The ongoing AI revolution is playing a significant role in automating business processes and tasks, streamlining operations, increasing productivity, and obtaining more and better data analytics in many industries and services. As of today, many industries have seen cost reduction and revenue increase through AI.
As businesses are going through AI adoption and transformation, more than ever, sound judgment and decisions derive from collective wisdom regarding the specific scope and feasibility of AI technology.
But how do you develop collective wisdom to make the right decisions? How do you get the Goldielock’s “just right” amount of AI for optimum results, without overdoing or undergoing it?
Instead of using a reactive approach to AI, business leaders need to first develop a long term, proactive, well thought-out, and customized approach to AI adoption and AI transformation.
First, the C-suites need to put their (hopefully cool) heads together, both internally from the executive teams and externally from AI consulting experts. Outside consultants can provide detached and comprehensive perspectives to augment internal viewpoints.
Rather than reacting out of FOMO (fear of missing out), before making any specific AI decisions, ask yourselves questions such as these:
After doing some needed “soul searching”, it is our sincere hope that your company comes up with AI policies or guidelines that are human-centric, responsible, and results-driven, to pave the way for leveraging AI for your long term growth.
As AI grows by leaps and bounds, governmental regulations are slow to catch up. They always come in hindsight based on what went wrong in the past. Instead of waiting for AI related laws and regulations for setting up guardrails for your AI development, proactive leaders need to establish such guardrails early on, based on ethics and common sense.
Ask common sense questions such as
By establishing and following through proper procedural checkpoints upfront, companies can avoid misfortunes down the road, such as being forced by the FTC to delete algorithms developed with unlawfully obtained data (“algorithmic disgorgement”), after spending much time, money, and resources.
To ensure a seamless interaction between AI systems and humans, leaders need to prioritize human well being first, and develop AI to augment and supplement human capabilities.
Proactive leadership needs to plan ahead to upskill the workforce while adopting AI for mundane and routine work.
Designing AI systems and continuously improving them requires input from frontline workers. It is vital for developing a transparent culture and a safe environment for everyone to speak out, in identifying areas for improvement in data generation, products or services, and processes.
As we all know, AI depends on high quality data, and the feedback loop in the organization for generating and fine tuning data. This feedback loop requires a non-hierarchical management system that engages the workforce at all levels. The traditional “command and control” needs to be adjusted.
AI can play a great role in achieving intelligent automation, streamlined processes, and better and speedier data analytics. AI can extract valuable insights for better informed decision-making. As AI impacts almost everyone in the tech industries, AI transformation will need everyone’s involvement to help organizations adapt and evolve in the digital age.
We at Wull are not over-thinkers who just study the study, which may lead to analysis paralysis. We believe the best way to improve growth strategies and productivity is through design thinking, prototyping, experimentation, iteration, and implementation. We are doers.
We can design experiments or prototypes according to the budget, objectives, and the scope of a project. We also address challenges exceeding the capacity of limited in-house expertise, in regard to AI development and/or complex data.
To contact us for more information, please leave a message on our website. Thank you.
Leave a Reply