Amid the growth of the Artificial Intelligence (AI) and big data market, business leaders are starting to realize that AI – like any other business function – requires structured strategy, planning, training, and execution to successfully implement.
Many companies working on digital transformation have amassed huge data archives but lack the ability to extract the information they need to unlock new synergies and growth paths. This bottleneck is visible in most companies I meet. The transition from data collection to fully formed, AI-driven growth strategy is a multi-step process that can appear overwhelming to those without clear guidance.
If this describes your own situation, read on. Below are three key areas that CIOs can focus on right now that can make a lasting business impact through the implementation of AI.
While most companies profess to be “digital,” the reality is that many boardrooms still view digital strategy as a bolted-on process that supports existing operations – the renewal of a company’s administrative support layer. Many CIOs face a constant battle to underline the impact true digital transformation can make when properly implemented and supported by AI.
Even so, most companies have built a data capture layer on top of their operations. This is the opportunity CIOs need to get the ball rolling. The benefits real-time data delivers for predictive maintenance and manufacturing pipelines are well documented, yet the true opportunity doesn’t just lie in highlighting incremental efficiency improvements. AI allows CIOs to explore their data and find entirely new ways to deploy existing assets that have the potential to significantly impact the company’s bottom line.
By initially focusing on low-hanging fruit and easy wins that deliver results, I have seen CIOs win over hearts and minds in the boardroom. The momentum provided by these wins makes it easier to persuade leadership to capitalize on larger transformations, including potential pivot opportunities discovered by AI.
2020 has shown that the ability to think and act swiftly can mean the difference between survival and bankruptcy for organizations of all sizes. Sedate planning and cost/benefit forecasting based on historical data has less value in volatile, novel, and unpredictable market conditions.
In response, many companies have adopted an AI-first approach to setting company strategy.
