Blog >
Is Your Business AI Ready?

Blog

Is Your Business AI Ready?

Ed Wiley asks the pertinent questions to help you determine whether your business is ready to adopt generative AI.

There’s this cool, new technology on the block: Artificial Intelligence. Perhaps you’ve heard of it, a little too much?While “thinking” machines have been around for decades, AI as we know it (or think we know it) has accelerated over the past several years. With Generative AI – via platforms like ChatGPT, DALL-E, Bard, and other new proprietary and open-source alternatives showing up daily – this technology has dominated cocktail conversations and consulting publications! [On a personal aside, my 17-year-old daughter “knows” students who use ChatGPT to write essays, and even the Baby Boomers with whom I work are leaning into AI. Few foresaw the rapidity with which GenAI entered popular culture, embraced by everyday people and businesses alike.]

What is different in this writeup?  We are providing a layman’s guide to the business-technology intersection in AI.  Beyond the hype, AI has already become a game-changer in business, helping companies lead a variety of transformation efforts: streamlining operations and optimizing supply chains to drive efficiency, enhancing data capture and processing to identify patterns and trends that can inform decision-making, personalizing and improving customer experiences through tools like chatbots and virtual assistants, and so on. All these applications have underpinned business growth, particularly for organizations that have asked the right questions about how AI can help transform their business, while laying the foundation for adoption of more emergent technology.

Is your business AI-ready?

Are you thinking about how AI can empower your organization to become more competitive and profitable? Your competitors are certainly wrestling with the same. An astounding 74% of the world’s largest companies surveyed recently by Accenture have already integrated AI as part of their business strategies, even reworking their cloud plans to achieve AI success. Accenture also reported back in 2021 that executives who discussed AI on their earnings calls were 40% more likely to see their firms’ share prices increase.1 Kudos to those perceived as early adopters!

Here are some questions – and a few HPA recommendations – to consider to set your company on the right path:

1. What specific business goals can Artificial Intelligence help your business achieve?

This is a great time to get specific and granular about all the areas where AI can add true value. Embracing AI by treating AI as a business function, ensuring representation in the C-Suite through establishing a CAIO (Chief AI Officer) role, and aligning AI with the business’s strategic objectives, sets the stage for a successful transformation.

Key points include:

  • Robust data capture protocols

  • The right infrastructure and staff

  • AI capabilities that match your needs

Read the full article, Are You Ready to Transform Your Firm with AI?, on HighPoint-Associates.com.