As AI grows in popularity, more companies claim to use it even when they don't, or when it's tangential to the business model rather than embedded in it.
Analytics firm FactSet dug through recent earnings call transcripts of S&P 500 companies and found that use of the term AI far exceeds the five-year average.
In reality, what AI washing leads to is a breakdown of confidence between vendors and their consumers, enterprise partners and investors. For example, when a law firm buys an AI assistant to replace a human, it may stop working in a matter of months if it's not based on a unique, unbiased database that's specifically trained on law and actively learning.Toby Coulthard, chief product officer at Phrasee, a generative AI solution for enterprise clients , says to be wary of any business that uses the term AI broadly.
"The more you see a business speak more verbose around what they do with AI and what they don't do with AI, it's going to be a lot more of an accurate representation," Coulthard said. While the distribution and delight elements of M12's investment analysis process aren't directly related to AI washing, these factors play a key role in determining the sustainable longevity of a startup .
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