Balancing Expectations and Practical Applications in the (Generative) AI Hype
How AI Leaders Can Help Businesses Harness Real Benefits
On April 11, Maya Mikhailov (Founder & AI Leader) joined me on “What’s the BUZZ?” and shared insights how AI leaders can manage their leadership’s expectations of AI as a technology for their business in times of the current (generative) AI hype. While the core competency of many business leaders is in areas other than technology, AI leaders can play a key role in helping their peers recognize the practical applications and benefits of AI and strike a balance between the excitement and the reality of the technology. By focusing on smaller, achievable goals and carefully considering data privacy, security, and ethics, businesses can gradually build credibility for larger AI initiatives. Here’s what we talked about…
» Watch the latest episodes of “What’s the BUZZ?” on YouTube or listen to it wherever you get your podcasts. «
Cutting Through the AI Noise
Business leaders don't have to be experts in Artificial Intelligence (AI) and data literacy. Just like they use computers every day without knowing how to program, they can benefit from AI without being experts in the field. What's important is understanding how AI can be a valuable tool for their company, based on the specific data and circumstances they're dealing with. Leaders should be aware of the risks that come with AI, such as possible harm to their company's reputation or ethical concerns. Knowing these risks can help them make informed decisions about using AI in their business. Additionally, it's essential for leaders to know what they can achieve with their current team and resources before making significant investments in new technology.
Many CEOs and CTOs feel overwhelmed by the vastness of AI, as it seems to be transforming everything all at once. To help them grasp AI's impact, it's crucial to communicate its benefits in a practical and realistic way, with a clear timeline. For example, leaders need to know that certain problems they're facing, such as optimizing product transportation from one point to another, can be solved more efficiently with machine learning and AI rather than using ChatGPT and generative AI. By focusing on the practical applications of AI, business leaders can better understand how it can make a positive difference in their company's operations and overall success.
Connect AI to Company Objectives with Storytelling
Maya shared how she has gained support from business leaders by looking for opportunities beyond the obvious topics they are usually interested in — for example, stopping money laundering and fraud in banking. AI could actually make the whole company work smarter and better, helping everyone do more with the same resources. Telling a story that makes sense and showing how the AI projects fit in with the bigger picture for the company has been a key factor in getting leaders on board.
» Show some wins during the journey. Tell the story. Tell how it relates back to your business objectives. But don't forget it is in fact a journey. «
— Maya Mikhailov
This means coming prepared with hard facts and numbers, showing exactly how your AI project will help the company. This also means not to bother your leadership with super technical terms and details and, instead, to focus on the expected results, risks, and milestones. By telling your AI story in a way that is easy to understand and shows how it connects to the company's goals and objectives, you will be much more successful in getting everyone excited and on board. And that can really make a difference in the end.
Finding the Sweet Spot Between Hype and Reality
AI leaders face a tough challenge these days, as they need to balance the excitement around AI with realistic expectations. They can't oversell the technology, but they also can't be too cautious, or their companies might lose patience. The first thing a business should do when working with generative AI like ChatGPT is to create a framework that outlines what's acceptable and ensures data security. Companies must be careful not to share sensitive information through AI tools, even if they seem convenient. For example, businesses should empower subject matter experts (SMEs) to create a knowledge base of prompts that can help their specific operations.
However, it's crucial to understand that AI isn't just ChatGPT, and there's no single model that can solve every problem. Generative AI can be good at specific tasks, but it can't do everything, like deciding which truck to send to your warehouse or what content to show on a website. To effectively use AI, businesses must first identify the problems they want to solve and create a roadmap for achieving realistic goals. They should focus on small and mid-size victories that come with low to moderate risks, which can help build credibility for larger AI initiatives. Even if a company is eager to adopt AI, they must still consider data privacy, security, and ethical concerns. By carefully navigating these challenges, businesses can harness AI's potential to drive success and growth.
Guiding Businesses into the Future
Data and AI leaders play a crucial role in businesses. They’re the pioneers who guide their companies through the transformation that AI brings. They're responsible for looking ahead and planning how AI will impact the business in the next year, 5 years, or even 10 years. And they're the ones responsible for teaching the organization about the ins and outs of AI. This is especially crucial because of the hype and fear surrounding AI. By creating a framework, they ensure that the company has a solid foundation for success. This framework includes security, data usage, and knowledge management, which are all essential for a business to thrive in the ever-changing world of technology.
» A lot of companies are trying to figure out, is that [putting data into a black-box model] the right strategy for us? What is the right strategy for us? What types of AI or machine learning work for us versus what types don't really generate a huge benefit to the business? And again, what can we execute today in the short to medium term? «
— Maya Mikhailov
Summary
AI leaders can manage their leaders’ expectations surrounding AI technology in business while dealing with the current hype. By helping business leaders understand AI's practical applications and focusing on achievable goals, AI leaders can strike a balance between excitement and reality. This involves educating leaders about AI's potential value and associated risks, as well as how to leverage existing resources. With effective storytelling, AI leaders can connect projects to company objectives and gain support for AI initiatives. The key is to find the sweet spot between hype and reality by developing a framework that ensures data security and identifies realistic goals for AI implementation. By guiding businesses through AI transformation and creating a solid foundation for success, data and AI leaders can help their companies thrive in the evolving world of technology.
How are you managing expectations with your leadership?
» Watch the latest episodes of “What’s the BUZZ?” on YouTube or listen to it wherever you get your podcasts. «
What’s next?
Join us for the upcoming episodes of “What’s the BUZZ?”:
April 25 - Ramsay Brown, Founder & CEO Mission Control, will be on the show when we talk about How Businesses Can Trust Generative AI in times of rapid innovation.
May 9 - Brian Evergreen, Founder & CEO The Profitable Good Company & Author, will discuss how manufacturing businesses can Create A Human Future With AI.
June 8 - Ravit Dotan, Director The Collaborative AI Responsibility Lab at University of Pittsburgh, will join when we cover how responsible AI practices evolve in times of generative AI.
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Together, let’s turn hype into outcome. 👍🏻
—Andreas