Many firms are rushing to reap the benefits of GenAI, without carefully considering the serious risks it can pose. These risks range from the leaking of sensitive customer data to the use of offensive or biased language, both of which can damage your firm’s reputation and erode trust. Boston Consulting Group created a new Responsible AI (RAI) framework to guide firms in identifying these risks, and suggests four steps firms can take today to start leveraging this powerful new technology more responsibly.
GenAI poses serious risks to companies using it to engage consumers — Boston Consulting Group’s RAI framework can help protect your firm.
While Generative AI (GenAI) has massive potential when it comes to engaging customers with greater personalization and efficiency, the risks of deploying GenAI are considerable. For example, one car dealership’s chatbot made a costly error when it offered customers a car for only $1. Other costly GenAI errors can include biased hiring and consumer and corporate data leaks. Given that GenAI systems are nondeterministic — in that they produce multiple and varying responses to the same questions and converse with several users simultaneously — firms may struggle to prevent such system lapses. However, while it may be tempting to simply accept GenAI’s risks, treating them as “one-off” errors when they arise, doing so can perpetuate misinformation and trigger intellectual property (IP) concerns. Conversational GenAI agents, such as chatbots, can also cause severe damage to your brand and valued customer relations if they go off-brand (for example, by using offensive language).
Eric Jesse, Vanessa Lyon, Maria Gomez, and Krupa Narayana Swamy are professionals at Boston Consulting Group.
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