From analyzing safety threats to optimizing customer service, AI is getting smarter. Jai Mahtani and Sudeep Ramnani, co-founders of Pleased.com and 885 Capital, tell us why we should be excited about responsible AI

From Boom to Balance: How Businesses are
From Boom to Balance: How Businesses are Harnessing AI For Good Pixabay

It's been dubbed a 'generational event' – the boom of artificial intelligence, which promises to transform so many aspects of the human condition, as well as transform technology and connectivity forever. It's permeated our lives, from AI-powered chatbots like ChatGPT to self-driving vehicles like Tesla.

And with the world's biggest tech companies like OpenAI, Google, and Microsoft all in talks to strike deals with media outlets over the use of news content to train AI technology, it's smarter than ever.

Its transformative power is undeniable, accompanied by promises of vast productivity and growth for businesses – it's little wonder then that businesses have begun to consider the best ways to integrate AI into their processes to reap the benefits. But who is ultimately responsible for the uptake of AI, and what does 'responsible' even mean?

As this advanced technology becomes more developed and pervasive, concerns about its responsible development and deployment have surfaced. With worries ranging from data security and the spread of AI-generated disinformation to the automation of the workforce and disruption to traditional job markets, it's no surprise that even tech titans Elon Musk and Bill Gates – who made their fortunes in the industry – have called for a temporary halt to AI development.

The open letter, also signed by Apple co-founder Steve Wozniak and former US presidential candidate Andrew Yang, expresses concern over the 'risks to society and humanity posed by unrestrained development of impressive AI systems.' It also referred to those systems as 'nonhuman minds that might eventually outnumber, outsmart, obsolete, and replace us.'

These claims are chilling. But this flood of conjecture around AI means that understanding and critically evaluating its impact on society becomes all the more crucial.

Responding to these concerns, governments around the world are beginning to recognize the importance of responsible AI and are placing it at the forefront of their policy agendas. The US has committed to keeping humans at the top of the chain of command through its Norms of Responsible AI Behavior and is urging other nations, including China, to follow suit. The UK has just announced a $39 million fund for the creation of a research and innovation ecosystem for 'responsible and trustworthy AI.'

It's clear that thinking before acting is key as the AI space hurtles ahead at warp speed, and that co-operation is essential to ensuring that AI advancements safeguard human values. Companies and brands with the firepower to develop cutting-edge AI technologies must act ethically and responsibly – prioritizing transparency, accountability, and fairness in their AI systems and practices.

'We are at an inflection point whereby even in a supposed tech downturn, capital is pouring into AI and it is exciting to see what the future holds. We have been experimenting with various forms of AI for a number of years across multiple businesses, but the new possibilities facilitated by Large Language Models (LLMs) and the advancement of Generative AI are game-changing,' said Sudeep Ramnani, co-founder of Pleased.com and 885 Capital. 'LLMs may be a space that is dominated by a few firms such as OpenAI, but there is an entire crop of companies such as Pleased.com that have been born or have re-directed resources to capitalize on applying LLMs to reinvigorate entire industries.'

A handful of businesses are leading the way in thoughtful and conscientious AI development and applications, paving the way for ethical and beneficial AI applications:

- Speechmatics

  • B2B startup Speechmatics can translate speech to text, regardless of accent or speaking patterns, bringing a new layer of inclusivity to speech recognition software. According to a study by Stanford University researchers, its AI recorded an overall accuracy of 83% for Black speakers, compared to just 68% for Google and Amazon.

- Pleased.com

  • Pleased.com is redefining customer support with AI innovation. By leveraging AI to enhance human expertise, the company's AI-driven solutions help businesses to provide swift and highly personalized resolutions to their customer's queries. It uses responsible AI design to create meaningful moments of connection, producing better customer outcomes, boosting efficiency and business success.

- PANO AI

  • Pano combines AI with sophisticated camera technology and cloud software to give fire departments immediate insights on fires – before they get out of control. Its technology alerts first responders of new fires faster than existing approaches and its cloud software allows for better coordination between agencies.

- VOXEL

  • Voxel works with industrial and manufacturing businesses to analyze video feeds and determine potential safety threats on the factory floor – with the capacity to alert its employers to real-time threats and spot repeated actions that might heighten risk. It can even help with energy savings by monitoring open doors in refrigerated warehouses – the company found that its tech led to a 77% reduction in injuries in customers' workforces, and up to 90% improvement in monitored safety behaviors in the workplace.

Jai Mahtani, fellow co-founder of Pleased.com and 885 Capital, said: 'Recent progress in AI and applications of the technology assists to build upon past innovations that have increased efficiency without necessarily threatening the human race. That's not to say that concerns aren't valid – whilst we are a long way away from artificial general intelligence and the rivalling of human intelligence, the earlier we address concerns about it and work on policy approaches, the better.'

These companies are leading the charge, but it is imperative that large organizations, governments and policy-makers with the muscle to effect widespread change follow suit and recognize the pivotal role they play in shaping the future. It's not enough to chase tech advancement without placing human-centric values at the core of its development – but if harnessed responsibly, our future can be enhanced in ways we previously thought unimaginable.

AI