Leaders of organization which have recently started planning for their AI journey have a lot of challenges. Here are 7 success factors to creating a profitable and successful AI journey.
- Think Strategic – Take a long-term, well thought out approach with clarity on goals and priorities – see my post on “The ultimate AI Strategy Guide“.
- Digital Readiness – Know your digital strengths and weaknesses.
- Understand the Core Technology Principles – No matter how senior or busy you are, you CANNOT AFFORD to skip learning the fundamentals of AI technology – feel free to skip the math of gradient descent if you are not into linear algebra but you must build an intuition of what AI is and what are its limits.
- Proactively Mitigate Risk – If you have learned about requirements and limits of AI you are well-positioned to take a proactive approach to avoid common pitfalls such as overfitting, bias, lack of trust or lack of explainability.
- Effectively Manage Change – AI and automation necessarily introduce changes to people’s jobs and work processes and this change has to be managed very carefully. Trust has to be built up gradually.
- Talent Matters – Pay attention to who you hire and how you hire. Balance the in-house talent with outsourced expertise wisely. Ensure a diverse group with three skills: technical, business and social sciences.
- Follow a Playbook – AI takes time (think years, not month), so be patient and methodical, create an organization structure and roadmap that is tailored for your organization (and not a copy of someone’s work). Finally, learn how to run effective proof-of-concepts to manage uncertainty.