ARE YOU READY FOR AI RACE?
4 tips for visionary leaders on deploying AI
AI sounds like a truly exciting transformation and is supposed to bring significant time saving in many key business processes. While the hype seems real, probably propelled by large investors, there are reasonable questions around the long-term impacts.
World renowned #behavioralmarketing expert Rory Sutherland talks about how salient features of new technologies and innovations fail to see deeper meanings and impact of things. Same may be true with AI.
Ehsaan Way philosophy centers around actively utilizing innovative tools, but with deeper reflection of how to consider benefits and ROI?
HOW TO CONSIDER BENEFITS & ROI OF INNOVATIONS?
Company executives should lead with a holistic methodology of benefits and ROI. Current models at most companies revolve around a narrow engineer and empirical expense oriented methodology. This deductive (or rather selective) analysis of innovation sees the world through benefiting one class of people only, but markets it as win for all.
For example, using the idea from Rory Sutherland that digital books only considered speed and convenience of consolidation of books in one place. A narrow engineering only mindset could not think about the experience of books as a gift, or the need to sit and relax with a book. Mr. Sutherland also shared common sense wisdom around doorman fallacy which ignores the value of a doorman to brands beyond the obvious function of opening and closing the doors. Engineering and expense centered approaches typically can't see damage to overall human experience and brand.
AI, comes with perks of automation and cost savings. Here are few questions every great leader should ask while rolling out AI:
- Are the real benefits limited to a few on top or does it come at the expense of other team members?
- AI can increase capacity and capabilities, what impact does it have on the cognition, leadership and conceptual thinking skills of teams? What type of loss of thought leadership your org will have in 2 - 5 years of AI deployment?
- How use of generative AI, which sounds exciting now, will commoditize your brand? Is this an engine for growth for all or a tool of monopoly for a few?
- Does speed always mean progress? Does speed determine all great experiences or do customers want great experiences to last longer?
An ancient Greek saying states that it is not for the inventor to decide how their invention benefits. This still holds true today. Technology is always packaged as a convenience, but equally delivers the opposite. Email and texting have benefits, but it also means working 24x7 for many leaders and individuals. Social media's advertised goal was to bring people together, instead caused one of the most significant human divides in history.
As business executives and team leaders, what holistic and human considerations do you apply when adopting innovation at work?
