Senior Execs Must Lead the AI Revolution

Many thanks to Amin Hosseinian-Far and Remi Onas for this article.

Artificial Intelligence (AI) is not a new technology. There have been years of research, application, refining, and testing that have brought us to this point. Its evolution has transformed both our personal and professional lives, created various business and revenue models, and contributed to value creation across sectors and organisations. Certain strands of AI gained popularity, attracted more attention, and diffused swiftly among the general population, particularly those that simplify day to day activities.

The rising adoption of Generative Artificial Intelligence (GenAI) is a fine example of such strands. Gen AI uses generative models to produce content such as images, text and data. The wide accessibility of GenAI technologies and their associated business models have also contributed to their vast adoption. In fact, some scholars are viewing GenAI as a key contributor to the next industrial revolution, complementing human-centredness, sustainability, and resilience in the era of Industry 5.0.

AI is transforming multiple markets (for example, the payments market) creating new revenue streams or improving the bottom line , and, for some, has become essential to achieving survival, in a competitive marketplace. Existing studies highlight the high return on investment in AI technologies across various sectors, which therefore indicate that AI can be an appealing area to explore and invest in.

Nevertheless, this transformation has left many executives and senior leaders uncertain about how to navigate it for their businesses and organisations. The fast moving nature of AI’s technological advances, and their rapid adoption in the marketplace has also created ambiguity, leaving many organisations uncertain where to begin. It is imperative for leaders to ensure they are not lagging behind, and to understand the benefits AI can offer them – one size does not fit all.

There are also several challenges to consider when discussing AI. Thinking systemically allows us to appreciate the sustainability issues associated with vast adoption of artificial intelligence. These include the emissions resulting from the energy required for significant centralised and decentralised computer processing. In addition to this, the ‘black box’ nature of some AI techniques may prevent ultimate decision makers and users from understanding how AI is applied. This raises concerns about algorithmic bias, ethics, transparency, reliability, and explainability.

In certain sectors, the workforce driving the business forward also struggles to keep pace with the rapid advancements of AI. Capacity building and training have become essential, and staying abreast of these changes is increasingly a necessity.

For senior executives, embracing AI is not about writing code, designing algorithms, or engaging in technical practices. It is about having the strategic understanding of how AI can benefit organisational operations. Some businesses may want to decode the benefits of the technology in analysing customer behaviour in an automated and highly accurate manner, while others may wish to explore how AI-fuelled automation can reduce costs and wastes, and improve efficiency.

It is also worth exploring how AI can identify faults in systems, automate internal audits, and classify information based on historical datasets. Moreover, AI-based optimisation supports subsequent executive decisions. These are only the tip of the iceberg when it comes to what is possible with AI. Having a broad awareness of AI and its capabilities is essential to practical strategic oversight.

Senior leaders with such awareness can create a pull for the adoption of AI within their organisations. Awareness of both the benefits and challenges of adoption will be instrumental in guiding investment decisions and ensuring that the technology is utilised in an ethical and responsible manner.

The starting point for these executives is to gain a thorough understanding of what AI is, what it can and cannot do, and the contextualised benefits it can offer their businesses, considering the wide variety of AI-based systems available today.

Of course, keeping up to date with the advancements in this rapidly moving space is a necessity, which requires senior leaders to remain informed about new developments, applications, and challenges. This awareness will create the demand from within the businesses and organisations to adopt the technology responsibly, and to ensure that the focus is not solely on survival but also on growth and maintaining a competitive advantage at the forefront of organisational goals.

Find out more about how you can be a leader in this revolution in our upcoming half day course AI For Executives (available online and in person). Participants will gain a comprehensive introduction to key AI concepts, practical business applications, and essential ethical considerations. By the end of the session, attendees will have a solid understanding of AI’s potential to enhance business operations, decision-making, and innovation.