In a fast-changing space we live in today, it is important to keep up through setting strategic initiatives to not be left behind.
The talk of the business world undeniably lies on artificial intelligence at present, so it is just fitting to work on this particular area as a leader to maximise this development for the benefit of the organisation.
Generative artificial intelligence brings in huge potential for companies, but many are stymied by significant uncertainty and organisational constraints. EY believes that prioritising a small number of cross-cutting initiatives to bridge gaps and move up the AI maturity curve is essential for organisations.
Within such initiatives, leaders must decide where to act now versus later. All these while identifying the criteria and thresholds used to trigger future activities.
Investments in AI
EY found that 43% of CEOs have already begun, with another 45% planning to do so in the next year — many are pursuing quick efficiency gains rather than more fundamental changes to maximize AI’s growth potential. Ninety percent of organisations are still in the earliest stages of AI maturity — running proofs-of-concept or developing capabilities in pockets.
Set goals and identify challenges
It is important to set overarching goals, aligned to one’s organisational values and purpose. An AI strategy should be guided, at minimum, by certain core objectives. AI’s unprecedented ability to enter the most human of domains — intelligence and creativity — makes augmenting human capabilities a key strategic focus. Growing concerns about the risks raised by AI mean that building confidence in your AI systems needs to be a fundamental principle. Finally, to drive exponential value, your strategy cannot be piecemeal or siloed — it needs an end-to-end approach.
To achieve these goals, one needs to identify and address their biggest gaps. Think of this in two ways: what is the gap between the current state and the desired future state? This can be measured by a maturity model.
Launch strategic AI initiatives
A chasm separates these goals and challenges. Bridging it requires prioritising a small number of strategic initiatives that are both cross-cutting and aligned. This means addressing multiple uncertainties or constraints simultaneously while working together to achieve the core objectives listed above, further your company’s purpose and accomplish a shared vision.