In a data-driven business world, it is almost clear that machines are starting to play and will play an ever-increasing role in C-suite's decision-making. Artificial intelligence (AI) platforms for HR, marketing and sales have become more than a norm for most of the organizations. With the advent of new competitors, the market is changing rapidly and therefore; businesses will probably need AI to tread the way forward to attain value-added status and also to gain the profits.
With the help of machine learning and AI, leaders can monitor the thousands of experiments being conducted, either intentionally or accidentally to get the collective impact of corporate performance. Moreover, many ideas will be generated and tested at higher speed and lower cost compared to the traditional data-driven models.
It takes preparation and planning along with a true commitment from the C-suite to implement AI-driven business strategies. Recent researches have shown clearly that few organizations have AI leaders or boards as first, despite the advantages. If leaders believe that AI is more important and disruptive than other technologies, they must be open for the deployment of AI instrumentation for their business processes.
In most of the organizations, IT focuses on emerging technologies whereas the C-suite focuses on financial and asset priorities. Defining a comprehensive AI strategy from the outset, which will be acceptable by all departments of a business, to ensure successful AI development with the elimination of potential pushback or conflicting views that may occur in the future.
Many company's business operations already realized the power of data and artificial intelligence. It is now time for leaders of all types of organizations like private and public to accept that the world is too complex, and that data is growing too fast to rely solely on people. Therefore, it is essential for legacy organizations to change their way of running business, empowering machines to make more effective decisions on their behalf–faster, better and more efficiently.