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2023 was the year of massive AI disruption. We've seen sporadic booms in never-ending tools, especially in the prompt-based content creation genre. The public version of Chat GTP reached millions of users within a few months of its launch.
But despite the exponential growth in numbers supporting Gen AI, entrepreneurs are wondering if it's all hype or whether Gen AI could really bring long-term benefits to their businesses. I've always wondered what that is.
And with prompt-based AI use cases constantly booming, entrepreneurs are joining the conversation about the ethical use of AI. We must not forget that the fundamental nature of AI is that its resources are tied to large amounts of unverified data.
This means that anyone without technology knowledge can leverage these basic models of Gen AI, but the process can generate default or inaccurate information, even putting your data at risk. It also means that there is a possibility.
Related: 6 Positive Impacts of Artificial Intelligence on Digital Marketing
According to a recent Accenture report, 76% of executives see generative AI as an opportunity to streamline operations, reduce costs, and grow their business. However, almost 72% of respondents are cautious about investing in AI due to concerns about its responsible use.
First, let's discuss the key areas that prevent growth-oriented companies from adopting AI systems.
- strategy: There is clear confusion about how AI can transform competitive dynamics and add value to business models. Most executives don't know how to map the financial and non-financial value generated by AI models to create optimal value for their business. Additionally, in most cases, there are highly complex issues surrounding the contractual and logistical viability of AI partnerships.
- technology: Most leaders still don't know which parts of their proprietary data and technology stacks should be made redundant or could be leveraged further in the future. Leaders are also seeing significant capability and skills gaps when it comes to operating AI systems.
- compliance: AI governance is rapidly evolving as data threats increase. This leaves leaders uncertain about how AI regulation will play out across jurisdictions in the future.
- people: Most HR departments recognize AI as a replacement, raising concerns about the future of work. The next generation of leaders is still unsure how to streamline this change management in their business.
- Persons involved: Business leaders face resistance not only from HR but also from partner networks. Most executives struggle with the adaptability of AI in their networks of partners. Partner networks lack advanced technology in streamlining, securing, and reprocessing data fabrics for AI integration.
This article describes several ways business leaders can develop an actionable AI strategy. let's start.
1. The main focus is on amplifying human capabilities.
The AI module is designed to evolve steadily. But they lack emotional intelligence and moral thinking. When integrating AI into their business, C-suite leaders must remember that AI is not meant to replace human resources, but rather to complement them and further enhance operational capabilities.
We also need to use some basic models to improve the reliability of our AI systems. Your goal is to create an impregnable, practical, yet adaptable AI strategy that aligns with global compliance and constraints.
2. Set up a designated AI control center
At this point, a growing number of business leaders are as concerned about the dangers of Gen AI as the chasm is about its benefits. Gen AI built with human-like technological intelligence can spin out of control without clear control.
Additionally, to reap maximum benefits, your AI strategy must be aligned with your long-term business vision. When integrating AI, you can't centralize the technical capabilities of your business. Instead, you need a powerful digital transformation to design ROI metrics, establish best practices across your business, align strategy with financial goals, reduce risk, and most importantly, leverage value. We need leaders with formation capabilities and deep knowledge of AI risk and governance. From AI investment.
3. Think of AI as a model for transforming from scratch
We are at a critical core of technology evolution, and technology investments are no longer just about transforming specific business functions. And AI will require even more rethinking of entire business processes.
Until now, you've probably wondered, “How can AI streamline business processes?” Now let's consider, “How can we use AI to further innovate our business processes?”
They should aim to drive maximum effectiveness of AI systems from the ground up, with strict governance in place.
Related: Now that you've tested your AI tools, you don't need to. Here's what worked and what didn't.
4. Focus on gaps in both talent and technology
Redundant technology architectures and resource skill gaps are the biggest constraints on AI growth strategies. To leverage the best value of AI, we must first take a hard look at restrictive data structures and outdated technical systems.
As leaders, integrating AI into enterprise systems requires restructuring our data fabric, computational power, and architectural capabilities. They also need to cleanse, protect, and process their own data for seamless AI deployment.
We also need to be aware of one important aspect regarding expectations for AI. It cannot improve work if human resources are redundant and limited in acceptance and implementation. Upskilling and elevating employees into AI and data-enabled roles is a critical need of our time.
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Uncertainty around AI integration is real. However, that doesn't stop you from enjoying the proven potential. AI disruption is the order of the day, and business leaders can avoid its drawbacks with a monitored and practical AI strategy.
Think about the post-COVID-19 era. There, high-growth companies declined because they refused to respond to much-needed technological disruption. The world of technology is now firmly moving towards more sustainable practices, but as a fast-moving business, we cannot afford to let go of the disruptive models that are set to dominate tomorrow.
So proceed with caution and reconsider your AI investments. But don't hesitate to innovate with Gen AI.
