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Technological advancements like automation, artificial intelligence and big data play a central role in today’s environment, and the ethical implications of these technologies are crucial for businesses to consider.
Ethical technology goes beyond just being an enhancement to innovation; it is essential for building a sustainable future for any brand. To ensure long-term success, businesses must recognize and address the wider societal impacts of their technological developments.
A report by MIT Technology Review Insights highlights that organizations expect responsible tech investments to pay off in boosted brand reputation and customer and employee retention. When asked about the tangible business benefits of adopting responsible technology, the top three responses were better customer acquisition/retention (47%), improved brand perception (46%) and prevention of negative unintended consequences and associated brand risk (44%).
These findings reveal a crucial truth: ethical technology is not merely adding to innovation – it is the foundation for a brand’s future. If businesses want to thrive in the long term, they cannot afford to overlook the broader societal impact of their technological strides.
Ethical considerations of automation in the workplace
Automation technology is transforming industries by enhancing efficiency and reducing costs. However, companies must be mindful of the social implications of automation on jobs. While it can shift the workforce from repetitive tasks to more creative, knowledge-based roles, there is a pressing need to address the potential for job displacement. MIT Sloan notes that socially responsible automation seeks not just to cut costs but to create better jobs, fostering economic growth and societal well-being.
ATRenew, China’s leading secondhand electronics recycling platform, exemplifies this approach with its “Matrix 3.0” automated inspection system, which improves cost efficiency and accuracy. In 2023, the company invested RMB 200 million in R&D and employed 412 full-time researchers, balancing automation with the creation of high-quality jobs in innovation.
Similarly, Marlin Steel once focused solely on manufacturing bagel baskets, incorporated robotics to remain competitive while also investing in employee training to help them adapt to new technologies rather than replacing them.
By prioritizing R&D and workforce training, companies can mitigate the risks of job displacement from automation, fostering trust and loyalty within the workforce and supporting sustainable growth in society.
Related: How to Implement Ethical AI Practices in Your Company
Environmental concerns of AI use
AI has taken the business world by storm, drastically improving operational and resource allocation efficiency through its high-speed analytical, predictive and personalization abilities. However, it is also shown to be harming the environment through its high energy requirements and resulting carbon emissions.
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