⚡ 56% of Large U.S. Companies View AI as a Risk Factor
posted 19 Aug 2024
According to Arize AI research, more than half of Fortune 500 companies (56%) see artificial intelligence as a potential threat to their business. This figure, derived from the companies' annual reports, represents a sixfold increase since 2022.
The concerns mainly arise from heightened competition, a limited understanding of the technology, and potential ethical issues impacting human rights and privacy. The industries most affected include entertainment (90%) and software development (86%).
Furthermore, companies in telecommunications, healthcare, financial services, and retail also consider AI to be a substantial risk to their operations. For instance, Motorola describes AI as unreliable and the training data as potentially containing unlawful information.
Conversely, only one-third of all corporations (33%) view AI as an opportunity to optimize processes and enhance efficiency. Notably, medical company Quest Diagnostics and advertising agency IPG have already observed positive impacts on customer service and marketing from their use of AI.
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