There is no question that artificial intelligence is changing the way businesses operate.
First, implementation and adoption have skyrocketed. In a recent McKinsey Global Survey, 65% of leaders said their companies regularly use generative AI, nearly double the percentage from the previous year, and 67% expect their companies to invest more in AI over the next three years. We are also starting to see data on the impact of AI: The same survey found that companies saw the greatest AI-induced cost decreases in human resources applications. AI in supply chain and inventory management yielded the most meaningful revenue increases. And those using analytical AI saw cost benefits in service operations and revenue increases in marketing and sales.
Now consider this: We are at the dawn of the AI revolution in business. There will be much greater impact in the months and years to come.
But, while the data make a compelling case when it comes to the potential of AI, it can be challenging for businesses to determine how to incorporate it into their daily operations. It can also be intimidating. You may worry that incorporating AI will replace jobs or compromise organizational security. You may also wonder if you’ll make the investment and not see much in return.
Trust me when I say, you are not alone. I navigated the process of incorporating AI at previous organizations, and here, I share with you the best practices I’ve learned to develop an effective AI strategy and maximize the impact of your investment.
Step #1: Appoint an AI Specialist at Your Company
This individual can be an existing member of your team, or it could be a net new hire. Regardless, this individual should understand AI deeply enough to assess how AI will process your data and to analyze any security concerns. This person should also be able to work collaboratively across teams, to understand day-to-day tasks across departments, and to determine how AI could automate those tasks for optimum efficiency, savings, or revenue generation.
In this role, they will be asked to:
- Identify and executive company AI initiatives
- Draft comprehensive AI company policy
- Collaborate with department managers
- Ensure successful implementations
- Continuously monitor new tools
It may also be helpful to appoint an AI business strategy group to support the specialist in their efforts, giving them a space in which they can brainstorm ideas and collect real-time feedback.
Step #2: Empower the Rest of Your Team
While the AI specialist will guide the strategy and implementation of AI within the organization, they do not work in isolation. As part of their mandate for collaboration, they will be tasked with empowering other members of the team with supporting their efforts. For instance, department managers will be asked to identify the AI tools that could benefit their team, to train and onboard team members, and to ensure implementation and adoption department wide. Direct reports will also play a role, providing continuous feedback to the AI specialist when it comes to how current tools are working and what new tools could better support their work.
Step #3: Implement an AI strategy by modifying your long-term business approach
AI can have a dramatic impact on your business. Given that, it is important to modify your long-term business strategy in such a way that incorporates AI and its many benefits. What shifts need to happen in light of AI adoption and implementation? What jobs or positions need to be created? How does AI affect your product and service offerings? And importantly, how does your pricing structure need to shift to maximize the competitive advantage that AI can bring?
Step #4: Consider What AI Applications You Want to Build Yourself
There are a plethora of AI applications already on the market, and these are great options to begin your AI journey. However, there may come a time when you realize your needs could be better served with a custom-built AI solution. You may decide to appoint a team of engineers to this project, or you may consider hiring an outside team of experts. Regardless of how you choose to move forward, my best advice is to start small. Conduct pilot projects and test-drive minimum viable products before embarking on a significant investment. If you decide to bring in an outside expert, ensure they understand your business inside and out before they start building a solution. AI is only useful if it serves your needs, and that only happens when you align with a partner who makes learning your business their top priority.
Step #5: Ask for Help
The more you experiment with artificial intelligence, the more adept you will become at understanding its power and its limitations. That said, you do not have to have all the answers. There are many experts out there who can offer you strategic guidance and advice. Ask for help when you need it. It will save you time, money, and effort over the long term.
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