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Digital transformation is a key enabler for any organisation, regardless of sector or industry, in driving growth strategies. The importance of being agile to enable & achieve scale & growth requires a robust digital infrastructure across all areas of your business.
When organisations and company leaders embark on a journey of digital transformation with a specific focus on integrating and leveraging Generative Artificial Intelligence (GenAI), several crucial considerations come into play. These considerations include:
1. Solid technology foundation – Having a solid technology foundation in place is critical. You need to assess if your existing infrastructure can support the adoption of AI in the right place.
2. Define & implement a clear AI strategy – Identifying what business problems you are trying to solve in the adoption of AI is critical. There is no point using Gen AI for the sake of using it. It should set out to solve genuine business problems. Consider its use for quick gains versus implementing for fundamental change in your organisation.
3. Data governance & risk management strategy – Governing the data that AI models will utilise is a critical first step in implementing AI in your business. How do you provide confidence to your customers & regulators? Creating an AI strategy that sets out to ensure data integrity, security & compliance with regulations (such as GDPR) is critical to any organisation.
4. Cybersecurity – New cybersecurity challenges are introduced with the rise in use of AI. Consider treats around unauthorized access, data breaches & privacy concerns around the misuse of company & personal data by AI models. Developing a robust cybersecurity strategy around the use of AI in your business is critical.
5. AI regulatory landscape – Understanding the AI regulations that currently exist in the industry in which you operate is important & aligning your own internal policies around that is a key first step. Legislation & frameworks that set out to maximise the use of AI whilst protecting against its misuse is critical. Countries, legislators & regulators are currently engaged in defining frameworks around this & keeping up to date on advancements is important.
6. Understand how AI can be used most effectively – Whilst AI can process significant amounts of data, be used to assess that data, identify anomalies & provide data insights, it cannot apply the same logic as humans when it comes to decision making & critical thinking. Understanding where & how it can be used most effectively is important.
7. The role of the CFO &Finance – The CFO & finance play a critical role in the adoption of Gen AI. They are at the heart of any organisation & are likely to be the area of the organisation with the highest level of routine & repetitive tasks at play. This combined with the shift in their role to Business & strategic partners means their adoption of AI is critical.
8. Change management – This is critical when entering any change agenda in an organisation. The successful adoption of new technologies & tools to enable people do their job better requires a focus on change management.
9. Attracting talent in the future – Companies that are slow to react & not implement emerging technologies may find it hard to attract & talent. For example, early career accountants expect to join organisations that have adopted some aspect of AI be that robotics, data science tools & robust connected systems. Those that have not may find it hard to attract talent in the future.
10. Identifying an implementation partner – Identifying a partner who will work closely with your internal teams to support the implementation specific to your business & industry is key. In addition, having a partner to support your understanding of the regulatory frameworks that pertain to AI is crucial. By addressing these considerations, organisations and leaders can enhance their readiness and effectiveness in navigating the complexities of integrating Gen AI into their digital transformation journey.
Credit : DCU Business School