As AI continues to revolutionize the business landscape, many organizations face the challenge of understanding and harnessing its power. In a recent interview in Forbes, Rebecca Finlay, CEO of the Partnership on AI, a nonprofit organization committed to advancing positive outcomes in AI, shares her insights on current trends and expectations in AI exploration among businesses.
Transformative Power of AI
A year and a half since the emergence of ChatGPT, AI has become a frequent discussion topic among CEOs. According to Finlay, business executives are grappling with understanding the scope and potential impact of AI on their operations. With AI’s potential to effect significant change within companies and entire sectors, CEOs are keen to explore the associated benefits, the return on investment, and possible risks, including privacy concerns, the accuracy of AI models, and impacts on their workforce.
Finlay points out that most companies today operate, in one capacity or another, as AI companies. Organizations are focused on identifying problems solvable using AI, exploring its myriad applications, and harnessing the potential benefits for their business growth.
Identifying Appropriate AI Applications
Companies are keen to experiment and find the best solutions for implementing AI. There is a strong interest in innovating while weighing out the potential risks. Emphasis is placed on the cross-departmental impact of AI, urging companies to install structures such as an AI or data analytics council that would include IT, legal, and other teams dedicated to understanding this technology.
Finlay underscores the crucial role of people when it comes to AI implementation. It is about having the right leadership team to honestly assess the possibilities of AI. Furthermore, ensuring a good relationship with the board of directors is vital for transparency regarding the deployment of AI within a company.
Assessing AI Implementation
Ideal assessment of AI implementation should not prefer innovation and speed over responsibility. Companies are encouraged to get started on AI utilization, but at the same time, they must consider the responsibility requirements from the onset. This perspective leads to a much more effective system that drives a more efficient product down the line.
Council of Advisors
Companies should establish a council of advisors with regular meetings to discuss AI implementation progress, monitor developments in the sector, learn and educate each other, and perform post-deployment monitoring of systems to keep everything aligned with company goals.
The Future of Business AI
Over the next year and a half, businesses will likely move from the exploration stage to deployment. As generative AI models progress, businesses will likely integrate AI across different areas, and notably in generative AI. This paradigm shift promises to significantly advance product development for businesses enhancing value and delivery for their clients and customers. Companies need to get started now, get the right people in place, and get all hands on deck in this transformative endeavor.
Finlay finally advises business leaders not to predict the future of AI but to keep an open mind about the technology and see how it can impact their work. Depending on its relevance, generative AI could be the solution businesses need to better serve their clients.
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