Future-Proofing Your AI Strategy: A Guide for Leaders

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Updated on Dec 26,2023

Future-Proofing Your AI Strategy: A Guide for Leaders

Introduction
Understanding AI and Machine Learning
The Power of Data in Machine Learning
The Future of AI and Data Manipulation
The Role of AI in Business Transformation
The Limitations of AI and the Importance of Human Qualities
Building Processes and Systems for Human-AI Collaboration
Conclusion
References
Glossary

How to Future-Proof Your AI Strategy

Artificial Intelligence (AI) is transforming the business landscape, and leaders must fully grasp its implications to strategize and place their companies at a competitive AdVantage. However, with so much noise and advancement in the AI space, it can be challenging to navigate through the complex terminology, keep up with the speed of changing technology, and achieve value realization quickly. In this article, we will provide You with the essence of what you need to know and how to think about AI to make intelligent decisions about it.

Understanding AI and Machine Learning

Most of what we generally call AI is actually a sub-set of AI called Machine Learning (ML). ML is the science of using data to train machines to Create models that mimic human intelligence. Using ML techniques, we can train computers to understand speech, recognize objects, classify data, make predictions, find trends and Patterns, and make decisions automatically, among other things. Generative AI is a sub-discipline that generates content like text and images. It has captured the imagination of millions of people with the release of tools like ChatGPT, Bard, Dall-E, Midjourney, and many more.

The Power of Data in Machine Learning

All concepts in ML boil down to one thing: data. All of machine learning is about deriving information from data using different techniques. Imagine that you had access to all the data available in the world. What are the things you'd be able to do with that data? Essentially, you can do so much with data. That's exactly what ML systems do for you today. Instead of thinking about AI and all the things that it can do, let's think about the data and all the things that we can do with that data now and in the future.

When generative AI creates a new painting in the style of Van Gogh, it essentially creates new data Based on existing data. When an ML model predicts the probability of a disease by understanding symptoms of the patient, it identifies an underlying pattern based on data on which it was trained to make the prediction. When AI converts your speech to text, it converts one form of data to another. If you are able to think about what's possible with data either now or in the future, then you have a clear understanding of what AI can do, now or in the future.

The Future of AI and Data Manipulation

In the future, we may be able to generate new DNA sequences that form the basis of a stronger life form. We may be able to integrate data across different domains and formulate new innovations. We may be able to analyze all data around a particular object such as a financial transaction or a person's health. Once you understand that much of Current AI or ML is nothing but data manipulation, then imagine how that concept can be applied in different areas of your business.

As an example, when a customer interacts with your business, they don't need to fill out elaborate forms but rather they should be able to interact by speaking. Behind the scenes, we can bring all the data together in a way to address the customer's question. If you as a leader want to know how your company is doing this quarter, you should be able to simply ask that question and get the answer in whatever format you require. To meet the needs of these examples, AI simply understands your question, converts it to code that can then access the data through models, prioritize the answers based on a number of factors including Context, converts it into your desired form, and gives it to you. This data could come from one source or multiple sources in different formats.

The Role of AI in Business Transformation

A leader who has to make decisions about how to incorporate AI in their business does not need to understand how generative AI works or how voice recognition works. All they need to know is how data can be manipulated to enhance the customer experience. Once they've played this Scenario out with their peers, the leadership team can make collective decisions from a business vision perspective that can then be implemented by the technologists, providing all assumptions such as availability of data is validated.

The Limitations of AI and the Importance of Human Qualities

While leaders can ground their decisions on AI simply on the ability to manipulate data, it becomes very clear what AI cannot do. For example, data cannot Show passion, or empathy, or feeling, or love or creativity outside the data. Only humans can do that, and based on how ML is progressing, impressive it may be, we haven't figured out how to infuse data with these human qualities. So maybe for that part of AI, We Are approaching human intelligence in the wrong way. It may not have to do with data, but with chemicals!

Building Processes and Systems for Human-AI Collaboration

If leaders are able to clearly think and articulate the possibilities of AI using data as the foundational concept, they can help to accelerate their organizations' transformation by building processes and systems where humans and AI complement each other. In the hospital example, the leaders can clearly identify where AI and technology can play a role, and where humans can play a role, for most effectively - meeting the needs of the patients, skilling their employees, using the right technology, and building the robust processes all aligned to meet the vision of the company.

Conclusion

AI is changing the business landscape, and leaders must fully grasp its implications to strategize and place their companies at a competitive advantage. By understanding the power of data in machine learning, the future of AI and data manipulation, the role of AI in business transformation, the limitations of AI and the importance of human qualities, and building processes and systems for human-AI collaboration, leaders can make intelligent decisions about AI and future-proof their AI strategy.