In a paper from MIT Sloan Management Review benchmarking more than 2500 companies, 40% state that they are struggling with generating value from their AI investments. It shows that executives often find it risky or difficult to leverage the pool of AI potential.
Here are five points on how to overcome these challenges and start your AI journey:
- Start with a business challenge, and start small. Small success cases are key to create organizational awareness. Start the AI journey by focusing on small revenue-generating solutions instead of large cost optimization or productivity projects. Create a proof of concept, learn, improve, test and scale the solution.
- Integrate with the business strategy. In a rapidly changing market, strategic alignment is more challenging than ever before, while misaligned business transformation projects become a great risk. By aligning AI initiatives with larger business transformation projects, they naturally become part of business strategy.
- Have a holistic perspective, educate, and create alignment across the organization. Companies that direct their full attention towards the production of AI (technology, data, and tools) are less likely to derive value from their investments than companies that work and educate about AI across divisions, business owners, process owners, and AI owners. Executives that enable the organization to consume AI across divisions as much as they produce AI are more successful than their counterparts.
- Leverage data as a competitive advantage. The output is never better than the input.Data management and the collection of data must be considered as a strategic asset for your company. Subsequently, well-organized data management is key to leverage the full potential of AI. The quality of data and how it’s managed are the cornerstones for high qualitative output in any AI solution.
- Organizational grit, success does not happen overnight. Scaling AI across an organization requires a culture that embrace data, analytics and new technologies. Building that culture is a journey that takes time.
Want to kick start your AI journey now?
If you want to discuss how you can start or scale your AI journey, Capacent is your partner. Contact Martin Karlström or Katia Rigbrandt and we will help you get there.