Companies operating at the intersection of data and artificial intelligence (AI) have enormous potential but also face evolving risks. Big data is not new; data has become a valuable currency for numerous industries—from financial services, real estate and health care to social media and e-commerce.
What is relatively new, however, is the surge in the number of businesses that are applying AI to extract more value, more efficiently from data and to expand the applications to which that data can be applied. However, with this new opportunity comes new risks. Whether a provider or a consumer of data and AI services, companies must think through intellectual property and related contractual risks—both retrospectively, in terms of legacy customer agreements, and prospectively, in terms of reworking them.
