World Economic Forum: Strengthening the AI ​​ecosystem to promote social innovation

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With the right support from the private sector, governments, and intermediaries, social innovators can expand the impact of AI for the benefit of society.

The transformative potential of AI has been widely praised. With studies showing that employees deploying machine learning can achieve up to 30% efficiency gains and finding that the technology has the potential to automate up to 70% of activities that take up employee time, it’s no surprise that the technology is being embraced by the industry.

About 42% of the more than 8,000 companies surveyed by IBM's Global Artificial Intelligence Adoption Index have deployed artificial intelligence to improve the efficiency of customer service, information technology, and marketing and sales functions. In addition, another 40% of respondents said they have begun to explore the use of blockchain technology within their companies. Similarly, 66% of respondents believe that artificial intelligence will significantly affect their lives in the next three to five years.

While AI holds great promise for economic growth, it is critical to recognize the growing concerns surrounding the technology’s environmental and social impacts. Some studies suggest that more than a third of employees worry about losing their jobs to AI, with this varying by occupation and geography.

These concerns underscore the urgent need for strong public governance and policies.

The analysis shows that of the nearly 100 AI initiatives reviewed in the base sample set, 31% focus on positive impact. Of these impact-focused initiatives, less than half provide direct financial resources. In contrast, nearly 60% of AI projects receive direct financial resources without focusing on impact.

Overall, global funding for impact-focused initiatives has reached $2.2 billion in operating budgets and funding in recent years.

199IT.com Originally compiled from: World Economic Forum. Please do not reprint without authorization