What Should CEOs be Asking Before Investing in AI?

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What Should CEOs be Asking Before Investing in AI?

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Being a CEO in a company that is looking into AI can potentially be challenging as it is an industry that can seem very distant and challenging to those outside the world of tech. Big data, machine learning, natural language processing – what is it? Where and how can I apply it? 

Futurist Rohit Talwar, CEO of Fast Future Publishing has issued a press release at TechCityNews where he lists what he deems the ten key questions for a CEO to ask themselves in order to assess and invest in AI’s transformative potential.

1: “What’s the fuss about?” It is important to understand and educate yourself about what potential AI actually bare with it, how it is changing and transforming businesses as we speak, even in some cases replacing senior managements and leadership roles.

2: “What’s its potential?” Talwar highlights the importance of learning the potential of AI and seeing where it can be deployed, and what their competitors are doing. He encourages to take on a broader perspective of AI’s potential roles, anything from smarter production management to customer targeting.

3: “How fast is it moving?” Keeping track of how fast this technology is developing is key to stay ahead in the AI-race, with companies such as Google, IBM, Microsoft and Uber all investing heavily in the industry. Do not fall behind!

4: “How deep should we take it?” Talwar says that many firms are looking at relatively narrow deployments in order to automate rule-based decision makings and predicting future demand and customer behaviour from accumulated data. “Others are looking at much broader uses such as intelligent HR, finance and legal advisors and real-time data analytics of live transactions”.

5: “Could it take the CEO’s job?” The dreaded question of AI taking over jobs have been raised frequently, however, is it possible for a machine to take over the job of a CEO? Talwar says  that in the most extreme applications, creations of “human free” automated businesses where everything from strategy to operational processes is embedded in a “system”, could be increasingly common. So the answer is, potentially yes.

6: “Who should lead?” As this project has a much broader role and potential impact, Talwar explains how it’s important that a CEO, COO or the business transformation head drives the implementation and controlling of AI.

7: “What would success look like?” “The mantra should be to “fail fast and cheap” – bringing in suppliers, customers, and other value chain partners early on to see if there is commercial merit in an idea”, Talwar says. He emphasise that there is an equal amount of learning in a failing project, as a successful one.

8: “How do we preserve the feminine?” In any organisation, feminine and masculine characteristics are displayed. “The challenge”, Talwar says, “is to maintain the feminine in the human face of the organisation, to avoid the tendency for AI systems to display a more masculine and robotic persona”.

9: “How will staff respond?” It is key to establish a strategy for whose employment will be affected by the implementing of AI, while also ensuring that those making it to senior positions have the experience required if there will be a reduction in staff.

10: “How do we address social impact?” Talwar mentions the growing concern that jobs will get lost to AI, saying: “Research estimates suggest AI could replace 30-80% of all current jobs in the next 5-20 years”. However, these are estimated numbers, and there are possibilities that AI will not replace the whole job, only mere aspects of it to relieve us from the mundane, time-consuming tasks.

Rohit Talwar and Fast Future Publishing are currently collaborating on a project with AI Business on releasing a book called “The Future of AI in Business”. The book invites business leaders from Fortune 500 companies to share exclusive insights from within their respective industries on how AI is transforming their business. It also features chapters from the leading AI software developers, such as IBM, NVIDIA and Publicis Sapient.

For further information, please contact:

Co-Editor – Rohit Talwar rohit@fastfuturepublishing.com Tel +44 7973 405145

Co-Editor – Georgios Kipouros george@aibusiness.org  Tel +44 7858 333838

This press release was published at: http://techcitynews.com/press_release/artificial-intelligence-every-ceo-asking/

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