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    What Executives Need To Know About Artificial Intelligence
    Artificial intelligence has many uses and companies are quickly learning how to apply it within their organization to achieve their goals. If you’re an executive, here’s what you need to know about harnessing the power of artificial intelligence: AI Will Transform Your Workplace Even though we may [...]


    What Executives Need To Know About Artificial Intelligence


    Artificial intelligence has many uses and companies are quickly learning how to apply it within their organization to achieve their goals. If you’re an executive, here’s what you need to know about harnessing the power of artificial intelligence:

    AI Will Transform Your Workplace
    Even though we may not have identified every potential effect of artificial intelligence in the workplace, it’s pretty obvious AI is already changing the way we do business. We're seeing applications that extend into every part of the organization, such as:
    • Customer Experience—AI helps predict customer needs and show them relevant items, resulting in improved customer satisfaction.
    • Employee Productivity—Automated processes can complete repetitive tasks and improve the data available to make decisions. This allows employees to focus their attention on more impactful tasks, boosting both productivity and effectiveness.
    • Predictive Analytics—AI can use analytics to predict potential problems, anticipate customer and employee behavior, and identify potential maintenance needs before a piece of equipment goes down.
    • Risk Mitigation—AI helps companies process and analyze large amounts of data, which can be used to identify and mitigate risk across the organization, from security and safety to finances and operations.

    Despite fears about AI putting human jobs at risk, analysts like Josh Bersin advocate that AI works best alongside humans. Bersin explains how AI performs task-oriented job functions, but also creates new jobs for humans because it’s not capable of doing as good of a job at things like communication, problem-solving, and people skills.

    The biggest shift for organizations will be adjusting the roles of people who currently hold task-oriented jobs and retraining them to assume different roles in the workplace.

    AI Requires Adjustments From Business Leaders
    Business leaders have to adjust their mindset as they think about how to integrate AI throughout their organization. Leaders need to understand the potential impact of AI and adapt accordingly, facilitating a culture where humans and technology complement each other. Here’s what to practice if you’re a business leader:
    • Adaptability—As new AI applications emerge, leaders will need to develop a strategy to capitalize on new potential capabilities. Leaders need to be open to new ideas and willing to shift opinions or strategy to strengthen the organization.
    • Vision—Leaders must see and evaluate what a new AI-enabled tool can do and where it can be applied for maximum impact. The disruption AI can have may create disorganization and confusion among team members, so leaders need to be prepared with clear strategies communication to be effective.
    • Collaboration—Successful businesses need close collaboration between business strategists and technical teams. Effectively leveraging AI means leaders must lean heavily on experts to provide context and possible implementations for various AI opportunities.
    • Strategic Planning—Leaders need to be  ready to manage a workforce that includes people working alongside AI and robots, able to reevaluate current strategies and find new ways to achieve the best results on the fly.
    • Responsibility—Use the new technology and data at your fingertips wisely. Leaders need to be able to demonstrate that algorithms are unbiased,  outcomes are accurate, and  solutions and data are used ethically.

    In the age of this newer technology, leaders need to learn what they don't know and be willing to seek input from others, even those with less seniority or fewer years of experience. Leaders must be humble and have a willingness to learn. If they aren’t flexible, the sheer volume of information may inhibit leaders and their companies from the best new ideas AI has to offer.
     

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