As of February 1, 2024, 8 out of the 10 largest companies by market capitalization were powered by AI.
This is just one compelling reason for CEOs to sit up and take notice. A crucial aspect of the CEO’s role is envisioning the future of the organization and staying abreast of emerging trends. With AI dominating the landscape, it’s imperative to pay attention.
Additionally, employees are increasingly integrating generative AI into their work life, often without formal training or approval. According to a 2023 survey by Salesforce, over a quarter (28%) of workers are currently using generative AI at work, and over half are doing so without formal approval from their employers. Another 32% expect to begin using generative AI at work soon, indicating that the technology’s adoption will continue, with or without oversight. To mitigate risks, it’s essential to proactively address this trend and gain a deeper understanding of it.
As you contemplate your AI journey, here are five tips to consider:
- 1. Familiarize Yourself with Popular AI Tools:
- 2. Establish an AI Policy:
Take the lead in creating an AI policy to address potential risks associated with widespread AI use. This policy should address responsible data use, ethics, transparency measures, and data protection and privacy protocols. Resources such as SHRM and FisherPhillips offer established guidelines to streamline the process. Keep in mind that this policy will evolve alongside AI, so don’t delay its implementation, and make sure to sensitize your team about its importance.
- 3. Foster an AI-Friendly Culture:
Recognize that many team members are already using AI, and the productivity benefits are substantial. Lead by example by using AI responsibly, fund training, encourage exploration, and share success stories of how employees are using AI to improve the way they work and deliver value.
- 4. Level Up with Online Courses, Expert Insights, and Talent:
Invest in your own AI knowledge by taking advantage of free and low-cost online courses and newsletters. Coursera, Google, and Udemy are a few great resources. Consider bringing in local experts to speak to your leadership team and staff, providing valuable insights into AI’s applications and potential benefits. Train up and/or hire talent with AI skills.
- 5. Explore High-Impact Use Cases:
Don’t be distracted by the allure of shiny new AI applications. Focus on use cases that align with your business objectives and strategy. Notable high-impact use cases I’ve seen work well in the region include Call Centre Support, Knowledge Management, and Copywriting. AI for recruiting has been fraught with bias so be careful. It’s crucial to involve your team in discussions to identify the specific use cases that make sense for your company.
Ready to get started? Share your thoughts in the comments below! Let’s discuss how Crescent Advisory Group can help you navigate the AI revolution.
