Reimagining the purpose of technology and AI

(Sponsored article)

By Kieran Seed, Head of Content, Regulatory Compliance Global, LexisNexis

We find ourselves at a pivotal moment in human history, where the rapid advancement of technology and artificial intelligence is reshaping our world in profound ways.

As we stand on the brink of a technological revolution, the rise of artificial intelligence (AI) invites us to explore its profound impact on our world. While there’s little doubt that the future of work, education, and well-being can be transformed by AI, imagine a world where this technology is a catalyst for new solutions to human problems.

With these ideas in view, LexisNexis® recently led a series of discussions with industry leaders on how businesses can prepare for growth while adopting human-centered AI approaches. The discussions took place during the Governance Institute’s International Governance Leadership Conference and a subsequent roundtable in late 2024.

The new LexisNexis whitepaper Reimagining the purpose of technology and AI is based on these discussions and takes a closer look at ways organisations are already harnessing the capabilities of AI, and how they are creating new opportunities for growth, innovation, and fulfillment.

At the heart of this conversation is the crucial role that technology and AI tools can play in our lives, either enriching or diminishing our experiences, depending on how we design and implement them. It’s essential to ground their development in humancentric principles, guided by ethical considerations and awareness of their effects on society.

The rise of AI technology challenges us to not just consider ethics, intelligence or regulation; it’s about understanding what it means to be human in this new era. The impact of AI technology for society is consequential on many fronts–social, educational, work and financial opportunity, mental health and wellbeing, diversity and inclusion.

Several key themes were unearthed during these discussions around the challenges and risks for boards and their advisors to consider, including

• AI technology is already reimagining fundamental aspects of life in unexpected ways, and it has the capacity to either enhance or disrupt our lives, depending on how it is developed and governed.

• It’s time for boards to invest time in understanding AI, as this technology is already being used by everyday people, competitors are potentially using it or experimenting with it, and criminals are already using it in potentially destructive ways.  While every organisation has a different risk appetite, any company that takes a ‘wait and see’ approach with AI may put themselves at a disadvantage.
• The use and application of AI technology involves a paradigm shift from traditional rule-based computing which rely on fixed algorithms to provide exact answers, to predictive modelling analysis systems. AI uses large datasets to identify patterns, make predictions, and generate adaptive solutions to complex problems, addressing ambiguity and uncertainty in ways traditional systems simply can’t do.
• While AI offers business leaders immense opportunities for enabling novel solutions to human problems, making work more fulfilling, driving efficiency and cost saving, it also presents risks such as perpetuating biases, privacy violations, and potential misuse if not properly regulated.
• Effective governance and regulation play a crucial role in ensuring the responsible use of AI, safeguarding ethical principles, and protecting society’s wellbeing.

By leveraging the capabilities of new technology, organisations can unlock new opportunities for growth and innovation while also being mindful of proactive risk management, ethical considerations, and ways to ensure AI benefits are accessible to all. While every organisation has a different risk appetite, any company that takes a ‘wait and see’ approach with AI may put themselves at a disadvantage.

To read about these discussions in more detail and to gain insights from leaders across various industries, download the special report ‘Reimagining the purpose of technology and AI’