The Unintended Consequences of New Technologies
Four recommendations for a small company to mitigate risks.
Automating business processes and decision making helps businesses become more efficient, more responsive and reduces manual operations and costs. New technologies and services that use artificial intelligence (AI), machine learning (ML), predictive analytics and even rule-based automation engines make it easy for companies to incorporate into their existing processes and jump start an automation journey. AI and ML also promise to improve a business’ customer interactions by providing real-time, customized responses and services. Companies benefit from the detection of risks, like fraud, and can resolve before harm. While all of these promises can be fulfilled with these technologies, there are also risks for both the companies and their customers. Understanding these risks, then consciously deciding if the risks are worth the reward helps mitigate risks. There are 3 types of ‘inherent risk’ in automating decision making using the latest technologies like artificial decision making, machine learning, predictive analytics and rules-based automation .- Unintended Biases
- Unintended Outcomes
- ‘Creepiness’