Source – https://www.informationweek.com/
AI has now made it onto CEOs’ agendas. While the topic certainly isn’t new, CEOs have learned that the idea of AI is far simpler than its effective application. To get there, companies need to start with their business objectives and then use AI in ways that advance those objectives rather than just implementing AI for AI’s sake and hoping it can add value later.
Meanwhile, CEO attitudes about AI and machine learning or ML (a subset of AI techniques) have been changing as it relates to digital disruption. In the beginning, it was about understanding what digital disrupters do and how they do it. Now, they’re beginning to realize that they need to create value on their own terms. That’s not to say that they won’t take advantage of some of the accelerators the digital giants have made freely available. However, a me-too only strategy is ultimately a risky proposition.
“The top-most priority for the CEOs of leading companies is reinventing the future of their companies, powered with AI, powered with data,” said Arnab Chakraborty, global managing director, applied intelligence North America Lead at multinational consulting firm Accenture. “It’s about unlocking the value with AI by looking at how they optimize their existing business whether it’s in sales and marketing, supply chain, finance, HR, all those functions.”
Not surprisingly, AI is also on CIOs’ agendas. In fact, global professional services company Genpact recently published a report with MIT Sloan CIO Symposium in which 48% of the 500 CIOs surveyed said that AI is their No. 1 investment priority.
“CIOs are saying, we’ve got to invest in it. The question is, why now?” said Sanjay Srivastava, chief digital officer at global professional services firm Genpact. “Three things have happened: the technology has gotten very good; it has become very affordable; and the need has gone up.”