The sweeping new rules under the EU AI Act impose sanctions on AI systems that could impact citizens’ rights, with the potential to ban some systems outright.
Nitish Mittal, Partner at Everest Group, said the regulation is likely to set a precedent for how other regions and governments might approach AI in the future.
The European Parliament passed some of the world’s first comprehensive AI regulations Wednesday, meaning that enterprise businesses will need to start taking steps toward compliance. The European Union’s AI Act regulates the technology by placing AI models into buckets of risk ranging from minimal risk to unacceptable risk.
The risk-based approach outlined in the EU AI Act is “unique,” said Nitish Mittal, Partner at Everest Group. The approach addresses some of the AI paranoia attached to the growing use of large language models.
The European Parliament passed the AI Act, with the landmark ruling setting the standards for AI governance in the European Union. But does it go too far, or not far enough?
Nitish Mittal, Partner at Everest Group, said “There are concerns about how the EU AI Act might prevent exponential innovation in AI in Europe, compared to the strides being made by US and Chinese companies and governments”. Mittal also agreed that the AI Act’s risk management framework is “nuanced, as it looks at risks throughout the design and development process, considering impacts on safety, privacy, and fundamental rights.”
The European Union passed its sweeping AI Act, which will establish tough guidelines and penalties for businesses using artificial intelligence.
“This law is the most definitive stab at governing this AI monster,” Nitish Mittal, Partner with Everest Group, tells InformationWeek in an interview. “I believe this is going to have a ‘halo effect’ for other regions”, he added.
The European Parliament passed some of the world’s first comprehensive artificial intelligence regulations Wednesday, meaning that enterprise businesses will need to start taking steps toward compliance.
The risk-based approach outlined in the EU AI Act is “unique,” said Nitish Mittal, Partner at Everest Group. “It allows you to take an appropriate measure for the appropriate level of risk,” Mittal said.
The European Union on Wednesday passed its sweeping AI Act, which will establish tough guidelines and penalties for businesses using artificial intelligence.
“This law is the most definitive stab at governing this AI monster,” Nitish Mittal, Partner with Everest Group, tells InformationWeek in an interview. “I believe this is going to have a ‘halo effect’ for other regions. GDPR deals with a very specific point around data privacy. But AI is such a big, broad existential issue for our society and businesses right now, every country is trying to see what they can do to get inspired by this law in some shape or form,” he added.
Process mining software can recommend how and when to apply other types of technology, like robotic process automation, to a company’s operations and can help companies become more efficient by discovering ways to improve operations.
“This is the top benefit for process owners, automation leads, and [chief experience officers], as [carrying out process mining can improve] an organization’s productivity, cost-effectiveness, and competitiveness,” said Santhosh Kumar, Practice Director at Everest Group.
Recently, the buzz about the metaverse, or at least about the term, has died down. There are numerous causes, including Meta’s slow progress, a crash in the non-fungible token (NFT) market, and more.
Parul Trivedi, Practice Director at Everest Group, said that the vision of a fully immersive, universally adopted virtual realm where users interact seamlessly in virtual and augmented realities faces real-world challenges.
An open metaverse that mimics how we operate in the real world depends on interoperability. According to Yugal Joshi, Partner at Everest Group, interoperability is necessary for consumers to have confidence their purchases work across platforms. As others have argued, he said, it will ultimately also be needed to generate sales and establish a metaverse economy.
Mid-tier IT firms are able to sustain their client base in a tough economic environment, and are not losing out to the vendor consolidation that usually kicks up during a slowdown in the IT sector. Experts are of the opinion that once demand comes back, mid-tier IT firms will be the first ones to see growth revival on the back of a higher number of digital deals.
“There are some early indications that we may start to see some level of recovery in the late second quarter and building after that. Much depends on the greater macro environment and if the soft landing of the economy happens,” Peter Bendor Samuel, CEO of Everest Group, told Bizz Buzz.
©2023 Everest Global, Inc. Privacy Notice Terms of Use Do Not Sell My Information
"*" indicates required fields