Jun 3, 2023 1 min read

From AI compliance to competitive advantage

From AI compliance to competitive advantage

Artificial Intelligence (AI) has become the talk of the town, with headlines like "Embracing the AI Revolution," "The 15 Biggest Risks of Artificial Intelligence" and "AI: A Blessing or a Curse?" dominating the internet. It seems like every newsletter I come across delves into the latest developments, advancements, disruptions, and concerns surrounding AI. Amidst the uncertainty and acknowledging the potential risks associated with this new technology, one thing is crystal clear—it's here to stay.

Accenture recently published an enlightening article revealing that a staggering 80% of companies plan to increase their investment in Responsible AI, while 77% consider AI regulation a top priority. These statistics reflect the growing recognition of the need to harness AI's power responsibly and with a clear framework.

You've probably heard the famous saying "ask for forgiveness, not permission." Well, my partner Schatzy and I for one have never participated in such recklessness (winky face). We prefer to play by the rules and avoid taking unnecessary risks. In all seriousness, there is a fine line between knowing when to push the envelope and when to conform to the status quo and I will say,  when it comes to playing the AI game keeping a close eye on regulations is critical.

Despite the absence of federal legislation specifically addressing AI in the United States, the AI regulatory landscape is far from stagnant. Currently, there exists a mosaic of diverse AI regulatory frameworks, both already in effect and proposed. However, industry leaders and experts are forecasting that the year 2023 will mark a pivotal turning point—the emergence of comprehensive regulations that will cast a much-needed light on the boundaries of AI.

You can check out a snapshot of AI legislation state-by-state here

Regardless of its evolution, one thing remains certain—we must  embrace AI, just as we have done with previous revolutionary innovations.

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