CEO’s new challenge for the future: tapping into the full potential of artificial intelligence

The ongoing work of "Manufacturing 4.0" is an important step towards the future. In the future, everything will be digitally interconnected, and people will be able to make more informed decisions based on the insights provided by artificial intelligence (AI) systems.

In such a future, humans and robots will work together, new production methods will be tested, adjusted and implemented in a record short time, and the combination of human and machine capabilities will increase the risks faced by the CEO. They must understand the interaction between people and technology, develop strategies, and combine the two to change the way they work.

To a large extent, the CEO should be committed to providing people with the tools and training needed to change the way they work, and convince them that they need to work in a new way. In terms of talents and technology, the scope of change may be beyond imagination. But the CEO can focus on five aspects to formulate this vision.

01 Get a comprehensive understanding of potential applications

CEO’s business maturity varies, but no matter where he starts, what he needs is not a doctorate in the corresponding discipline, but an understanding of potential applications and Comprehensive understanding of various development paths (such as internal building capabilities, cooperation, acquisitions, and licensing).

Regarding what artificial intelligence and related technologies can do, and how they can be integrated into the entire enterprise, the senior team and the board of directors should have a common basic understanding of them. These include: introducing diversified perspectives and people, they will ask many questions, and even try to point out loopholes in assumptions about where and why artificial intelligence should be applied.

PricewaterhouseCoopers’ digital IQ survey consistently shows that CEO’s sensitivity to numbers is directly related to the company’s financial performance. Approximately 54% of senior financial officers said that their leadership lies in their ability to understand numbers and can help employees think in a new way, compared to 41% of others. In the latest issue of the survey, the respondents can be divided into four categories according to their own choices. Among them, the most sensitive to numbers are the "redefiners." The executives in this group hope that their digital strategy can fundamentally change the way companies operate, and nearly two-thirds of them are willing to adopt a very comprehensive and advanced digital definition.

02 Clearly define the future of artificial intelligence-enabled organizations

Next, as the CEO, you need to define the vision for the way automation and artificial intelligence drive the company’s business strategy. This vision may include: using artificial intelligence to improve efficiency, automate processes, create new products and services, or enhance customer experience.

The key question here is the scope and goals of the vision-how large and fast the organization should implement these technologies. Equally important, the CEO needs to identify specific business problems or challenges and determine what kind of help artificial intelligence can provide.

03 Establish a process for deploying artificial intelligence

CEO usually does not directly participate in the process of deploying artificial intelligence and other advanced technologies. But obviously, their task is to establish a process to achieve this.

This usually means forming a team: usually led by a chief information officer or chief technology officer, but also includes a variety of expertise and opinions from data scientists and technical experts to operations managers and business leaders.

In some cases, third parties will be introduced from academia or start-ups related to artificial intelligence. CEOs should keep pace with their technology leaders in order to have a clear understanding of various artificial intelligence development paths, including internal development of solutions, acquisition of artificial intelligence companies, licensing of artificial intelligence solutions, and establishment of partnerships.

CEO needs to establish correct decision-making power, management and other parameters in order to adopt these technologies in various business departments and functional departments. Our goal is to apply artificial intelligence as widely as possible based on business needs, not just to solve specific technical problems.

04 Prepare employees to work in different ways

Technology, especially artificial intelligence, is bound to change the way people work. Usually executed through automationSome monotonous and repetitive tasks, such as data entry or report generation, free up employees who have performed these tasks in the past and allow them to create value in new ways. However, there is also a factor that will limit the achievement of artificial intelligence-driven results, that is, many companies simply do not have enough people with the right skills. As a CEO, you need to communicate with middle managers, emphasizing training and skill development will become more important.

Any plan to improve or reshape skills needs to focus on the right areas. In the PwC Digital IQ survey, 62% of redefiners (the group of respondents who are most sensitive to numbers) said that they have changed their recruitment and training methods, with the goal of creating a more digitally sensitive workforce , But only 28% said that investment is paying off. What these companies may lack is the goal of "democratizing artificial intelligence," that is, ensuring that employees know enough about artificial intelligence to actively participate in conversations about what can be automated or where artificial intelligence is used.

CEO also needs to take advantage of the internal learning motivation of employees. Just as you develop your own learning and growth mentality, you should also encourage employees at all levels to do the same, and at the same time clearly communicate throughout the organization how the integration of certain technologies may affect people’s work, so that employees understand that they can help the company Your success (and your own success).

05 Determine the CEO's position on the ethical issues of automation and artificial intelligence

The combination of human and machine intelligence creates the challenge of responsible artificial intelligence. Since the algorithm "learns" from historical data, the robots launched by some companies may simply copy human racial stereotypes and biased decisions. To solve these problems, companies should establish processes and train teams to look for biases in data and machine learning models. Companies must also incorporate risk mitigation and ethical issues into artificial intelligence algorithms and data sets from the beginning, while also considering other labor issues and larger interests.

It is also important to involve the board of directors, because the unintended consequences of artificial intelligence may bring compliance risks and potentially damage brand reputation. The board wants to hear management reports on how to deal with these risks and how the company ensures that bias does not affect AI decision-making. What they want to know is whether the company has established practices and implemented controls to minimize reputation or other risks.

CEO’s job is never easy, and the convergence of human capital and technology changes will make it more difficult. While implementing artificial intelligence and other technologies, the CEO always pays attention to Yuren (the company's most valuable resource) and understands the connection between the two. This is a daunting challenge, but the CEO who achieves this will lead the development of the company and do what was previously impossible.

Source: PricewaterhouseCoopers

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