Power to the People: When AI's Not Enough

AI won't save your business - people will. While AI is revolutionizing sectors, adding billions in annual value across banking ($200- $340 B)* and pharmaceuticals ($60-$110 B)* and powering innovations from personalized chatbots to advanced drug discovery, true innovation, and leadership comes from human ingenuity.

Today, leaders and their team members must understand, explore, and begin to responsibly use AI to accelerate, expand, and streamline tasks. Today, AI accounts for 15% of project efforts in the pharmaceutical industry. It significantly aids tasks such as adapting models to process complex data, navigating regulations, and leveraging the company's internal knowledge base for specific use cases.*?

However, the organizations best positioned for future success are building processes to carefully evaluate, select, and integrate the most appropriate digital solutions to drive business growth. By strategically prioritizing AI exploration, change management, and building a culture of collaboration between humans and machines, future-ready leaders are well-positioned for success.

Businesses can thrive in a digital world by fostering a collaborative relationship.?

Tech Automates, People Elevate

AI and advanced technology have reshaped the workplace, streamlining tasks - from drafting emails to generating code and completing tedious tasks.? By increasing efficiency, technology has freed people to achieve greater results – through personalized customer service, new market expansion, collaboration, and new approaches to drive sustainable growth.? These results come from human creativity, empathy, and interaction.?

Consider the following:

• While chatbots can handle basic inquiries, humans understand the nuances of interaction.
• AI can churn out code, but developers are the architects - providing strategic vision.
• A robot can make the perfect latte, but humans build a welcoming atmosphere and foster community.

Successful leaders see technology for what it is: a powerful tool. The real value lies in empowering people to use tools strategically. This requires upskilling employees, promoting an experimental culture, and using AI to augment human expertise, not replace it. Automation frees time allowing people to build relationships, problem-solve, and make strategic, values-driven decisions.

The distinction between efficiency and effectiveness is also critical. Technology excels at the former – whether that is a self-checkout kiosk at the grocery store, automated boarding in airports, or generating an image for a board presentation. These tools boost speed and convenience. However, it's humans who ensure effectiveness through empathy, problem-solving, and personalized attention when there are problems. The team members who use their communication, judgment, empathy, and service skills build customer loyalty and think beyond the box. Human innovation (supported by AI) addresses complex needs and creates new opportunities- the cornerstone of business success.?

From Data to Insight to Success

The world today is filled with data. AI tools churn out customer insights, market trends, and performance metrics with increasing sophistication. Yet, it's easy to forget that data doesn't guarantee success - it is how we transform data into actionable insights that drive strategy, innovation, and customer-centric solutions; this is where human expertise shines.

Your personal AI assistant can access petabytes of information, yet it's up to you to ask the right questions: "Why did sales dip last quarter?" "What features do customers want most?" or "How can we improve efficiency in the supply chain?". Without these human-driven questions, the AI delivers answers without a purpose.

Moreover, business leaders must exercise critical thinking. Data generated by AI can reflect biases or be incomplete - challenge assumptions, spot misleading patterns, and ensure sound conclusions. Data alone cannot tell a compelling story. Humans must be the storytellers, connecting data points, explaining their significance, and driving action based on these findings.

Only humans can go beyond data collection and analysis – leveraging their human empathy and creativity to generate added value.? This includes:

• Discerning the real meaning and alternative views to a challenge based on input from AI and people who bring diverse perspectives to the table.
• Applying data insights to effectively address customer, employee, and market challenges.?
• Cultivating critical thinking skills to strategically assess and translate results from AI tools into solutions and actionable strategies.
• Empowering team members to explore, dig deeper, ask questions, and leverage AI as a tool to free their time and capacity to create and achieve greater results.

The AI Collaboration Skill

Today’s business landscape, powered by AI, offers endless possibilities. However, for many people, it can be challenging or scary. Future-ready leaders recognize the importance of bringing all team members from fear to empowerment to responsibly leverage AI to gather, create, analyze data, produce drafts, and accomplish daily tasks. By freeing time and human ingenuity, technology allows people to question, think differently, solve challenges, and create greater business opportunities.??

The paradigm has shifted – now is the time to move forward with PEACE:

• Purpose: Identify the business challenges in which you need a new approach?
• Exploration: Seek the best AI tools and processes that can support people’s creative?
• Action:? Try new approaches – taking small steps, setting milestones and evaluating results?
• Collaboration: Encourage team members to meet weekly to share and compare their learnings?
• Empowerment: Demonstrate vulnerability, willingness to try something different, and setting a role model for others?

Today leaders and their teams must adapt, embrace AI, and use human ingenuity to define, develop, and implement new solutions, offerings, and approaches to create greater business value. For all, there is ONE critical success factor: embracing the power of human collaboration in an AI-driven world.?

Don’t miss the next Journey into the Future videocast on May 7 when Thomas Anglero and I share real-world examples and perspectives on AI's impact on jobs, the future of work, and opportunities for Gen Z, Gen A, and Boomers in the workplace. Register now to Journey into the Future at https://bit.ly/4bU9eqD and equip yourself with the insights needed to thrive in tomorrow's business landscape.

Have questions, or need help moving forward with AI?? Get in touch to learn more.

*Capturing the full value of generative AI in banking ?

*Generative AI in the pharmaceutical industry | McKinsey

*Generative AI in the pharmaceutical industry | McKinsey