AI holds the promise of tangible commercial benefits by improving efficiency, reducing costs and enhancing decision-making capabilities. Research by Goldman Sachs estimates that advances in natural language processing could boost global output by nearly 7% and productivity by 1.5 percentage points over the next decade.
The revolutionary promise of AI does come with challenges, among them concerns around ethics, trust, transparency, data privacy, security, compliance risks and socioeconomic inequalities. Balancing these drawbacks with AI’s benefits is — and will continue to be — a delicate task for corporate directors. Their ability to use AI tools responsibly could help determine the long-term success of their company and, by extension, their own careers.
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