On October 30, 2023, President Joe Biden issued an executive order on artificial intelligence (AI). This order is important for business leaders because it outlines how the federal government will support the development and use of AI, while also protecting people from its potential risks.
AI is a field of computer science that deals with the creation of intelligent agents, which are systems that can reason, learn, and act autonomously. AI is already being used in a variety of ways, including in self-driving cars, facial recognition software, and medical diagnosis tools.
AI can help business organizations in several ways, including:
- Improving productivity and efficiency: AI can automate tasks such as customer service, data entry, and accounting. This can free up time for business leaders to focus on other important tasks, such as growing their business.
- Developing new products and services: AI can be used to develop new products and services that meet the needs of customers in new and innovative ways. For example, AI can be used to develop personalized recommendations for customers or to create new products that are tailored to specific customer needs.
- Improving decision-making: AI can be used to analyze large amounts of data to identify trends and patterns. This information can be used to make better decisions about things like pricing, marketing, and inventory management.
What does the executive order do?
The executive order directs federal agencies to take a number of steps to support the development and use of AI, and to reduce risks associated with widespread use of AI on American society, including:
- Investing in AI research and development: The federal government will invest in research and development to accelerate the development of new AI technologies.
- Promoting the use of AI in the public sector: The federal government will lead by example by using AI in its own operations.
- Protecting people from the risks of AI: The federal government will take steps to protect people from the potential risks of AI, such as bias, and discrimination and national security risks.
Businesses can start preparing for AI by taking the following steps:
- Learn about AI: Business leaders should learn about AI and its potential benefits and risks.
- Identify opportunities to use AI: Business leaders should identify opportunities to use AI to improve their operations and grow their businesses.
- Develop an AI strategy: Business leaders should develop an AI strategy that outlines how they will use AI to achieve their business goals.
- Govern the new technology: Business leaders should follow the federal government’s lead and develop policies and procedures to govern the use of AI within their organizations.
The October 30th 2023 executive order on AI is an important development for all US Based businesses. The order seeks to govern how the federal government will use AI and establish guidelines for companies building new models. Businesses leaders can start preparing for AI by learning about the technology and identifying opportunities to use it to improve their operations and grow their businesses.