On the 19th of February 2020, the European Commission presented ”A European Strategy for Data” and the ”White Paper on Artificial Intelligence (AI)”. Our 4boards.ai team has taken a deep dive into these documents and looked into how our research and the new strategies presented in these documents align to drive value creation in European businesses.
Our 4boards.ai research is a two-year project funded by Vinnova – Sweden’s Innovation Agency. The objective of our project is to build and disseminate research-based knowledge and a set of best practices and tools to enable corporate and other organizational boards to successfully govern and leverage AI in their innovation and sustainability efforts. Recently, we published our initial findings in a book chapter under Routledge, “AI leadership and the future of corporate governance: Changing demands for board competence”. We will soon publish an updated version in an e-book format.
At the base of our research is the fundamental principle that corporate boards and top management are ultimately responsible for a firm’s success. They influence firm performance through their strategic decisions – decisions that may either lead a business towards prosperity or worse put the firm at considerable risk, potentially taking it to its demise. Today boards are increasingly challenged in their decision making. Rapid advances in digital technologies, and in particular artificial intelligence (AI), along with dynamic and complex competitive environments are inducing established firms to develop new competences and processes and undergo larger digital transformation programs. These changes need to be guided and supervised at the board level, and just as we have been investigating how boards should guide and supervise the implementation of AI so has the European Commission been looking into AI under EU law and fundamental rights.