Are You Prepared for The Future? Part 1: The 6 Things Every Leader Needs to Know About AI

Artificial Intelligence (AI) is about to disrupt everything in our lives as we know it. It is not a fad or trend that will go away soon. It’s part of a relatively new and rapidly developing technology. Any business that wants to compete and thrive in the 21st century must embrace AI. That means every leader must understand AI and its capabilities to remain relevant in the future. In this first post of a two-part series, I’ll cover six things every leader needs to know about AI. In the second post, I’ll cover what leaders get wrong about AI.

Oh, and this has nothing to do with whether you are in a scientific field or not; or even whether you like science. If you are a leader, or aspire to be one, this is for you.

In 1993 the World Wide Web was made available to the general public. Today, just a tard over 30yrs later, our lives and businesses revolve around it. This was part of the digital age which brought the internet, mobile devices, social media, and such.

If you thought the digital age moved fast, you will discover it seems slow compared to the speed of AI technology advancements. This is where I pause and say, “OK. Don’t fret. There’s much in your control.”

What is Artificial Intelligence?

In simple terms, AI is the science of making machines smart with the ability to think like humans. They perform complex tasks that used to require human input. They learn from experience and inputs to make decisions and perform tasks like humans.

AI is functioning in many aspects of our daily lives. It’s in the algorithms of your video streaming that suggest movies we would like, the navigation apps we use to get the fastest route through traffic, and the chatbots providing customer support by chatting with us online. It’s in the fraud alerts we receive from your banking systems and Google scanning our emails for malicious threats.

This is not science fiction. It’s reality and transforming how we work, how we play, how we live, and ultimately how we lead.

What leaders need to know about AI

In an evolving landscape, leaders must understand several key aspects of AI to leverage its capabilities and protect their stakeholders from its dark side.

1. AI has been around for a while but is accelerating in application. We find AI technology in virtual assistants like Siri and Alexa, and as already shared, in everyday utilities like navigation apps and personalized services like Netflix recommendations based on our viewing patterns. For multiple reasons, which I won’t get into here, this technology that had been around, in use, and slowly evolving for decades has accelerated in its development and thrust into public consciousness.

This new sensitivity by the general public came with a healthy dose of misguided fear that AI will suddenly take over all our jobs. That’s not going to happen. Whew! You can breathe freely now. However, as leaders, we need to help our people navigate this new normal.

2. We are at the precipice of a technological revolution. AI will disrupt our future. Now is the time to learn and anticipate the revolution that is coming. It is essential that leaders stay updated on the latest advancements and integrate AI capability building in their organizations.

As more investments are made, AI will become more accessible, more widespread, and even more integrated into our daily lives. You don’t want to still be learning how to use a smartphone when the world has moved on to iPhone version 15. Do you?

3. AI is a tool that can drive improvements.  Here are some areas where AI will make business better for leaders.  

• AI is a tool for resource optimization. Our ability to leverage AI allows us to redirect personnel resources into higher valued areas.
• AI is a tool for quicker and more robust decision-making.
• AI can enable Faster innovation through research and development from models and evaluations.
• AI provides an effective avenue to enhance customer service with a more inclusive and personal experience via tools like virtual assistants and online chat.

Generally, AI is a powerful resource to help understand data and trends, optimize and automate work processes, and provide a better customer experience. 

4. AI is creating a whole new industry and job opportunities. We need to train and increase our capability in that technology. Just like the digital evolution did. Leaders must see an investment in AI talent as an investment in the future. This includes developing skilled AI professionals, as well as collaborating with industry peers, academia, and other technologists. We must anticipate the new job markets this technology will open up.

5. Work processes must be developed to improve human-to-AI interfaces. Similar to human-to-human collaboration, effective human-to-AI interfaces will be needed. This is crucial to leverage the efficiencies and productivity opportunities from AI. Ready or not, our work processes and workflows will eventually have to change as AI will touch all disciplines of our organization.

6. AI brings inherent ethical risks. It brings along a need for increased sensitivity to data privacy. It is prudent to be aware of this and not place your customers, employees, or businesses at risk. As with everything else, there are risks and downsides we need to be aware of.  

AI algorithms have the potential to be biased resulting in biased decisions; for example, this is a concern that has surfaced with facial recognition. Also, the misuse by ill-intentioned and power-hungry individuals, companies, and countries is a concern. For example, we have recently seen a rise in deep fake where convincingly counterfeit images and videos blur the lines between real and fake content.

Every leader needs to know that Artificial Intelligence is a powerful technology that will transform how we lead. Leaders who want to remain competitive in the future cannot ignore and fear AI. Instead, it’s important they embrace it, chart a path to foster a culture of learning AI in their organizations and develop strategies to responsibly and safely leverage AI technology.

Empowered Leader Reflection

AI will redefine how we lead. What are you doing to be ready and not left behind?

Would you help us grow together by sharing your comments below?

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