How CEOs Can (And Should) Ensure The Success Of AI Initiatives In Their Companies

Artificial intelligence, or simply AI, has been growing in popularity in the technology industry. AI continues to take center stage at conferences, displaying its potential in a wide range of industries. Chatbots are now answering customer inquiries, while new products are seeing virtual assistants included in their packages.

Meanwhile, organizations such as Microsoft and Google continue to integrate AI as a layer of intelligence in their technology stack.

As for businesses, there are many ways AI applications can manifest in. This depends on the organizational needs and business intelligence insights. Enterprises can use artificial intelligence and machine learning (ML) in almost anything from customer relationship management to social data mining for engagement.

If you’re considering AI adoption in your business processes, then here are some tips to ensure the success of these initiatives in your company.

Involve Top-Level Executives in AI Adoption

Similar to how cloud-based subscription platforms are changing the way  companies operate, artificial intelligence can also revamp many business processes. This major change, however, requires that everyone should be on board. Securing leadership buy-in is critical to successfully adopt AI initiatives.

Basically, the more that top-level executives are involved in adopting artificial intelligence, the higher the chances are of effectively incorporating it company-wide.

In a  2017 study conducted by the McKinsey Global Institute, firms that were able to adopt AI technology effectively at scale tended to have C-suite support twice as high compared to those who did not.

It is for this reason that  it’s highly advised to have a dedicated top-level executive group or individual handle the AI transition. Consider having a bi-weekly meeting with all stakeholders to ensure that everyone is on the same page regarding its adoption.

The executives in charge should also communicate investment, resources, and the whole strategy throughout the company. Doing so ensures that everyone stays updated. It also helps secure support for cultural adoption, human and IT assets, and strategy.

Bring in Data Science and Analytics Experts

The rapid expansion of artificial intelligence technology over the past few years has resulted in a major skill gap. According to one survey, 68% of US respondents mentioned moderate to extreme AI skill gaps). The three primary roles that are highly in demand are data scientists, software developers, and AI researchers.

Technical talent is not the only aspect required. Non-technical experts such as creative leaders and managers who can bring everyone together to navigate the complexities of AI adoption are also needed.

An excellent way to prepare your team to take on AI adoption challenges is to hire experienced professionals. This can be in the form of machine learning engineers, data consultants, and data scientists. Another way is to make sure that you train and retrain current talent to continue guiding the AI journey of your organization.

Incorporate AI Strategy with Business Strategy

Most people consider artificial intelligence solely from a technology standpoint, which is why in many companies, AI efforts are often IT-centric. However, this way of thinking is the wrong approach. Organizations that obtain value from AI should view it as a primary pillar of their business strategy and begin integrating it as such.

Combining artificial intelligence with business strategy guarantees that its initiatives obtain the proper focus company-wide. This way of thinking is important since the adoption of AI can have two sides. With numerous possibilities in applying the technology across an organization, efforts can be scattered and ineffective.

By linking AI with business strategy, companies can zero in on their initiatives to bring the most essential outcomes. This approach results in a more effective allocation of AI skills and resources.

Secure Top-Quality Data and Data Availability

When working towards adopting artificial intelligence, it’s essential to keep in mind that a customized AI solution is only as good as the data it was based upon.

One of the most common challenges with adopting AI technology has to do with the quality and availability of the data. It goes to show the significance of thinking ahead on the types of data machine learning engineers need to train their models on, while identifying the best sources for credible data.

Additionally, not all data is relevant to make accurate predictions. Organizations often run into this problem when they gather worthless or inadequate data, making it difficult to create a model that can make proper predictions.

In other words, having an exhaustive dataset that comes from reliable sources is crucial to ensure the best results in artificial intelligence.

Prepare a Taskforce for Data Integration

Since accurate datasets are needed, having reliable information at the ready is essential. Internal corporate data is often spread out in various data silos and may even be found in legacy systems. This could also be in the hands of various business groups with varying priorities.

That is why forming a task force to integrate the various datasets together is important in obtaining quality data. The team can sort out any inconsistencies and ensure that all of the details gathered are rich and accurate for machine learning.

Start With a Small Sample

When applying AI for the first time, start by incorporating it into a small sample of your data. Experts suggest that beginners should use artificial intelligence incrementally to prove its value, gather feedback, and then expand from there.

Try and be selective in what the AI will be processing. For instance, pick a specific problem you wish to solve, let the AI focus on it, and then give it a certain question to answer.

Incorporate AI In Your Daily Tasks

Thanks to the additional automation and insight provided by AI, you can start making it a part of your daily routine instead of something that replaces a process. Some employees could be wary of technology that can impact their job negatively, so introducing the solution as a means to augment it is beneficial.

Organizations should be transparent on how the technology works to ensure a smooth workflow. This provides workers with a more in-depth experience that helps them visualize how artificial intelligence improves their role rather than eliminates it.

Conclusion

Successfully adopting artificial initiatives can be both rewarding and challenging at the same time.

By ensuring that you revamp your business processes and operations with AI, you are preparing the foundations for the future prosperity of your organization.