Artificial Intelligence has arrived and it is good time that the C-suite especially the CEOs take a note of it. However, with the media hype surrounding digital transformation and AI the decision-makers of an enterprise often left in quandary as to how and when to implement AI and what to do with this business transformative technology.
With tangible results and takeaways, AI has shown real outcomes for early adopters resulting in a sense of trust and a feeling of assurance. To aid the C-Suite to derive benefits from this technology, Harvard Business Review has come up with a set of pointers which enterprisers both big and small need to know, for AI success in their workplace-
1. C-suite must take its time to evaluate the critical success from AI before deciding on a pilot.
2. It is good to believe in the hype surrounding AI implementation, disruptive technologies can potentially boost enterprise returns.
3. AI transformation might not succeed without the support of decision-making management.
4. Partnering for capability and capacity creation is a must for AI success.
5. Trust other technologies too, and avoid the temptation of putting tech teams solely in charge of AI implementation.
6. Accelerate the enterprise AI journey with a portfolio approach.
7. Machine Learning is powerful, but weigh your enterprise use cases before selecting the technology.
8. Build digital capabilities before an AI pilot project.
9. Take the change in overseeing the AI pilot in the first place.
10. Beware, people, change management and process-up-gradation are the biggest challenges.
The buzz around Artificial Intelligence (AI) has grown by leaps and bounds, all set to instil confidence among the C-suite all across the world. This is marked by an increase in investments and the widespread interest by venture capitalists, tech powerheads and change-makers. AI-infused digital transformation success stories are becoming all the louder and more prominent across enterprises crisscrossing domain functionalities.
The key adoption point of the IA influx arises from the adoption in AI machine learning and NLP infusion, to deliver more output and results that suits all the AI adopters. The AI adaptability across different industries will be different from BFSI, Telecom and Logistics all set to lead the way, while healthcare and the government sector is slowly and steadily preparing for the transitional shift.
In the future, developing new business models to build a growth path that is flexible and robust will be critical to digitization. The same seems to hold for AI, early AI adopters have been very proactive and robust in adoption g to the change, setting up examples for others to follow.
Summing up, the C-Suite must not make any mistake, the digital adoption is here, and the faster they realize its presence and embrace to these new technologies, the quicker they would adopt and stay in the competition race, else the time will come soon for perish. We are talking of a technology-dominated digital transformation era in some years from now.
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Kamalika Some is an NCFM level 1 certified professional with previous professional stints at Axis Bank and ICICI Bank. An MBA (Finance) and PGP Analytics by Education, Kamalika is passionate to write about Analytics driving technological change.
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