AI Adoption: Why Business leaders should accelerate it?
Business Leader’ decisions and actions have widespread consequences on company success and as such, great leaders excel at preparing their company to beat the competition. They lead the company and employees, spearhead strategy, and inspire confidence in the set targets and goals. Equipping business leaders with more sophisticated and powerful tools enables better decision-making. In this aspect, the importance of Artificial Intelligence (AI) cannot be overlooked.
The 2019 study from Microsoft and IDC Asia/Pacific, “Future Ready Business: Assessing Asia Pacific’s Growth Potential Through AI”.
Which surveyed 200 business leaders and 202 workers, concluded that the rate of innovation improvements and employee productivity gains were estimated to rise by 2.2 times and 2.3 times, respectively. For the organizations that have implemented AI initiatives.
The top five business drivers to adopt the technology were:
- Higher competitiveness (24% of respondents chose it as the number one driver)
- Accelerated innovation (21%)
- Better customer engagement (15%)
- Higher margins (14%)
- Productive employees (9%)
Therefore,the biggest advantages of Artificial Intelligence (AI) come in the form of reducing the load of repetitive tasks for employees and providing deeper insights over extended periods of time. AI is a great tool to bring in agility, filtering signals from noise. Also, it has the ability to handle big data easily, extract meaningful patterns and models.
Finally, make responsive dashboards that cannot be overstated.
AI adoption can also serve to make the organization agile, initiating the development of new products through careful listening and appropriate action.
Trailblazing leaders can build a knowledge base and disseminate that information consistently, motivating continuous learning in an environment that seeks to progress rapidly and radically.
In addition, the benefits of AI come with some considerations. To implement AI effectively in your business, you need big data in diverse forms. To utilize this data, you will need more computing power and storage than you’ve used before, and additional skills to integrate this software and hardware into your current technology and business teams.
As you start to use AI technology, the more data you get, the more ways you’re likely to discover how to use it. Successful use of AI technology to improve business is an ongoing and continuous effort.
In conclusion, as a business leader, you are at the helm of this effort, helping others to adjust and thrive.
You can also, steer how an organization prepares for and responds to the opportunities and risks around AI in business.