AI brings great benefits but the potential pitfalls are huge. Here’s how to reap the rewards of this new technology while managing its risks.
From shopping to the complex world of medicine, we’re already seeing major benefits from artificial intelligence and by 2030, the McKinsey Global Institute estimates that the new technology could contribute an extra $13 trillion to the world economy. But there’s a downside. We don’t yet understand the full impact AI will have on our lives. It comes with a health warning: Handle with care.
Writing for McKinsey Quarterly, Benjamin Cheatham, Kia Javanmardian and Hamid Samandari explain that if poorly adopted, AI has potential to cause privacy violations, discrimination, accidents, manipulation of political systems, and even loss of life and national security breaches. Here the authors point out the pitfalls that accompany artificial intelligence and provide an AI risk-management framework that works.