Leading Through AI Transformation

AI is the new reality and executives need to adapt to what it offers. Here are 3 ways in which
executives can adapt to this new AI reality:

1.An important step is the realization of the impact of artificial intelligence, and the multitude of
properties it possesses. It can be confusing at times due to the different technological tools
available, but executives need to find AI applications that fit their own data and workflows.
AI chatbot apps are one way that greatly facilitates a business’s customer service. However, the
functions and algorithms that are integrated and simplify processes should be known to the
executives so that they can continuously improve them.
Also, AI applications are constantly changing and upgrading, believing that executives will keep
up with the pace. An important step in this ongoing evolution is for executives to understand
information technology, so that they can interact productively with IT departments. To respond to
the rapid development of artificial intelligence, executives do not need to develop deep coding
skills, but a good understanding of the fundamentals of artificial intelligence.
Based on studies conducted on business executives’ understanding of AI functions and skills, in
2023 only 8% of US executives have significant levels of knowledge about these technologies.
In the tech industry this ratio rises to 18%, while companies with a valuation of more than $1
billion have an average of 23%.
Executives should therefore organize training sessions with AI experts in their companies, as
well as training programs tailored for executives.

2.Understanding artificial intelligence is no longer a priority, but rather a necessity for business
development.
AI has led to changes across the infrastructure, and therefore it is considered that knowledge in
AI functions should be taken by all managers, to have multiple perspectives and make superior
strategic decisions.
Commitment to mutual development and collective effort can lead to the integration of AI into an
organization, and the exploitation of every opportunity it can bring to the business.

3.Knowing the unforeseen effects and outcomes that AI can bring to a business can achieve
higher returns.
For example, using AI with inaccurate information can cause legal problems for a company. Due
to this, executives need to know exactly its beneficial and non-beneficial effects.
It’s important to learn from the impacts and failures of AI on other businesses. This way, they’ll
know how they can be mitigated or even avoided. The constant search for AI functions can lead
to success.