Power Squared: Supercharging Business Impact with Human Capabilities and AI
Power Squared: Supercharging Business Impact with Human Capabilities and AI
Hello everyone,
Today, I want to share some insights from a fascinating article I recently read on Thoughtworks. It explores how to create an AI strategy that will help drive business outcomes, innovation, and growth.
Believe the Hype?
AI is not just hype. It presents concrete business opportunities, but it requires a deliberate approach and a clear understanding of some common misconceptions. For instance, AI does not necessarily require vast amounts of 'clean' historical data. The key is to understand how AI is connected to data and to reexamine this connection.
AI Strategy: Everyone's Business
AI is set to affect virtually every industry. Therefore, factoring it into the broader vision for any enterprise has become critical. An effective AI strategy is based on understanding AI as an approach that can be embedded into any number of applications, processes, or potential solutions. It should be deeply aligned with the business and not entirely technology-led.
Use Cases that Deliver Outcomes
AI can help companies draw new connections while contributing to the resilience of systems. For instance, Marimekko, a Finnish design house, extended the capabilities of its product recommendation engine with AI, increasing revenue by an average of 24% per user. AI can also be used to reduce the amount of labor required and to rapidly and consistently deliver information needed to sustain complex operations.
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Guardrails and Good Practices
While AI presents exciting opportunities, it also brings new challenges. Organizations need to ensure their AI experimentation remains ethically sound and legally compliant. The basic tenets of responsible technology, ensuring solutions are based on values like equity, accessibility, and sustainability, form a meaningful first line of defense.
Conclusion
AI is a powerful tool that can supercharge business impact when used correctly. However, it requires a thoughtful and deliberate approach. It's not just about the technology, but also about how it aligns with business goals and ethical considerations.
I hope you found these insights as interesting as I did. Let's continue the conversation in the comments below. How is your organization leveraging AI? What challenges and opportunities have you encountered?
Stay tuned for more insights and discussions on the latest trends in technology and business.
Best,
William Poutu