By Jagannadh Kanumuri
CEOs often comprehend their role in establishing a strategic vision for the company to develop, deploy, and manage artificial intelligence (AI) applications with speed and efficiency. They frequently acknowledge their involvement in providing a strategic push on the culture changes, mentality adjustments, and domain-based approach necessary to scale AI. Appreciating the value at stake and what is attainable with the correct technologies and processes is the first step in playing this active role.
Significant advancements have accelerated the lifecycle of an AI application in AI tooling and technologies in recent years, enabling consistent and dependable scaling of AI across business domains. With the help of a best-in-class framework for working methods, known as MLOps (machine learning operations), enterprises may now benefit from these advancements and establish a standardised, internal AI “factory” that can grow.
When a business chooses to adopt AI, it would do well by embedding or ingraining it in all its processes, products, services, projects, resources, people, and functions. While it’s for the operations team to execute AI in (ideally) every single business instance, it’s the role of the CEOs to drive the adoption and usage of AI across the enterprise in a strategic manner.
Organic growth is achieved when a business’s AI approach and technology function aligns well with its overall vision. Of course, the two phenomena are interrelated, and we are mentioning them separately only to drive home the point that good AI strategy and execution can benefit any organisation in a 360-degree, end-to-end manner.
Automation and machine learning (ML) are two essential components of AI. AI helps standardise mundane process steps and helps the business achieve economies of scale in the long term by eliminating the need to start a process or initiative from scratch every time. If organisations have to start business proceedings from scratch on multiple fronts, they lose out on the real competitive advantage that AI offers. Instead, this increases business risk, as also the level of inefficiency.
How AI contributes to the top-line and the bottom-line of the business is a matter of utmost interest to the CEO. How AI impacts customer experience is also of core importance. As mentioned before, using AI appropriately helps businesses scale up quickly, and this impact will be visible in the P&L statements of the business. So, the first quarter could yield up to a 5% hike, which increases to 10% in the second quarter, 15% in the third quarter, and a significant 20% by the end of the year. These are estimates, and meeting them depends on how wisely an enterprise leverages its AI infrastructure.
To conclude, executive leaders need to understand that AI has become a hygiene business factor, from being a good-to-have capability in the last decade. Thus, they need to allow AI use to reach each employee, customer, consumer, partner, etc. CEOs need to include AI and technology in their vision and communicate the same to every stakeholder from time to time.
The writer is president & CEO, ACI Infotech