Building a Winning AI Strategy for Your Business

Source: Harvard Business Review - Link to Article by Christopher Young

Among the millions who have experienced ride-sharing services via smartphone, Christopher Young reflects on how such innovation has become a part of everyday life, now thriving as an industry worth over $80 billion. Even though cars, drivers, and passengers have always existed, the introduction of smartphones has brought about new conveniences and experiences that were theoretically unimaginable.

Artificial Intelligence (AI) plays a similar role as a catalyst. It defines the technology of our era and transforms how we live and work. Leaders who understand AI, experiment with it, and envision how it can solve challenging problems will drive successful businesses in the AI world.

For instance, a software company called ‘Paige’ is using AI to change how doctors identify, diagnose, and treat cancer. With the right training and adjustment, AI can scrutinize thousands of digital pathology images at a pixel level, detecting anomalies more quickly and accurately.

According to Christopher Young, AI is something every company should consider now. It has moved from the autopilot stage, which was about creating tools using machine learning models to predict, recommend, and automate, to the co-pilot stage, where almost every task can be innovatively transformed.

But where to start? Conversations with business leaders asking important questions about AI’s potential happen almost daily. Thinking about AI strategy in stages, embracing flexibility and change, and maintaining a continuous learning mindset is key.

• Start with Experimentation: The best way to learn about AI is to use it. It’s rare that new and disruptive technologies are immediately accessible. This time, they are. Many leaders have already experimented with popular AI applications like ChatGPT or the new Bing.

• Deploy for Productivity: In terms of productivity, the AI co-pilot can be deployed or built into applications to assist or simplify certain tasks.

• Transform Experiences: Today, AI is already influencing how businesses provide better, faster, and more efficient experiences, or even entirely new ones.

• Build New Things: All these stages are about finding better ways to do old things using ’new things’. But how can one truly do new things using the new things?

Across all these processes, it’s vital to prioritize security and responsible AI. While every technology has always acted as accelerators and facilitators, AI presents potential risks that must be managed.

Disclaimer: The above blog post is a summary of an article from BBC News. For more details and the full content, please refer to the original article.