This 2024 research from HFS Research has confirmed much of what I am experiencing in the market. Nearly half of technical decision makers are stuck, not even sure where to begin with the quickly evolving technical landscape referred to simply as AI.
It is one thing for a business to evaluate AI and make an informed decision to hold off on an investment. However, in my recent experience, that is not happening. If you are a non-technical decision maker, and your business has not built an AI strategy, it’s now time to question the businesses priorities. The businesses that are thinking beyond simple generative AI are finding huge competitive advantages. This is and will continue to be disruptive.
Based on the findings from HFS Research in their 2024 report, and what we are seeing in the market, consider these 6 action items:
1. Build a Strong AI Leadership Team: It’s time to appoint a dedicated AI team, led to prioritize AI initiatives and resources. This team should include data scientists, machine learning engineers, and domain experts. If your business is big enough to have both a CTO and a CIO, you should be appointing a Chief AI Officer.
2. Shift Focus Beyond Productivity: Recognize that AI’s potential extends far beyond short-term productivity boosts from things like ChatGPT. Your strategies should focus on long-term plans that incorporate broader business objectives.
3. Invest in Data Quality and Governance: No matter your AI implementation schedule, prioritize investments in data management, treating data as a strategic asset rather than a cost. High-quality, well-governed data is essential for developing accurate and reliable AI models, ultimately driving better business outcomes.
4. Foster a Culture of Responsible AI: Implement a responsible AI framework that addresses privacy, security, reliability, safety, and explainability. Promote educated AI usage across the organization. Restrict employees from using the free AI tool with company data.
5. Secure Executive Sponsorship: Gain strong leadership support to overcome inertia and allocate necessary resources for AI initiatives. Executive sponsorship is crucial for driving the organizational change needed to implement any progressive technology. Given AI’s disruptive nature, leaders must be able to articulate a clear vision for how AI aligns with the company’s strategic goals and communicate this vision across all levels of the organization. Without active and visible support from the top, AI projects are more likely to stall or lose momentum.
6. Emphasize Process Management: Prepare the workforce for AI integration by simplifying and revamping business processes with an AI-first mindset. Ensure employees understand how AI can enhance their roles and work smarter. Usually, employees want to know how it impacts them, and the day-to-day processes are where AI will truly bring value to those users.
At Advisor Labs our team of AI and ML experts help improve business outcomes through custom AI solutions. We advise clients through each stage of AI adoption, from building strategic AI plans, to custom development, to change management, and beyond. If you find that your business is lacking the expertise to effectively manage the progression to AI, reach out to one of our team members today.
