This research by McKinsey Global Institute reveals that AI applications are likely to affect individuals, businesses and other organisations across sectors, and economies everywhere, touching billions of lives. As a result, understanding the complex intersections between AI and bias will only become more important. It identifies two opportunities to (1) use AI to identify and reduce the effect of human biases; and (2) improve AI systems themselves, from how they leverage data to how they are developed, deployed and used, to prevent them from perpetuating human and societal biases or creating bias and related challenges of their own. To realise these opportunities, the report underscores the importance of collaboration across disciplines to further develop and implement technical improvements, operational practices, and ethical standards.