CIO OPINION weaknesses and how this aligns with the organization ’ s strategic objectives to innovate strategically . To date , one of AI ’ s major hurdles has been the lack of understanding and knowledge among business leaders . Recent research highlighted that nearly 70 % of CEOs revealed uncertainty around generative AI and that this made it challenging to adopt and execute an effective AI strategy . Leaders ’ lack of understanding of AI is for several reasons , including the rapid advancements of these technologies making it challenging to keep pace with developments , as well as lack of formal education and training .
To address this , companies need to identify where in the business AI could be used to gain a competitive advantage , the cost-effectiveness of different AI tools – looking at the direct costs , as well as value-added – and the compatibility of AI technology with existing IT infrastructure . As is often the case when it comes to new technologies , there have been a number of examples of organizations that have wasted time and money investing in wrong AI strategies , so this step is crucial in saving on capital and maximizing on AI ’ s potential to transform business models .
Think of this step as laying the foundation for a skyscraper . Without a solid base , even the most advanced building will crumble . Similarly , without a clear understanding of AI , any strategic implementation is likely to fail .
Additionally , business leaders should focus on continuous education and staying updated with AI advancements . This can be achieved through industry conferences , subscribing to AI research publications , and engaging with AI think tanks . Understanding the ethical considerations and potential biases in AI is also crucial for making informed decisions .
2 . Prioritize Enhancing Awareness at the Enterprise Level
Next , enterprise-level awareness of AI is pivotal in its successful adoption , given that executives estimate that up to 40 % of their workforce may need to reskill as a result of implementing AI over the next three years . This involves actively educating and informing all stakeholders within an organization about the benefits , implications and strategic importance of adopting AI technologies . It includes providing workshops and seminars on AI concepts , trends , and its potential impact on the industry , as well as offering training and upskilling programs to equip employees with the necessary skills and knowledge to work effectively with AI tools and systems . At UST , we recognize the importance of this , recently announcing that we will train more than 25,000 employees globally on AI and provide opportunities for career advancements . When companies neglect to focus on this , issues arise around misaligned expectations about AI ’ s capabilities and ineffective use of resources – leading to wasted effort and expenditure .
Imagine AI adoption as preparing a football team for a championship game . Every player needs to understand the game plan , their role and the capabilities of their
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