Blog: What C-Suite Executives Need to Know About Enteprise AI
For C-suite leaders, it will be key align their companies with Artificial Intelligence to fully capitalize on its transformational value and — in doing so — become an AI-first enterprise.
Transforming into the AI-first organization means thinking bigger and embedding data-driven application throughout. In today’s business environment, AI is crucial for automating, accelerating and enhancing important business processes.
Enterprise investments in AI are rising and increasingly from organizations outside of a technology focus. This trend points to the undeniable fact that Artificial Intelligence is a strong new productivity model that is reshaping initiatives.
This is a great opportunity for CEOs to take advantage of the opportunities that are emerging in their respective fields to see how AI can be used to improve the way we work, and what it means for the future of work.
Understanding AI for Business
Artificial Intelligence refers to the computer systems or program that presents at least some behaviors related with human ability. This might include planning, education, thinking, analytics, understanding, cultural ability or creativity.
Narrow AI is the type of artificial intelligence that exists now is concentrated on one single task. This is the particular kind of artificial intelligence that is capable to compete or outperform humans at some very narrowly defined jobs.
Scientists have yet to develop ‘strong’ artificial intelligence (Artificial General Intelligence) which would accomplish all the mental tasks that a human can. Nevertheless, the important advancement in artificial intelligence in the last few years signals that this more powerful artificial intelligence may be possible in the foreseeable future.
Are executives are in risk of being phased out completely by equipment? Simply put, no. Though automation is indeed the future, companies require leadership, strategic thinking, opinion and experience — all human traits.
This being said, automation is already assisting the work of C-suite leaders everywhere. Algorithmically informed decisions have increased in prevalance, because more information means better decisions.
Instead of focusing this discourse on sensationalized conceptions of AI overtaking humans, we should think it on how technologies will improve, and finally create, decisions for us.
Building an AI-first Enterprise
Major corporations like Google, Microsoft and Amazon have built their wealth on AI-based business models. By placing AI first, companies will be at the forefront of the oncoming AI Revolution.
Business Intelligence (BI) enables businesses to learn more about their broader markets, internal operation execution and development over time. AI makes it possible to access important data faster and cheaper.
Artificial Intelligence is revolutionizing the enterprise world, particularly the way various enterprise operations are conducted. The integration of AI is proving useful for businesses, as it eliminates errors from other procedures and saves time.
Perhaps the most important aspect of introducing AI to your business model, is enabling your employees to not only understand the technology but to understand it’s importance to the future of your company. Because AI products can automate everyday tasks, do in times what previously took days, and manage large quantities of information — these technologies will allow your employees to focus on more interesting, high-level strategy.
Even for C-suite leaders who do not view themselves as tech savvy, AI does not have to be an unapproachable topic. In fact, it is crucial for every business leader to take the time to research how AI can be integrated into existing processes to automate and increase productivity.