Navigating the AI and GenAI Revolution
Following on from a post I shared last week:
"66% of executives are ambivalent or outright dissatisfied with their organisation’s progress on AI and GenAI so far."
That’s an incredible majority. This statistic, highlighted in a recent report from Boston Consulting Group (BCG), reveals three key reasons for leadership dissatisfaction:
So what can executives do about this?
Invest: Put your money where your mouth is
Organisations need to allocate substantial resources towards AI and GenAI initiatives. This means not only funding new projects, but also ensuring there’s a budget for ongoing support and development. Investing in AI is a long-term commitment that can yield significant returns when done correctly.
Train: Upskill your team
Bringing in experts to up-skill your team is crucial. Tactical training sessions can provide immediate benefits, while longer-term AI transformation programs can ensure that your team stays ahead of the curve. This dual approach helps bridge the skills gap and prepares your organisation for future challenges. And get inspired by what others are doing in the space and invite them in to show you!
Build relationships: Seek out suppliers
Developing strong partnerships with AI suppliers can provide the necessary support and expertise. These relationships can offer guidance, resources, and technologies that might be beyond your internal capabilities. Collaborating with the right partners can accelerate your AI journey and lead to more successful outcomes.
Up-skill yourself: This isn’t a phase
Executives must lead by example. Staying informed and continuously learning about AI and GenAI is essential. AI-savvy leaders are better equipped to make strategic decisions and steer their organisations towards growth. According to Forrester Research, businesses with AI-competent leaders are 38% more likely to experience revenue growth compared to those without.
The path to AI and GenAI success is clear: Invest in talent, define your roadmap, and ensure responsible AI strategies are in place. By doing so, organisations can overcome current dissatisfaction and unlock the transformative potential of AI.
One further point: Commenter Todd Zino mentioned on LinkedIn that "I would imagine most of the businesses experiencing an absence of AI strategy likely have a similar absence of data strategy. The more coherent and scalable the latter is, the easier it should be to develop an AI strategy from." Very true!
Let’s continue the conversation about how we can navigate this AI revolution together. Reach out to discuss building AI capabilities within your organisation.
Thanks for reading this issue,
-Ross
Note: If you want to discuss how these topics influence your role, please reach out on LinkedIn
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5moI would take an opposite position to this. Instead I would list out all of the operational problems and barriers to growth, and then challenge all of the teams, inc execs to come back with solutions with a month. I would then look to see how many solutions require AI, how many could be improved using AI or how many solutions can be changed by AI. And then I would build an implementation plan. And on up-skilling, I would run separate sessions to knowledge share ideas from personal attempts to get value from AI. The more I use it in my life, the more I understand its strengths & weaknesses!!!