Artificial Intelligence has the potential to allow companies to not only do different things, but also to do things differently. It represents a step change in balancing growth, profitability, sustainability and trust.
With 46 percent of executives indicating that AI will drive increased revenue opportunities, getting AI right makes companies more valuable to their ecosystem and helps them maintain a competitive position in a world that will soon be powered by AI.
But to realize real and sustainable benefits, AI must evolve from being a hot new trend to a seamless enabler—woven into the fabric of the enterprise and working alongside and augmenting people.
AI across the business spells growth.
When AI becomes an essential component of every process, it enables growth that goes far beyond just the customer-facing aspects of a business. A new class of value creation is stemming from AI. These five value levers—categories of applied AI solutions—can prioritize quantifiable results and growth.
Data is the new ecosystem currency.
AI demands vast and diverse data for the best learning and results. And while a company’s own data is valuable, data from a host of related companies is even more so. Ecosystems will soon evolve into information exchanges with new opportunities to leverage data.
Fast followers will be first losers.
Most executives realize the benefit of implementing AI across their enterprise, but fewer than half are doing so, putting them further behind rapid innovators. Lowered barriers to entry coupled with the constantly learning nature of AI is narrowing the competitive window of opportunity.
The first steps to AI-led growth:
- Move beyond automating for efficiency.
Quantify benefits by applying the AI enterprise value drivers across your organization and creating strategies for sustainable returns.
- Redefine your ecosystem.
Assess where you will source data from—both internal and external—to feed your AI engine.
- Create AI proofs of concept and establish a foundation of AI enablers.
Dig into AI to maximize learning and drive understanding of the compute, data, ecosystems, experience and talent areas in your organization.
- Emphasize AI governance.
Establish AI guidelines for ethical use, transparency and privacy. Responsible AI entails governance that addresses benefits to employees, customers and society along with your bottom line.
Bringing it all together
By bringing together the critical parts of the AI strategy, value areas and capabilities, businesses can establish an AI fabric to maximize impact and growth.