Artificial intelligence (AI) in business been game-changing across many industries. For leaders in business, AI is the driving force in digital transformation, improving customer experience, delivering better products and services, and entering new markets. However, many professionals are not maximizing its full potential. Rather than limiting their focus to solely the technology, executives should recognize AI as an engine for growth and change. To do so, industry leaders need to dig deeper. There needs to be a fundamental shift from applying AI as a new trend to integrating it into business with all of the complexities and challenges it may present. Taking steps toward a well-rounded approach to AI will maximize its value to a business and give companies the competitive edge they are looking for to set them up for long-standing success.
A Holistic Approach to AI in Business
Integrate AI across the organization.
For continued success, enterprises should start using AI across the organization. This shift should begin with top executives paving the way to help employees adjust as it progresses. Business leaders need to encourage their teams to implement and explore AI technology so they can understand the current state of computing, data, and digital capabilities. Promote an organizational culture of experimentation and innovation that motivates employees to learn by doing.
To achieve the best results for AI in business, the technology requires vast and complex data. As valuable as data is for one company, the value of data from a network of organizations is even greater. Because of this, AI will only be as effective as the scope of data used to implement and “train” it, making it crucial for businesses to maximize data across an ecosystem instead of solely within one company. The more companies that join an ecosystem of data, the better they will all be able to compete in an increasingly AI-driven market. With a larger breadth of data insights, company executives are unlocking a new landscape of tools that drive business growth. This, in turn, will transform the customer experience, create products and services with unprecedented capabilities, and excel in previously less attractive markets.
Explore new capabilities and redefine boundaries.
AI is able to offer businesses ways to do new things and give them the capabilities to improve what they are already doing. Executives need to clearly identify how AI can benefit their business and build strategies around it to maximize sustainable returns. While keeping customers at the core of a business, redefine boundaries by exploring these new capabilities in how data can be shared and even monetized.
Determine how AI aligns with the values of your business.
It is critical that AI deployment is aligned to a business’s core ethics and values that best supports members of the organization and customers. A new normal and standard for growth are on the horizon and the leaders of tomorrow are utilizing AI in business to drive success. Ultimately, AI is more than something do; rather, it must become an integral part of a company’s way of being.