Why companies need an AI policy - BusinessWorld Online

The integration of artificial intelligence (AI) into business operations is rapidly transforming industries, creating new opportunities, and posing significant challenges. As AI systems become more advanced and ubiquitous, the need for companies to develop comprehensive AI policies has become critical. These policies serve as a framework for responsible AI deployment, ensuring that the technology is used ethically, legally, and effectively. The importance of having an AI policy is underscored by the actions of several leading organizations that have already established such guidelines. Firstly, AI policies are essential for managing ethical considerations. AI systems can make decisions that have profound implications on people's lives, such as in hiring processes, loan approvals, and law enforcement. Without proper guidelines, these systems can perpetuate or even exacerbate biases and d...