CEOs often comprehend their role in establishing a strategic vision for the company to develop, deploy, and manage AI applications with speed and efficiency. They frequently acknowledge their involvement in providing strategic push around the culture changes, mentality adjustments, and domain-based approach necessary to scale AI. Understanding the value at stake and what is attainable with the correct technologies and processes is the first step in playing this active role.
Significant advancements have accelerated the life cycle of an AI application in AI tooling and technologies in recent years, enabling consistent and dependable scaling of AI across business domains. With the help of a best-in-class framework for working methods known as MLOps (short for "machine learning operations"), enterprises may now benefit from these advancements and establish a standardized, internal AI "factory" that can grow.
Artificial intelligence (AI) refers to human-like intelligence demonstrated by machines such as robots, bots, computers, gadgets, and sundry digital devices. Whether it is text-to-speech conversion, deep learning, machine learning (ML), computer vision, or neuro-linguistic programming (NLP), AI has opened up several tech doors for businesses that were previously closed.
When a business chooses to adopt AI, it does well by embedding or ingraining it in all its processes, products, services, projects, resources, people, functions, and more. While the operations team does well in executing AI in (ideally) every single business instance, it’s the role of the CEOs to drive the adoption and usage of AI across the enterprise in a strategic manner. We look at how CEOs can and should infuse AI across the enterprise and inside its work culture to facilitate scalability.
The Immediate Impact Of Enterprise-Wide AI Interventions
Organic growth is obtained when a business's AI approach and technology function aligns well with its overall mission, vision, an. Of course, the two phenomena are interrelated, and we are mentioning them separately to drive home the point that good AI strategy and execution benefit any organization in a 360-degree, end-to-end manner.
Indeed, AI is a transformational technology that acts as a change agent in addition to boosting the morale and the work efficiency of the employees. Your customers, clientele, and consumers, too, benefit from your strategic, organization-wide adoption and usage of the technology.
Automation and ML are two of the essential components of AI. AI readily comes into the picture when a service is delivered to the customer, an employee runs a process at the workplace, or a product is innovated at the R&D center. It helps standardize mundane process steps and helps the business achieve economies of scale over the long term by eliminating the need to start a process or initiative every single time from scratch.
If organizations feel obliged to start business proceedings from scratch on multiple fronts, they lose out on gaining the real competitive advantage that AI offers. Instead, this not-so-wise approach increases business risk, as also the level of inefficiency.
How CEOs Can Transform Organizational Approach To AI
How AI contributes to the top-line and the bottom-line of the business makes for a matter of utmost interest to a CEO. How AI impacts customer experience and creates customer delight also forms a matter of core importance.
As mentioned before, using AI appropriately helps businesses scale up quickly, and this impact is also visible in the P&L statements of the business. The first quarter could yield up to a 5% hike, which increases to 10% in the second quarter, 15% in the third quarter, and a significant 20% by the end of the year. These are roughly estimated growth figures, and meeting them depends on how wisely an enterprise leverages its AI infrastructure.
To conclude, executive leaders need to understand that AI has become a hygiene business factor, up from a good-to-have capability in the last decade. Once they understand this critical bit, they need to allow AI to be trickled down to reach each employee, customer, consumer, partner, and more.
The executive leader’s role, by far, looks the most important one as far as implementing and infusing AI is concerned in the context of the modern era. CEOs need to include AI and technology in their vision and communicate the same to every stakeholder from time to time. AI as a technology, for sure, is bound to see massive updates, upgrades, innovation efforts, and more soon.
The author is Jagannadh Kanumuri, President & CEO, ACI Infotech