As the lifeblood of AI, data is key to building and keeping trust
Ethical AI isn’t just about preventing bias, though. It’s also about privacy. “The lifeblood of AI as it's currently developed is data,” says Reid Blackman Ph.D., Founder and CEO of Virtue Consultants. “Companies have to balance the need to collect and use that data with ensuring they have consumer trust – so consumers continue to feel comfortable sharing it.”
To do this, boards need to make sure their organizations are clear and transparent about their approach to data, so consumers can give informed consent.
This will create a virtuous circle: the more consumers trust you, the more data they’ll share with you. And the more data they share, the better your AI — and ultimately, your business outcomes.
On the flipside, organizations that don’t treat their data with care can create a vicious cycle. It can take only one mistake, or perceived mistake, for a user to stop trusting your organization. If this happens, they may share less data, making your AI less effective — or even desert you for good.
Boards have a vital role to play in protecting their organizations from this vicious cycle. As Reid says, “Boards of directors have a responsibility to ensure that the reputation of their brand is protected.”