The key to accelerating AI adoption in your business
Discover how ChatGPT and generative AI help you stay ahead of the game
On February 28, Mary Purk (Executive Director, AI & Analytics Center at Wharton School of Business, University of Pennsylvania) joined me for a live episode of “What’s the BUZZ?”. We discussed the challenges businesses face when adopting AI and the key strategies for successful implementation and how leaders can already embrace generative AI today. Here are the key points we’ve talked about.
Unlocking the potential of AI in business
One of the biggest challenges that leaders face is identifying a clearly defined business problem for AI. Many companies want to use AI, but they often don't have a clear understanding of what problem they want to solve with it. To overcome this challenge, Mary recommended spending at least three to four weeks to understand and dissect the problems the business is trying to solve. Using AI requires data, so having enough usable data to solve the problem is critical. Another important factor for successful AI adoption is having a multidisciplinary team that can work together to solve the problem. Additionally, identifying the use case ensuring that the company can implement it is crucial.
How to incorporate experimentation into your AI strategy
Mary emphasized the importance of identifying use cases for AI and recognizing that perfection is not necessary when starting out. She advised to aim for an 80% solution, pilot, test, and improve it.
» We're going to experiment, we're going to discover these are all the things you can do with ChatGPT. Now's the time to do that. «
She also urged leaders to embrace AI and to encourage their teams to experiment with it personally and in business. She encouraged leaders to use ChatGPT to solve pain points in their process flow or tasks for the week. By doing so, leaders can demonstrate the importance of AI and pave the way for successful AI adoption.
Bridging the gap between business and technology
Collaboration between business and technology is key for fostering AI adoption. Mary highlighted the example of Pandora, who revolutionized the music industry by offering a customized library of songs based on personal preferences. Pandora achieved this by scraping data from various sources and creating a pure data set that provided accurate recommendations for individuals. Similarly, Spotify saw the potential of personalized recommendations but opted to grow their own data set through user interactions.
» We're going to start spending more time on understanding how that data is going to be collected, who's going to be continuing to contribute to the data, and how are we going to filter out truth or untruthful data. «
Mary emphasized the importance of understanding data and how it fuels AI algorithms, particularly in the application of generative AI. As the novelty of AI wears off, there will be a greater need to focus on data and reducing bias in algorithms.
How to catch up on the latest episodes?
Watch this episode on YouTube or listen to it wherever you get your podcasts.
How are you encouraging your team to experiment with Generative AI?
What’s next?
Appearances
March 28 - Join me for a virtual conference hosted by SwissCognitive together with 20 Global AI Ambassadors and experts on Redefining Business Performance with Generative AI.
Join us for the upcoming episodes of “What’s the BUZZ?”:
March 14 - Tom H. Davenport, Professor and Author, and I will talk about Being All-in On Generative AI — and what that entails. Join 360+ professionals live to have your questions answered on the show.
March 28 - Amit Arora, VP - Head of Product Cyber Risk Solutions, and I will talk about Assessing Cyber Risk Potential With AI. Join live and ask your questions on the show.
April 11 - Maya Mikhailov, Founder & AI Leader, will join the show to share how as an AI leader, you can Set Expectations With Your Leaders.
April 25 - Ramsay Brown, Founder The AI Responsibility Lab, will be on the show when we talk about how ethics is key in the age of generative AI and rapid innovation.
Follow me on LinkedIn for daily posts about how you can set up & scale your AI program in the enterprise. Activate notifications (🔔) and never miss an update.
Together, let’s turn hype into outcome. 👍🏻
—Andreas