AI: TRANSFORMING EVERY INDUSTRY

Originally posted 5 September 2023 here: https://www.celebrityspeakers.co.nz/news/ai-transforming-every-industry 

The influence of artificial intelligence (AI) is unquestionable and inexorable. From healthcare to agriculture, retail to finance, AI is reshaping industries across the board. If you still doubt whether AI will impact you, it's time to change the way you think. Here's a blueprint to act as a guide for ‘What to do now?’

Readiness Assessment

AI doesn't discriminate by sector. Assess your organization's readiness.

Ask critical questions:

• What changes will you face? (Many)
• Are your technology capabilities up to par? (They aren’t)
• Do your employees have the necessary skills? (They don’t)
• What are you learning?

Pinpointing your current status unveils areas requiring attention.

Governance Establishment

AI introduces novel complexities and risks that impact every industry.

• Establish robust governance structures; paramount to navigate these challenges effectively.
• Define clear roles and responsibilities for AI decision-making; ensure transparency.

A well-defined governance framework will steer your AI initiatives in the right direction.

Policy: Ethics and Values

AI brings ethical concerns into sharp focus, putting the spotlight on your organisational values. The impact on privacy, fairness, and accountability spans all industries.

• Define your organisation's ethics, values and principles
• Ensure they are well understood across your organisation.
• Weave them into your AI strategy

Whether you're a healthcare network, a factory, or a financial institution, aligning AI with your core values ensures it serves your business objectives while adhering to a moral standard.

Strategy: Make a plan

Your AI journey requires a well-crafted yet fluid strategy.

• Clearly delineate your objectives, whether they involve enhancing customer service, streamlining operations, or providing more insightful financial services advice.
• Develop an integrated roadmap of milestones and resources needed to achieve your AI goals.
• Be prepared to change and update: AI capability moves fast.

A well-defined strategy will guide your efforts , align them with your business objectives, while meeting your ethical expectations. If you need to engage someone to help you guide this process, do it.

Establish enduring success: People, Policy, Process, Technology

Successful AI adoption and response hinges on a dynamic blend of people, policy, process, and technology.

• Invest in AI talent and provide training and upskilling opportunities for your workforce. The board and executive are included in this and in fact must lead it.
• Develop policy that enables people to make decisions inline with your values, governance and process.
• Open up and disrupt yourself with AI: Depending on the size of your organisation, consider an AI think tank to challenge and develop all areas of the business.
• Redevelop and streamline your processes with AI.
• Select the AI technologies that align with your strategy.
  • For instance, in financial services, AI-powered robo-advisors can deliver personalized investment advice to clients, enhancing their overall experience.

AI's power extends its influence into every corner of the business world. To remain competitive and relevant, it's imperative all industries embark on their AI journey. Commence with a readiness assessment, establish robust governance, uphold ethical values, craft a clear strategy, and align your people, processes, and technology.

Embrace AI wholeheartedly, for the future belongs to those who see its universal potential and prepare accordingly.