Techosta Where Tech Starts From
Tech billionaires Elon Musk and Jack Ma put artificial intelligence in the spotlight when they staged a public debate on the future of the technology earlier this month. Musk reiterated his concern regarding the potentially negative consequences AI could unleash on society, while Ma took a markedly more optimistic tone. Both agreed, however, that the technology will inevitably change the way we live and work, perhaps like no other technology has.
Speculation aside, the reality is that AI and machine learning technologies are already transforming the world of business. And the transformation has only just begun.
Tomorrow’s tech is already influencing businesses today.
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Learning by Doing
The companies succeeding with AI are those that are reorienting their entire business around the technology. Their leaders are finding ways to incorporate advanced data analytics and automation into marketing, business development, customer service, and virtually every other business process. By making AI part of their DNA, these companies are poised to capitalize as advancements continue.
Of course, implementing AI — or any new technology — isn’t without its hurdles, especially for companies without an abundance of in-house technical expertise. But early adopters understand that the technology is still in its infancy and embrace the challenges that accompany integration. They know it’s better to face those difficulties now than to sit on the sidelines and miss the opportunities that AI will present in the near future.
If you’re a business leader planning your own AI implementation, there are several steps you can take to both minimize short-term challenges and maximize long-term value.
1. Align AI use with specific business objectives.
Most chief executives agree that technological change is the biggest external challenge they now face. Unfortunately, many also lack the knowledge necessary to navigate a rapidly changing technological landscape. That’s why it’s critical that today’s executives prioritize IT as a core business function. Doing so will allow your company to be more proactive and agile, and it will ultimately give you an edge over your competition.
A proactive IT posture will also enable you to identify the best AI strategy for your company. Every business is different, but if you know precisely what you’re trying to accomplish and clearly understand what’s achievable with AI, you’ll be able to make better decisions about where to start your integration and what to expect in terms of ROI.
2. Turn existing jobs into “superjobs.”
Thanks to AI, the skills required to perform a wide range of business functions are changing. “There is going to be a huge amount of job redesign,” says Emily He, Oracle’s senior vice president of human capital management. “A lot of the work that’s currently repetitive will be automated through technology.” Time and effort that used to be spent on repetitive tasks is being reallocated to higher-level work. At the same time, companies are increasingly looking for prospective hires who have the ability to work alongside machines.
Business leaders must collaborate with their staff to understand how roles are changing as AI takes on more of the workload. The C-suite and HR must then work together to create job descriptions for these “super jobs” to ensure that new hires have the capabilities needed to perform new kinds of work. “The redesign will be happening through the HR function, through leadership, as well as through the employees themselves,” observes He.
3. Teach your team to work with data and AI solutions.
Modern businesses are currently facing a major shortage of technical talent, which means that many companies could have to upskill current employees rather than hire new ones. Companies interested in integrating AI will first need to ensure they have the data and the employee expertise to actually benefit from these solutions.
Cultivating in-house expertise will give enterprises a major competitive edge. “AI requires large amounts of clean, organized data to inform decisions — something many organizations lack,” says Vince Dawkins, president and CEO of Enertia Software, a developer of enterprise solutions for the upstream oil and gas industry. “By training employees to perform these tasks and giving AI the tools it needs to succeed, organizations are getting an invaluable head start on AI implementation.”
In 2018, the World Economic Forum predicted AI would create 58 million new jobs in the next five years. Inevitably, these jobs will require new skills and beget new business processes, though no one can say for sure what the future holds. Don’t wait five years to see how AI changes your industry. Instead, lead the change by making the technology part of your DNA today.
[“source=forbes”]