Two Key Insights to Unlock the Transformative Power of AI
Last week, during one of our internal LET’S TALK sessions, we explored the transformative power of Artificial Intelligence (AI) together with Alexander Sukharevsky from QuantumBlack AI by McKinsey Digital . We had a fantastic discussion about the potential of AI to reimagine business models and what steps could be taken to leverage the technology's full potential.
Personally, I also very much enjoyed his F1 analogies, as well as his conviction that while there are risks with exploring and leveraging AI, the biggest risk is taking no risk at all.
From Alexander’s keynote and our panel discussion with HUGO BOSS leaders — Ivica Maric , Pushpinder Kaur , Dorothee Niebergall , and Meike Friedrich — two key takeaways came out that I am convinced are at the center of what is needed to unleash AI's full power and drive business transformation.
AI's transformative impact on various business sectors is undeniable. From coding and modeling to creative generation, content synthesis, virtual experts, and customer engagement, there are many different AI applications that are already reshaping industries.
However, most of these applications cannot yet be successfully scaled. To do this, we need to look at AI as one of the many pieces of a larger puzzle. Staying close to the F1 analogies, and in the words of Meike Friedrich, Head of Digital Business Operations at HUGO BOSS, who hosted our AI panel discussion:
“What is an F1 car without a powerful engine, fuel, and a driver?”
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The same applies to AI. For it to be scalable and drive meaningful transformation, AI needs to be combined with other technologies — like AR/VR and Web 3.0 — and, most importantly, integrated to the right architecture and infrastructure — like making sure your business is collecting and leveraging the right data.
During Alexander’s keynote we learned that only 11% of enterprise AI applications end in production. This figure highlights the importance of having all the pieces of the puzzle and having the right set up and people in place to integrate them.
2. The Power of AI Depends on Us, People
The event emphasized an important and valuable piece of information, which aligns with my personal belief: AI, including Generative Artificial Intelligence (GenAI), is a powerful tool. One that is meant for us to use so that we can have more time to focus on strategic topics.
The true power of AI lies in humans; in people who can “drive the car”, who can connect the dots and find the right applications. And for this we need to really lean into our most human of features: our creativity, our curiosity, and our adaptability. It is our human expertise and experience what will guide AI towards meaningful outcomes.
To really bring this to life, it is important that leaders drive a mindset change. We need to create a new narrative around AI, one that focuses on collaboration and not replacement. This change in mindset will be key in people seeing AI as a source of inspiration versus seeing it as a threat.
I am excited that at HUGO BOSS, we have experts and a curious team that can help us implement AI in our business to become more efficient, sustainable, and profitable. As we move forward in the AI journey, my message to myself and everyone is that we stay open-minded and find opportunities to learn from one another.
I am curious to hear if you are already leveraging AI, whether in business or personal life?
Client Partner DACH
4 个月It's utmost important to keep in mind that AI is nothing without human interference for parametrizing it and requesting the right executions from this powerful tool, that we humans created.
Senior Partner, McKinsey & Company
7 个月Really interesting takeaways from the event. It’s vital that we keep having these conversations about AI to ensure we’re able to properly leverage its full power.
at Garments & accessories business
7 个月inspired
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7 个月Daniel this article is very inspiring and insightful- I agree with the you that AI is not a magic bullet, but a means to an end. To unlock its transformative power, leaders need to have a clear vision of what they want to achieve with AI, and how it aligns with their values and purpose. They also need to create a culture of experimentation, where failures are seen as opportunities to learn and improve, and where collaboration and feedback are encouraged. I think this article is a great example of how AI can be a force for good, and how leaders can leverage it to create value for their stakeholders and society at large. Wish you all the success in your AI implementations.
It is not too little time that we have, but too much time that we do not use.
7 个月I agree Daniel Grieder, #AI can do so much already for us in almost all areas of our business and more yet to come. Our GlobeAir #DreamTeam is already active with #ArtificialIntelligence on many paths.