Why All Business Leaders Need a Good Understanding of AI
AI is not a future possibility, an interesting experiment, a phase. It’s here. So why now? The progression of AI has stalled over the years at various times where lack of knowledge, lack of investment, and failures have resulted in lower confidence. We have now reached a point where massive amounts of data, combined with billions of dollars of investment mean that AI is a force to be reckoned with.
It may interest and excite you, or it might scare you just a bit. You will know you are in the latter category if you find yourself doing the robot dance whenever the topic is raised. It happens.
We all know that AI is now a part of our everyday lives. Largely we are comfortable with the convenience it brings, whether its Google, or Netflix, or Siri. Google’s new digital assistant, Duplex, can now make restaurant bookings for you by telephone in 48 states of America. AI is in the background of so many daily applications that we take for granted, and yet many leaders don’t even have a basic understanding of how it works.s
So why do you need to understand AI, particularly if you are not involved in the development directly, or your business is not currently investing in building AI capability? Here are two key reasons:
Risk
Increasingly, your business partners and suppliers, will, if they haven’t already started, be delivering either fully automated, or augmented AI solutions to you. Terms and conditions are being updated to let you know that they may ‘from time to time’ use AI in their solutions.
We know, that from a governance perspective, ignorance is no longer bliss. When algorithms don’t work in the way they are intended, or when humans introduce bias or errors, and your customers or team members are impacted, you will still be held accountable for those outcomes, unintended or not.
So, knowing which questions to ask, understanding the parameters of the algorithms being used, and how the quality of the outcomes is being assured, is going to be key. Trying to manage risks that you don’t know about or don’t comprehend will be challenging, to say the least.
Opportunity
Your existing and future competitors are already invested and moving ahead at pace in AI solutions, which are revolutionising the way products and services are delivered. Like many technologies, early mover advantage applies. Leaders are often reluctant to sponsor programs of work that they don’t understand, and so it is easier to either delegate or push investment in AI down the priority list. Understandable. But also risky in both the short, medium, and long term. Like any other disruptive technology, it is sometimes easier to defer or ignore things we are not comfortable with, rather than embracing them.
Billions of dollars are now being invested every year in machine learning, robotics, and a combination of other smart technologies to revolutionise the way we work. Many companies have not yet started that journey. The McKinsey Institute believe that those who take a wait and see approach will not be able to regain momentum. https://www.forbes.com/sites/bernardmarr/2019/03/04/what-is-the-best-book-on-artificial-intelligence-ai/#3a1e60cb1674
So how do you get started?
1. There are some good online courses you can take. I can personally recommend Sloane MIT’s online course: Artificial Intelligence: Implications for Business Strategy. It is fast paced, but in under two months, your knowledge will be exponentially better than when you started, particularly if you are currently a novice.
2. You will find many free and very readable articles online from credible sources like HBR, Forbes and more.
3. There are also some great books around. In March this year, Forbes recommended some excellent books on AI. https://www.forbes.com/sites/bernardmarr/2019/03/04/what-is-the-best-book-on-artificial-intelligence-ai/#3a1e60cb1674
4. Find a mentor. Someone you trust and feel comfortable with, someone who really understands the topic and is more than happy to share their knowledge. I have found people to be more than generous in this space.
Your business will benefit, your teams will benefit from your understanding in this space, and so will you. Who knows? You might enjoy it!
