Unlocking the Value of AI: Strategies for Business Success
Taking the most out of AI comes with corporate flexibility and adaptation capacity.
Now that the appearance of ChatGPT has put Artificial Intelligence (AI) in every SMB decision-makers brain and mouth, many are trying to understand its potential and how it can have a positive business impact. But some many blockers and barriers prevent AI from unlocking its full potential.
To that extent, the 2021 MIT SMR-BCG research has shown that while some companies have successfully harnessed the power of AI, many struggle to generate meaningful value from it, due to the lack of understanding and expertise in AI implementation.
One key finding is that successful companies view AI as a strategic enabler, aligning it with their broader business objectives. They take on extensive and often risky AI efforts that prioritize revenue growth over cost reduction, understanding that the investment in AI can yield long-term benefits.
Another crucial behavior is aligning the production of AI with its consumption. This involves thoughtful alignment of business owners, process owners, and AI expertise to ensure the effective adoption of AI solutions across the organization. Unifying AI initiatives with larger business transformation efforts ensures that AI is not treated as a standalone project, but rather integrated into the broader strategic initiatives of the company.
However, implementing AI also comes with challenges. Many companies struggle with understanding the full potential of AI, identifying the right use cases, and finding talent with the necessary skills to implement and manage AI systems. As AI continues to rapidly evolve and transform industries, many companies find it difficult to keep pace with the latest developments, in identifying the most effective AI use cases for their organizations and finding qualified professionals who possess the necessary skills and knowledge to execute these projects. Concerns around data privacy and security are also common hurdles.
In a nutshell, to succeed with AI, it’s crucial to have a strategic approach that aligns AI with business goals and embraces the right organizational behaviors. This includes integrating AI into overall business strategy, taking calculated risks with ambitious AI projects, aligning AI production and consumption, and integrating AI initiatives with larger business transformation efforts.