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In the today’s evolving era, we all know the importance of artificial intelligence (AI) and how it has propelled us into a paradigm of techno-industrial and how prudent it is for executives to comprehend this.
C-suite leaders can actually add significant value for the organisations by embedding AI into their business operations. Implementation of AI using a holistic approach will be a prudent decision as it will reduce the burden of people from work monotonously, productivity, creativity, and experience of the customers.
So, you must be plausibly wondering, how can you take advantage of Artificial Intelligence in your organization?
AI will demand careful attention especially for C-suite leaders. Though,AI actors will be great for your business; but we shouldn’t underestimate the damage caused by AI actors.
They can spoil the goodwill, cause frustration amidst employees and clients.
Adoption of AI should be given proper consideration and should be done after careful analysis and observation. We suggest to almost every organisation to use holistic approach while adopting AI, following the key pillars:
- Business value
- Culture and enablement
- Governance and ethics
Business Value
Vital to describing a compelling business case isn’t just comprehending the quantum such as near, mid, and long-term savings. We should also consider the major benefits of the platform that will have an impact on the total cost of ownership of an IT company. It is evident that in most cases with AI, an ROI will increase at an exponential rate.
Operating margin is highly impacted due to rising inflation and slow down of revenue velocity due to a widening skills gap; increase in the compliance risk in accelerated regulatory environments; and skyrocketing expectations of employees and clients in the market.
However, we can take automation program of Travelsport as an example. After embarking a transformation with model on reducing cost, they realized they also needed a model that can counter the impact automation has on maximising the risk, satisfaction of employees,and compliance.
Culture and Enablement
When AI is being deployed, we should always take employees into consideration. As, it has been found that approximately 45% of the employees globally want to make significant contribution in the creation of AI automations and implementations in their workplace. In addition to that, it has been observed it reduces the resistance amidst employees.
Following the strategy of keep human in the loop will empower them to refine the models of AI precisely. This will help in formulating a pre-requisite in driving the right culture and beginning for AI.
The automation journeys of USI and Hub International provide a good example of AI adoption done right. However,they are just starting their journey with AI. The insurance services providers had successfully established their automation of AI programs.
Governance and Ethics
Adoption of AI in the enterprise will demand control and accountability. Be it its application, output, and performance everything must be monitored properly and closely. We can follow a platform based approach for attaining this goal.
Consider a platform like a safety blanket, wrapping around your enterprise to provide access to AI in a controlled way. In a comprehensive article by McKinsey and Company on scaling data analytics and machine learning (ML), platforms and systems “able to move data from one classification to another as their importance fluctuates” are key to fast-changing data strategies and provide strong governance.
Why to choose a platform based approach
A platform will help in delivering built-in tools for model versioning, help in managing confidence thresholds across all predictions of models,and it qualifies for output in line with core value drivers and risk guidelines. It gives transparency for users as they can interrogate the data of training and process for bias.
What C- suite executives should do at the moment?
If executives have yet to plan an AI strategy for business, make it now. Deployment of AI strategically here and there isn’t enough. We need to have a plan to make AI core to all operations of the business. It needs an holistic enterprise strategy. What’s more, we can’t overlook the automation’s power to turn AI comprehension into action and business value.
Finally, I’d like to end on a very popular quote
