When a new wave of technology innovation seems to be breaking over the horizon, the fear of missing out \u2014 FOMO \u2014 can drive hasty decisions on new IT investments. Recent, rapid advances in artificial intelligence (AI) may represent one of the biggest FOMO moments ever, so, it\u2019s critical that decision-makers get out in front of the wave and figure out how to implement Trustworthy AI.\n\nThe launch of Microsoft-backed OpenAI's ChatGPT \u2014 based on generative AI technology that provides a consumer-ready, conversational interface to large language models \u2014 almost instantly spurred what has been likened to a corporate arms race. It thrust into the spotlight the potential of generative AI to revolutionize customer interactions, generate images from text input, and even automate software coding.\n\nCEOs have taken notice, and a Gartner, Inc., survey of more than 2,500 executives found that 70% "said that their organization is in investigation and exploration mode with generative AI, while 19% are in pilot or production mode."\n\nThe business implications are huge. "The rapid rise of artificial intelligence has sparked excitement in industries from fast food to theme parks, with executives rushing to show how they will be among beneficiaries of the new technology," observed the Financial Times, citing data that almost 40% of S&P 500 companies mentioned AI or related terms in earnings calls in a recent financial quarter.\n\nIf you're late to the party, you may be wondering what all the fuss is about. "Generative AI is poised to unleash the next wave of productivity," gushed McKinsey & Co, which has released its own generative AI tool for its associates.\n\nAvoiding pitfalls in AI adoption\n\nAs business executives evaluate these and other AI-driven tools and technologies, it's up to IT leaders to help them avoid pitfalls that could alienate customers and employees, or spur lasting damage to corporate reputations if something goes amiss.\n\n"Generative AI is just one strand of AI and business leaders need to determine what they mean by AI and to determine what kinds of AI they might need for their business's automated decision-making, which can vary greatly across industries," says Reggie Townsend, Vice President of the Data Ethics Practice at global AI and analytics provider SAS, and board member of the National Artificial Intelligence Advisory Committee (NAIAC).\n\n"Whatever form of AI they end up pursuing, they really need to be on the alert for what could either damage their reputation or just lead them down some wrong paths," he adds. "Where your data comes from, who it comes from, how it's governed is all very important. You must appreciate how your models are built and optimized and have the ability to validate that over time. It's OK to automate along the way, but we have to have strategic insertion points where humans are involved.\u201d\n\nAdherence to ethical considerations\n\nThat's the essence of Trustworthy AI: Businesses should ensure adherence to ethical considerations aimed at avoiding unintentional harms that could result from a lack of awareness, expertise, or planning. That requires incorporating appropriate levels of accountability, inclusivity, transparency, completeness, and robustness.\n\n"Fundamentally, this is about making software that doesn't harm people," Townsend explains. "When it comes to implementing AI, we see regulatory requirements as the floor -- or minimum requirements \u2014 and see our principles as the ceiling. Businesses have to make sure that in their desire to be first to market, they don't sacrifice on quality."\n\nInitially, many organizations were excited about using AI to reduce operating costs through increased automation,\u201d says Intel\u2019s Stewart. \u201cI think they\u2019re finding that AI delivers big benefits in areas such as customer acquisition and more accurate forecasting, but when it comes to reducing operating costs, they may need to modify their expectations.\u201d (located on page 6 if you download the report)\n\nDiscover more on AI acceleration and the future of innovation in the AI Momentum Survey Report in partnership with Accenture, Intel, and Forbes Insights.