Growth of AI business
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According to PwC’s 2024 Emerging Technology Survey, 73% of U.S. companies report using some form of artificial intelligence (AI). Perhaps unsurprisingly, generative AI products like ChatGPT are high on the list of recommended AI tools. AI is transforming nearly three-quarters of businesses, and it’s clear that its use will become more common.
This is good news, but it’s also the biggest reason for businesses to prepare. Many organizations currently lack consistent internal AI systems and regulations. Instead, they allow their employees and teams to “expose” different AI products. While this approach is understandable, it is not the way to leverage the potential of AI. On the contrary, there may be a large number of mismatched systems and cross-purpose processes.
Of course, we cannot simply stop implementing and experimenting with AI. However, you can control how you deploy and manage AI within your company. Below are some strategies to maximize the impact of any AI you bring into your company.
1. Establish an AI governance program.
Setting clear AI governance standards across your organization is essential to effectively managing AI integration within your company. This approach is especially important given the findings from Forbes Advisor that 46% of companies use generative AI to create internal messages and copy.
You may not realize how much AI is already being used in your business. The establishment of an AI governance group will therefore be critical, serving as an immediate asset for overseeing and regulating the adoption and use of AI technology in the workplace. This ensures that AI deployments align with company goals and policies.
Aaron Moore, president and CTO of Kinect Consulting, strongly agrees on the need for more serious, pragmatic, and deliberate AI governance. He emphasizes that having governance in place is not just about raising awareness. AI definitely brings companies closer to their North Star.
“Building a cross-functional AI governance team can help companies bridge the gap between technological possibilities and desired outcomes,” Moore says. “AI governance, by setting a clear AI vision and creating clearly defined AI controls and processes, ensures that systems are developed in a responsible, ethical and transparent manner, while at the same time , measuring success against clearly defined business objectives, which ultimately drives innovation, reduces risk, and ultimately delivers success.”
2. Each AI product has a purpose.
Exploring the latest AI systems and solutions on the market is an exciting adventure. There are many options available, so it’s important to recognize that not all of them will fit your specific needs or your company’s broader vision. To ensure that your efforts with AI are purposeful and effective, it is important to define clear and well-considered objectives for your AI implementation. This focus ensures that the AI technology you deploy is not only advanced, but also strategically aligned with your business goals.
Be prepared to share your purpose with your consumers. An astonishing 79% of people surveyed by Gallup expressed distrust in the ability of companies to responsibly implement AI. For example, 69% feel that AI cannot evaluate job applicants as effectively as humans. Furthermore, 62% said AI should not give medical advice.
However, most consumers were satisfied with AI-powered content (68%) and product (65%) recommendations. In other words, how you employ AI can impact how your brand is perceived externally. Therefore, you and your team must always be prepared to answer the most important question: “Why are we using an AI tool for that function?” Providing clear, actionable answers shows that you have carefully thought out your AI strategy and may ease concerns for interested parties.
3. Create an AI plan.
It is important to have not only a purpose for AI, but also a method to ensure that it gets closer to the end goal. For example, let’s say your company wants to use AI to enhance customer service. Implement AI-powered chatbots accordingly. However, it is not enough to simply implement a chatbot and expect good results. You need to develop a strategy to determine if your chatbot is working effectively.
For example, you might want to start training your live customer service agents so they understand how your chatbot works. Additionally, you can learn about the known limitations of chatbots. As stated in an academic study, chatbot technology can leave customers unsatisfied. You should work with your team to determine where chatbots are useful and where human agents are a better fit.
This may sound difficult, but it becomes easier if you regularly measure certain KPIs, such as the amount of chatbot activity, chatbot bounce rate, and customer service satisfaction feedback. The ultimate goal is to ensure that any AI can improve business operations and reputation. By taking steps and staying on top of metrics, you can feel more confident about the direction your company and its AI are headed.
AI may not be perfect, but it’s perfectly fine to start using the various AI products on the market in your business. However, it’s important to stay on top of your AI implementation process. The good news is that with a robust AI governance commitment, wise selection of AI tools, and continuous data-driven evaluation, managing this process effectively can be both possible and rewarding. is.
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