Why Should AI Be On Top Of The Agenda In The Boardroom?
Artificial Intelligence (AI) is rapidly transforming the business landscape offline and online, and it is essential for boards of directors to have a deep understanding of this technology and its implications for their companies. Here are some of the key reasons why AI should be on top of the agenda in boardrooms:
- ✔️ AI can drive innovation and growth. AI can be used to develop new products and services, improve operational efficiency, and above all create new business models to build the AI-powered organisation. Companies that are not investing in AI in the right way,are at risk of falling behind their competitors.
- ✔️ AI can improve decision-making. AI can analyze large amounts of data to identify patterns and trends that would be difficult or impossible for humans to see. This can help companies make better decisions about everything from pricing and marketing to product development and supply chain management.
- ✔️ AI can automate tasks and improve productivity. AI can automate many routine tasks, such as data entry and customer service. This can free up employees to focus on more strategic work, and it can also improve accuracy and efficiency.
- ✔️ AI can create new jobs. While AI will automate some tasks (see the future of work), it is also expected to create new jobs in areas such as data analysis, machine learning, and AI development.
- ✔️ AI can help companies comply with regulations. AI can be used to monitor and analyze data to identify potential compliance risks. This can help companies avoid costly fines and penalties.
In addition to these specific benefits, AI can also help companies to:
- ✔️ Become an AI-Powered Organization – AI can be used to design and implement a successful new AI-powered business model, supported by an AI-powered business ecosystem.
- ✔️ Become more customer-centric. AI can be used to collect and analyze customer data to better understand customer needs and preferences. This can help companies develop products and services that are more likely to meet customer needs.
- ✔️ Enter new markets. AI can be used to identify new market opportunities and develop strategies for entering those markets.
- ✔️ Focus on digital blue oceans. AI should be used to serve customers and prospects that are not served or badly served in digital blue oceans.
- ✔️ Improve risk management. AI can be used to identify and assess risks of AI, and to develop strategies for mitigating those risks.
Overall, AI is a powerful technology that has the potential to transform businesses of all sizes. Boards of directors that are not taking AI seriously are putting their companies at a competitive disadvantage. It is important for boards to be aware of the opportunties and threats of AI and to take steps to mitigate those threats.
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Tony de Bree