The opinions expressed by Entrepreneur contributors are their own.
2023 has been a year of big changes in artificial intelligence. Particularly in the genre of prompt-based content creation, we have seen the sporadic boom of infinite tools. The public version of Chat GTP reached millions of users within a few months of its launch.
However, despite the rising numbers in favor of Gen AI, entrepreneurs are constantly wondering whether these are just exaggerations or whether Gen AI really has the potential to bring long-term business benefits.
Additionally, the ever-expanding use case of prompt-based AI has led entrepreneurs to debate the ethical use of AI. We must not forget that the foundational nature of AI ties its resources to a large amount of deidentified data.
While this means that anyone without technological knowledge can exploit such fundamental Gen AI models, it also means that the process can produce default or less accurate information, even leading to data risks.
Related: 6 Positive Impacts of AI on Digital Marketing
A recent report from Accenture states that 76% of senior leaders see generative AI as an opportunity to streamline operations, reduce costs and grow the business. However, nearly 72% of respondents are investing in AI with caution due to concerns about its responsible use.
Let’s first talk about the main areas that prevent growth-oriented companies from implementing AI systems:
- Strategy: There is palpable confusion about how AI can transform competitive dynamics and add value to business models. Most senior executives are unsure how to map the financial and non-financial value generated by AI models so they can generate the best value for their businesses. Furthermore, in most cases, there are enormous complexities regarding the contractual and logistical feasibility of AI partnerships.
- Technology: Most leaders are still unsure which parts of their proprietary data and technology stacks should be made redundant or can be capitalized on more in the future. Leaders also witness huge capabilities and skills gaps when it comes to AI system operations.
- Compliance: AI governance is rapidly evolving with growing threats to data. This leaves leaders uncertain about how AI regulations will spread across jurisdictions in the future.
- People: There is growing concern among HR about the future of work as most perceive AI as a replacement for them. Next-generation leaders are still unsure how to streamline change management in their company.
- Stakeholders: Business leaders face resistance not only from human resources but also from partner networks. Most C-level leaders struggle with AI adaptability in their partner networks, which lack technological sophistication in streamlining, protecting, and reprocessing data for AI integration.
In this article, we’ll discuss some ways business leaders can develop an actionable AI strategy. Let’s begin.
1. Make amplified human capabilities the primary focus
AI modules are designed to evolve for sure. But they lack emotional intelligence and moral thinking. When integrating AI into your business, as a senior leader, you need to remember that AI is not a means to replace human resources, but to further complement and augment their operational capabilities.
There is also a need to strengthen trust in AI systems with some fundamental models. Your goal should be to create AI strategies that are impenetrable and actionable, yet adaptive, in line with global compliances and constraints.
2. Have a designated AI control center
At the moment, as much as the gap is about reaping the benefits of Gen AI, more and more business leaders are concerned about the risks of AI. Built with human-like technological intelligence, Gen AI can get out of hand without defined control.
Additionally, you need to align your AI strategies with a long-term business vision to achieve maximum benefits. When integrating AI, you cannot centralize your company’s technical capabilities. Instead, you need a leader with strong digital transformation capabilities and an in-depth understanding of AI risk and governance to design ROI metrics, establish enterprise-wide best practices, align strategies with financial goals, and reduce risk. and, above all, capitalize on value. from investments in AI.
3. Consider artificial intelligence as a model to be transformed from scratch
We are at this crucial point in technological evolution, where technological investments can no longer only concern the transformation of specific business functions. And with artificial intelligence, the need is more to reinvent entire business processes.
Until now, you may have been wondering, “How can AI make my business process efficient?” Now is the time to ask yourself, “How can AI help me further innovate my business processes?”
You need to aim to get maximum impact from AI systems from the ground up, but with rigorous governance.
Related: I Tested AI Tools So You Don’t Have to. Here’s what worked and what didn’t.
4. Take a look at the gaps: both talent and technology
Redundant technology architecture and resource skill gaps are major constraints on the AI growth strategy. To leverage the optimal value of AI, you must first take a closer look at restrictive data structures and outdated technology systems.
As a leader, you need to restructure your data infrastructure, computational powers, and architectural capabilities to integrate AI into your business systems. You also need to clean, secure, and process first-party data for seamless AI adoption.
Additionally, you need to understand a critical aspect of AI expectations: It can’t improve work if human resources are redundant and limited to acceptance and adoption. Upskilling your employees to elevate them to AI and data-enabled roles is a crucial need of the age.
Take away
The uncertainties around AI integration are real. However, that shouldn’t stop you from taking advantage of its proven potential. AI disruption is commonplace, and as a business leader, you can avoid its downsides with a monitored and practical AI strategy.
Think about the post-Covid era, where high-growth businesses have vanished because they refused to budge with much-needed technological disruptions. Today the world of technology has certainly shifted towards more sustainable practices, but as a rapidly evolving company, you cannot pass up a disruptive model that is destined to be the hero of tomorrow.
So, proceed with caution, take stock of your AI investment, but don’t hesitate to innovate with Gen AI.