Mitigating Risks and Achieving Value from AI

As AI technologies become more industrialised in 2024, and the surrounding regulatory and policy landscape develops, government agencies will be better positioned to procure fit-for-purpose AI solutions. 
 
This increased vendor and legislative maturity is not, however, a green light for recklessness - government agencies should be careful to figure out what they want to achieve with an AI solution and should carefully structure the procurement to both manage risk and achieve value. Strong procurement practices are central for a successful growth journey with machine learning, natural language processing, computer vision, AI assistants and other AI technologies. 
 
Terrace has assisted the public sector navigate the increasingly complex world of technology procurements for almost 30 years, and we are actively in touch with both the AI solutions vendors are bringing to the table and the emerging legislation. If you are looking to procure AI capabilities in 2024, we can assist you manage the specific types of risks associated with AI, including data privacy and security, bias and fairness, transparency and explainability, regulatory and compliance, operational and ethical risks.
 
Our experience will give you the right level of rigour from procurement strategy and planning, through approach-to-market design and execution, to contract negotiation and contract management so that you get the most from your planned journey with AI. We will assist you in minimising potential impacts and achieving value from AI technologies in your operations and delivery of services to the public.