One of the top takeaways from the latest AI Index Report is affordability of Artificial Intelligence (AI) technologies as the report says, over the years, AI has become affordable and also higher performing.
This affordability is also resulting in more widespread commercial adoption of AI technologies, says the AI Index, an independent initiative at the Stanford Institute for Human-Centered Artificial Intelligence (HAI).
Owing to its proven transformative role and countless benefits it offers, AI adoption is skyrocketing everywhere and this is not a secret. And for this, the affordability aspect simply cannot be ignored.
Today AI-led transformation is taking place in different sectors and industries while government departments and agencies are also accelerating AI adoption in order to stay ahead of their adversaries and to create and gain a position of strength.
Why is AI becoming cheaper and fast?
While the true potential of AI still remains largely unexplored, it is undoubtedly becoming a mainstream technology for government and the private sector. This speaks volumes about the enormous potential AI holds for all of us.
The momentum AI has picked up over the years is caused by several factors and one of these is said to be the ever growing open source community. From advances in healthcare to space science to new possibilities in modern security apparatus, AI development and deployment is faster than ever before. One possible reason is–race for digital dominance in this era of competition.
And this isn’t just about the countries. The private sector is also leveraging new advances in AI to stay ahead of their competitors within and outside. Another takeaway of the report is unprecedented investment by the private sector. “The private investment in AI in 2021 totaled around $93.5 billion—more than double the total private investment in 2020,” reads the AI Index Report. These investments are also paying off as today companies are achieving returns on their data and AI investments.
Ethical and responsible use of AI
With the fast development and deployment of AI, debate about ethical and responsible use of AI also continues apace. Another recent report talks in detail about trustworthy and responsible AI while highlighting biases in artificial intelligence.
The National Institute of Standards and Technology (NIST) report suggests that rooting out AI biases, introduced purposefully or inadvertently, will require a holistic approach–addressing systemic/institutional and human biases as well as fairness of data and algorithms.
To sum up, this is not just about affordability of AI in terms of finances but development and deployment of AI technologies that can afford to win our trust.