AI may be poised to revolutionize business operations, but businesses are not adequately prepared for the imminent AI transformation. As per Cisco’s AI Readiness Index for 2023, a mere 14% of global enterprises are primed to harness and implement artificial intelligence effectively. Particularly in Europe, companies face challenges in training their workforce on AI utilization and formulating a coherent strategy for responsible AI deployment.
David Shrier, a futurist heading the venture studio Visionary Futures LLC, which aids companies in expansion and invests in early-stage ventures, highlights the current inadequacies in businesses’ readiness for AI integration. He emphasizes the sluggish pace at which AI implementation is progressing.
To bridge the gap between AI aspirations and practical implementation, Shrier advocates a three-fold approach: developing new skill sets, establishing scalable processes, and revamping corporate governance.
Implementing New Processes
Shrier underscores the necessity of cultivating expertise in artificial intelligence among CEOs, board members, and employees to grasp the capabilities and limitations of AI tools. It is crucial to comprehend the flow of company data within AI frameworks to mitigate cybersecurity risks and data breaches. Setting up algorithm audits and instituting governance structures, including an AI committee overseen by an AI Officer reporting to the CEO, are pivotal steps.
Enhancing Workforce Skills
Companies must invest in upskilling their workforce to embrace AI competencies. Shrier stresses the importance of instilling cognitive flexibility in employees, enabling them to adapt and learn continuously. Emphasis should be placed on honing soft skills like creativity, emotional intelligence, teamwork, and human-centric abilities that AI cannot replicate.
Harnessing AI Potential
With robust systems in place, businesses can maximize the benefits of AI. Leveraging AI to enhance collective intelligence by amalgamating expert insights and crowd wisdom through algorithms can drive significant productivity gains. Developing a customized “corporate GPT” tailored to the company’s data and culture empowers employees to utilize AI effectively, leading to substantial performance improvements.
Shrier envisions a future where AI advancements unlock human potential, fostering economic prosperity and societal well-being. He envisions a scenario where reduced working hours allow for more leisure time, improved living standards, and equitable distribution of AI benefits among the global population.
David Shrier will be a speaker at the upcoming TNW Conference on June 20-21 in Amsterdam! Exclusive discounts are available for our readers using the code TNWXMEDIA at checkout for business, investor, bootstrap, or scaleup passes.
