Innovating Responsibly: AI is Transforming Business at an Exponential Rate. How Do We Use It as a Force for Good?
The rate of change and technological advancement in AI has accelerated rapidly over the past few years, and it is driving both economic and social transformation in the workforce. While these technological innovations have brought positive change to our world, there are broader implications to their adoption. How do we address the ethical considerations of AI? According to Paul Almeida, dean and William R. Berkley Chair, it should start with business schools.
What are the ethical considerations of AI?
With the advent of AI and machine learning, the future holds both perils and promise. We are already witnessing the benefits of these tools, including better information accessibility, automation capabilities, and decision-making power. But as we celebrate the potential for good, we also need to understand the ethical challenges of AI, including how to evaluate algorithmic bias and discrimination, data privacy and surveillance, and the loss of human judgment in decision-making. Additionally, as new technologies increase the potential for job displacement, we must develop strategies to ensure that as new opportunities emerge, the most vulnerable members of society are not left behind in the new future of work.
How is McDonough preparing students to be responsible leaders of technology evolution?
Through a foundation in values-based leadership, alongside an innovative curriculum focused on real-world transformations, we empower our students to deploy their education and skill sets for good in the world. We require courses on ethical leadership and social responsibility to ensure our students contemplate the potential for good across every industry and sector, and then we challenge their ethics through case studies and projects. These efforts are exemplified through classes in our undergraduate and graduate programs, such as the M.S. in Business Analytics capstone, where students collaborate with industry leaders to tackle complex data problems while accounting for ethical considerations facing the organizations — and in our elective about the rise of generative AI, to explore the relationship between humans and machines and the risks to adopting these tools.
How do we address these issues more broadly in society?
As a Jesuit institution, we are called to translate global challenges into opportunities to build our communities and improve outcomes for society at large. Through our AI, Analytics, and Future of Work Initiative, we are producing research and informing business leaders and policymakers on how to help our most vulnerable members adapt — and thrive — in a new world of work. This requires responding to current innovations, leveraging our research expertise to inform the broader impact of these transformations, and equipping the next generation of AI and analytical leaders with the tools they need to lead the future of business with compassion and concern for all workers.
This article was originally featured in the Georgetown Business Fall 2024 Magazine. Download the Georgetown Business Audio app to listen to the stories and other bonus content.