Artificial intelligence and generative AI (gen AI) will have a transformative impact on economic growth and productivity. This is especially true for organizations that expect to make changes to their operations using the technology, a recent McKinsey survey shows.
To realize the benefits of AI, organizations need the underlying models and their use to be secure, safe, and trusted. Implementing robust data governance, model-risk, security, and individual-rights management is crucial for responsible AI governance. Together, these pillars create a solid foundation for future digital transformation, and digital trust. According to McKinsey research, trusted organizations have higher margins and better valuations than less-trusted ones. And while only a small contingent of companies are set to deliver this digital trust, organizations that are best positioned to build digital trust are also more likely than others to see annual growth rates of at least 10 percent on their top and bottom lines.
This article originally appeared in the August/September edition of The RMA Journal.
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