Using Artificial Intelligence For Competitive Advantage in Business
AI technologies are making continuous advances in domains like industrial robotics, logistics, speech recognition and translation, banking, medicine and advanced scientific research. But in almost every case, the cutting edge AI that drives the advances drops from attention, becoming almost invisible when it becomes part of the overall system.
The fact that most AI use today is invisible can lead to the erroneous assumption that it is not delivering on expected value, and this can translate to caution when considering new ways of applying AI to business operations. We have also seen some in the executive business ranks to treat AI as a buzzword not worthy of focus. This is probably another outcome of AI becoming invisible the more it is mainstreamed.
If it is your competition becoming apathetic about AI they may be doing you a favor. To keep your organization for doing them a favor back, we provide our recommendations for your approach to an AI strategy here.
Our most strategic recommendation regarding AI and your business is to ensure the executive leadership team is engaged and owns the strategy. Setting a strategy and leading to optimal outcomes is the task of your senior leadership team. Staying informed on the state of AI and lessons learned from other businesses will help you do just that.
This is the most important of our four recommendations for business leadership of AI. Our full list is:
- Ensure leadership engagement and set the strategic vision
- Organize for success
- Think comprehensively about data, algorithms, infrastructure, technical talent and risk
- Build in AI security, and seek independent evaluation of your AI risk posture
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