Managing AI for Maximum Benefit
Managing AI for business impact is a critical aspect of modern business strategy. As artificial intelligence (AI) evolves and becomes more sophisticated, it is increasingly driving growth and innovation. However, to realize AI’s potential benefits, it is essential to manage it effectively. Like riding a horse, it’s important to establish who is in charge at the outset.
Effective AI management begins with understanding the potential applications and having reasonable expectations. AI is not a single technology, but a collection of applications, including machine learning, natural language processing, and robotics automation that process huge amounts of data with increasingly powerful chipsets. Each of these applications address different business activities. Therefore, understanding the capabilities of each technology and aligning them with the business needs is the first step towards effective AI management.
Once the potential applications of AI are understood, develop a strategic plan for its implementation. Outline the specific business goals and expectations, the resources that will be required, and the timeline. Include a plan for monitoring and periodically evaluating the performance of the AI system, to ensure that it’s delivering the expected results – and correct your course if it’s not.
Implementing AI is not a one-time event, but a continuous process that requires ongoing management. This includes regularly updating the AI system to incorporate new data and insights, and continuously monitoring its performance to identify any issues or opportunities for improvement. It also involves managing the risks associated with AI, such as data privacy, security and “explainability”.
Ensure that your AI is used ethically and responsibly. This involves setting clear guidelines for acceptable use, and ensuring that it is not used to harm individuals or society.
Another important aspect of AI management is building the organizational skills and capabilities you’ll need, and transitioning from legacy skillsets. This includes not only technical skills, such as data science and machine learning, but also business skills, such as understanding how to use AI for business value. By fostering a culture of innovation and learning, employees are encouraged to experiment with new ideas and approaches. This can ensure that the business benefits are worth the effort.
Effective AI management requires strong leadership. Leaders need to promote a vision for how AI will impact the business and champion its implementation. They also need to support the use of AI within the organization, and ensure that it is integrated into the business processes and decision-making.
In conclusion, managing AI for business impact is a complex task that requires a strategic approach, ongoing management, ethical considerations, skills development, and strong leadership. However, when done effectively, it can drive significant business growth and innovation. Therefore, it is a critical capability for businesses in the digital age.