Fortune 500 companies increasingly concerned about AI
New research shows that more and more US companies are citing artificial intelligence as a potential risk in their annual reports.
A report from Arize-AI According to claims from 281 Fortune 500 companies, AI is a risk factor in their latest filings – a staggering 473.5% increase from last year.
Only after months of development and hundreds of new tools, both for businesses and consumers, are the risks surrounding AI tools being recognized.
Companies are concerned about AI
What’s more, the technology is on the tip of many business leaders’ tongues: 152% more companies mentioned AI this year than last year, indicating widespread adoption and awareness.
The study concludes: “the impact of generative AI is being felt across a wide range of industries – even those that have not yet embraced the technology.”
However, in most cases, the risks of AI are emphasized. Arize AI therefore believes that companies can differentiate themselves by demonstrating innovations attributed to the technology.
Media and entertainment companies are among those most likely to view AI as a threat, with 91.7% agreeing, as the sector continues to grapple with AI’s disruption in content creation and intellectual property. Netflix, for example, warned that competitors deploying AI could impact its competitiveness.
Other sectors, including software and technology companies (86.4%), telecoms (70%) and healthcare (65.1%), were also concerned about the implications of AI for their sector. Companies in the automotive, energy and manufacturing sectors were less likely to see AI as a risk.
The report also mentions the role of AI in cybersecurity. It can fuel attacks by processing massive amounts of data breaches and writing malicious code.
Despite the legitimate risks, the technology is still being rapidly adopted and it is becoming increasingly clear that companies must combine innovation with a cautious approach.
