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The Cost of AI Bias: Lower Revenue, Lost Customers

January 19, 2022

In her most recent article in Information Week, Jessica Davis outlines the growing concerns over AI bias among companies based on a survey conducted by DataRobot. Of the 36% of organizations who reported a negative impact due to AI bias, 62% reported a loss of revenue and 61% reported a lost customer. The DataRobot report also found that 54% of technology leaders are very or extremely concerned about AI bias, which is a 12% increase compared to those surveyed in 2019. 

Concerns surrounding AI bias have grown substantially over the past few years. It has raised questions over how to make AI more ethical, who should be held responsible for bias, and how to mitigate bias in datasets. Most respondents believed the responsibility should fall to data scientists, third-party consultants, and C-suite executives. Among the solutions most commonly discussed are monitoring of AI systems, deploying algorithms to help train data sets to avoid bias, and incorporating tools that make AI more explainable.

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