Scientists have recently started using AI to aid hydrogen fusion, speed up matrix manipulation, and create new antibodies, according to a report from Stanford University. The university's Institute for Human-Centered Artificial Intelligence (HAI) has recently issued a report, the 2023 Artificial Intelligence Index, provides what the HAI calls a data-driven analysis of AI's advancements in the areas of research, ethics, policy, public opinion, and economics.

The past year saw businesses introduce 32 notable new machine-learning modules compared to only three from academia, according to the report. “Industry has more resources to build state-of-the-art AI systems, including data, compute, and money,” it states.

Additionally, "evidence of AI's business value can be seen in the AI-related text of Fortune 500 earnings calls, which showed positive associations with AI tools," the report states. The most frequently mentioned use cases for AI solutions were business integration, service operations optimization, creation of new AI-based products, customer segmentation, customer service analytics, and AI-based product enhancements.

"While AI technology adoption has been a game-changer for businesses, it is important to continue managing the process as it scales," the report also states. "Common barriers for organizations include managing AI-related risks (50%), obtaining more data or inputs to train a model (44%), and implementation (42%)."

The report is available for download.

Image of AI Model Costs from Stanford University.

Identified AI-related risks include regulatory compliance (45%), personal/individual privacy (40%), and explainability (37%). The number of AI bills passed by world governments is growing nearly exponentially. As the regulatory environment develops, a unified approach is needed to avoid a patchwork of standards.

Evidence of AI's business value can be seen in the AI-related text of Fortune 500 earnings calls, which showed positive associations with AI tools. The most frequently mentioned use cases for AI solutions were business integration, service operations optimization, creation of new AI-based products, customer segmentation, customer service analytics, and AI-based product enhancements.

As businesses continue to push the envelope with AI, it is crucial to address potential risks and collaborate on ethical considerations and the impact on the environment. Importantly, the study found that submissions to the AI ethics conference FAccT have increased tenfold since 2018, indicating progress in ethical consideration for AI systems. As businesses increasingly utilize AI to achieve their goals, guidelines must be in place to avoid risks and ensure sustainable growth.