’re even more proud of the fact that we are becoming a trusted partner with organizations as they embark on, or further refine, their ever-evolving AI governance journey.
The value in AI governance and Responsible AI is in building trust among employees, customers, partners and other stakeholders.
The most successful brands aren’t waiting for government mandates and industry regulations to address AI risks.
They are acting … now.
IDC Doc # US48903722, March 2022