{"id":81422,"date":"2024-02-16T08:20:42","date_gmt":"2024-02-16T16:20:42","guid":{"rendered":"https:\/\/techreviewers.net\/3-ways-businesses-should-prepare-for-the-ai-transformation\/"},"modified":"2024-02-16T08:20:42","modified_gmt":"2024-02-16T16:20:42","slug":"3-ways-businesses-should-prepare-for-the-ai-transformation","status":"publish","type":"post","link":"https:\/\/techreviewers.net\/3-ways-businesses-should-prepare-for-the-ai-transformation\/","title":{"rendered":"3 ways businesses should prepare for the AI transformation"},"content":{"rendered":"
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AI might be ready to disrupt how businesses operate, but businesess aren\u2019t ready for the AI<\/a> transformation.<\/p>\n

According to Cisco\u2019s AI Readiness Index<\/a> for 2023, only 14% of businesses across the globe are prepared to leverage and deploy artificial intelligence. European companies in particular also struggle<\/a> to train their employees on AI use and develop a clear strategy for responsible AI.<\/p>\n

\u201cAt the moment, businesses aren\u2019t well-equipped to deal with AI,\u201d David Shrier tells TNW. \u201cIt\u2019s not going as fast as it should.\u201d<\/p>\n

Shrier is a futurist and leads venture studio Visionary Futures LLC, which supports companies in their growth and invests in early-stage businesses. He\u2019s also an appointed Professor of Practice at Imperial College London and a Visiting Scholar with the GEAR Lab at the School of Engineering at MIT.<\/p>\n

When it comes to aligning AI ambition with practice, Shrier offers advice in three parts: \u201cBuild new skills, put processes in place so that you can do it at scale, and change your corporate governance.\u201d<\/p>\n

But what exactly does this entail?<\/p>\n

Establish new processes around AI<\/h2>\n

\u201cSo first of all, you need to build expertise around artificial intelligence, so that CEOs, boards of directors, and employees know what it can and what it can\u2019t do,\u201d Shrier says.<\/p>\n

Another key factor is understanding where the company\u2019s data<\/a> is going when using AI tools and, in turn, how to manage and prevent leaks and cybersecurity<\/a> risks. The stakes are high indeed, with employees reporting<\/a> they have used AI without their manager\u2019s knowledge, and even prompted<\/a> tools like ChatGPT with confidential data.<\/p>\n

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David Shrier will be speaking at TNW Conference on June 20-21 in Amsterdam. Credit: David Shrier<\/figcaption><\/figure>\n

Once these benchmarks are set, a critical step is ensuring algorithm audits on a regular basis. Another step is putting governance in place. This includes an AI committee which is chaired by an AI Officer \u2014 a new C-level function that would report to the CEO and provide insights to the board.<\/p>\n

Rebuild workforce skills<\/h2>\n

Companies should also invest in human capital and rebuild their workforce to be AI ready. \u201cGet your people to understand AI,\u201d Shrier emphasises.<\/p>\n

Specifically, employees need to develop cognitive flexibility, the ability to learn new things every three to six months \u2014 also called \u201cflash growth.\u201d<\/p>\n

The new skillset should also focus on what humans are better at than AI. This includes soft skills such as creative exploration, emotional intelligence, relational skills, and working with teams.<\/p>\n

\u201cSo if AI replaces a lot of analytics and process functions, humans still have a role to play because they\u2019re good at these other things,\u201d he explains.<\/p>\n

Explore AI-powered growth<\/h2>\n

Once these systems are in place, companies can really leverage what AI can deliver. \u201cYou can make your people at least 10 times if not 100 times more productive and your business 10 times, 100 times larger,\u201d Shrier notes.<\/p>\n

One way to do that is using AI to capture collective intelligence. This means blending the right percentage of expert projections and the wisdom of the crowd with the help of algorithms.<\/p>\n

Another alternative is to create a \u201ccorporate GPT,\u201d an AI that is tailored to a company\u2019s data, processes, and culture \u2014 and teach employees how to use it. \u201cThis way you have these enhanced humans that are working with your corporate knowledge to do things 10 times better,\u201d Shrier says.<\/p>\n

Shrier believes that with this new technology we have the ability to improve human productivity in a transformative way.<\/p>\n

\u201cIn an ideal AI future we are unlocking greater human potential. And we\u2019re achieving more and building a utopian society,\u201d he explains.<\/p>\n

\u201cImagine if we had a 20-hour work week or a 15-hour work week. And people had more time to spend on leisure and with their families, and yet, we had greater economic prosperity. And everyone was fed and had clean water and housing.\u201d<\/p>\n

Shrier\u2019s main concern is whether the gains of AI will go to five or 7.5 billion people \u2014 and that indeed makes all the difference as to how humanity will stand to benefit from the technology.<\/p>\n

David Shrier is speaking at this year\u2019s\u00a0<\/span>TNW Conference<\/a>\u00a0<\/span>on June 20-21 in Amsterdam! If you also want to experience the event (and say hi to our editorial team!), we\u2019ve got something special for our loyal readers. Use the code TNWXMEDIA at checkout to get 30% off your\u00a0<\/span><\/i>business pass<\/a><\/i>,\u00a0<\/span><\/i>investor pass<\/a><\/i>\u00a0<\/span>or startup packages (<\/i>Bootstrap<\/a><\/i>\u00a0<\/span>&\u00a0<\/span><\/i>Scaleup<\/a><\/i>).<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

AI might be ready to disrupt how businesses operate, but businesess aren\u2019t ready for the AI transformation. According to Cisco\u2019s AI Readiness Index for 2023, only 14% of businesses across the globe are prepared to leverage and deploy artificial intelligence. European companies in particular also struggle to train their employees […]<\/p>\n","protected":false},"author":41,"featured_media":81423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[2672,2668,1687,2666],"tags":[2671,2667,1686,2665],"_links":{"self":[{"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/posts\/81422"}],"collection":[{"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/comments?post=81422"}],"version-history":[{"count":0,"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/posts\/81422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/media\/81423"}],"wp:attachment":[{"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/media?parent=81422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/categories?post=81422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techreviewers.net\/wp-json\/wp\/v2\/tags?post=81422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}