Excitement abounds over Artificial Intelligence (AI) and its capacity to shake up the norm. This cutting-edge technology offers myriad advantages for individuals and organisations alike, empowering them to tackle tasks that are beyond human ability, or to mechanise monotonous, recurring procedures. It is evident that AI yields significant commercial promise for countless sectors.
AI is enabling companies to not only boost their profitability, but also enhance their fairness and inclusivity. The broad deployment of this technology empowers organisations in diverse fields, including healthcare, employment policies, and finance, to embrace diversity. Let me expound.
The healthcare sector is experiencing a considerable transformation thanks to Artificial Intelligence (AI). There exist numerous endeavours that empower medical experts and institutions to enhance their involvement with marginalised communities, tailor treatments to meet the diverse needs of populations, and analyse data to assess their interventions’ impact through an equity lens.
Distinguished medical experts assembled at the AI for Health Care Equity Conference hosted by the Jameel Clinic to investigate how artificial intelligence (AI) could elevate healthcare in numerous spheres, including service delivery and policymaking.
During the conference, presenters delved into how patients’ individual traits and circumstances, including their economic standing, are regularly disregarded when devising treatment regimens and prescribing medications, despite greatly influencing the outcomes. The authors of the study propose that AI technologies can be designed to identify these factors and consider them, resulting in approaches that are more personalised to their target demographics.
While AI technologies are highly advantageous, it is crucial to acknowledge their constraints. Algorithms can contain intrinsic prejudices that require consideration and resolution for successful deployment. A technique for evaluating the tools’ efficiency is by examining their performance in a variety of user demographics and geographic settings.
Recruitment procedures can fall victim to prejudice, yet Artificial Intelligence (AI) can aid in mitigating this issue, leading to a broader pool of candidates and impartial assessments.
Artificial Intelligence (AI) software, such as Application Tracking Systems (ATS), can examine resumes and cover letters using predetermined criteria, skills, and credentials to detect suitable matches, without regard to the applicants’ personal backgrounds. AI can detect relevant competencies devoid of potential human biases. Moreover, technology can consider the geographical location of the applicant. Many jobs are now feasible to work remotely, freeing businesses from geographical limitations when selecting potential hires.
It is imperative to ensure that data sets encompass a diverse range of experiences and perspectives to ensure fairness in the healthcare domain. Despite Artificial Intelligence’s strides in the recruitment and Human Resources sectors, it still ultimately hinges on human judgement when evaluating screening criteria. This applies to all facets of life, including the language in job advertisements.
Data analysis uncovered a 50% surge in male applications when the phrase “previous experience” appeared in an eBay job posting. Conversely, replacing the term with “demonstrated ability” resulted in a 40% increase in female applications. It is worth mentioning that human interpretation is necessary for truly grasping the significance of this data, as it cannot be accurately discerned by AI alone.
Earning Workplace Advancements
Prejudice can exist in all aspects of career development, from hiring to salary raises, advancements, and other perks. Thus, it is essential to acknowledge and guarantee unbiased decision-making.
The gender wage disparity is a significant concern, particularly in the business realm. At present, women only earn roughly 82% of men’s earnings. Unconscious biases and other factors can impede women’s career advancement, and such prejudices can be arduous to evade when decisions are made by individuals.
A remedy to address bias in recruitment and professional growth is attainable. The advent of Artificial Intelligence (AI) has facilitated the creation of software capable of detecting prejudiced language in assessments. An instance of such software is the “pipeline,” which incorporates Natural Language Processing (NLP) to detect any potential partiality and offer advice for enhancement.
Due to the importance of these evaluations in determining which workers are advanced, this kind of program could prove pivotal in aiding its users to eliminate preconceptions and make decisions predicated on more informed deliberations.
Fintech is at the vanguard of financial technology, furnishing a stage for innovative ideas. It has a plethora of AI resources, some of which are being employed to tackle inequality.
The pervasiveness of bias in the loan industry is a worrisome issue. Judgments on loan applications often hinge on applicants’ credit ratings and histories, resulting in a track record of discrimination against individuals of different races, genders, socioeconomic backgrounds, and other attributes.
Presently, Artificial Intelligence (AI) technologies are being employed to consider supplementary data, such as an individual’s grocery shopping patterns, social media engagement, and other seemingly inoffensive details when making lending judgments. This implies that more people and institutions will qualify for loans, including those who may have been rejected previously due to a poor credit history.
Unintended partiality in fintech is a ubiquitous problem. Nevertheless, robo-advisors and other AI-fueled technologies could prove advantageous in this regard. These tools aid individuals in making data-based, well-informed resolutions about their financial future with minimal human involvement. Furthermore, they offer a budget-friendly option for those with inadequate insight into finance-related subjects, such as investing.
Interactive tellers offer analogous services to those of a human teller, enhancing accessibility for individuals with disabilities or dwelling in regions with sparse population.
As an employer, fostering a diverse and inclusive work atmosphere is crucial. Although this is not a quick-fix solution, headway can be accomplished through meticulous preparation and the utilisation of appropriate resources. While Artificial Intelligence (AI) cannot resolve all of your predicaments, it can be an invaluable comrade in supporting you and your enterprise.