Six Steps to outperform in the age of AI

Six Steps to outperform in the age of AI

Will artificial intelligence soon run an increasingly digital business world? Perhaps not in the very near future, but it is in the best interest of entrepreneurs and C-suite executives to start looking into the relevant technologies.

Many companies still struggle to see the benefits of adapting to new digital trends. Let’s look into six essential steps that can help businesses adapt and outperform in an AI-driven age that may be just round the corner.

More industries already use AI, including healthcare, finance, digital marketing and manufacturing. Additionally, there’s a growing focus on ethical AI development. This emphasises transparency, fairness and accountability while using specific platforms.

To remain competitive – and possibly even outdo everyone else – businesses need to have a clear strategy for digital transformation. McKinsey shared some helpful tips in this report, which boils down to the following six steps:

  1. Embrace continuous learning

In an AI-powered, digital world, knowledge is power, and digital transformations are not just about technology; the critical step is building a talented workforce through continuous learning. This involves creating a diverse team with a mix of in-house and external talent, all equipped with the latest skills, tools and technologies through online courses, workshops and certifications. The ability to adapt and get new knowledge will be a crucial differentiator in the digital landscape.

  1. Cultivate a growth mindset

A mindset geared toward growth is crucial for success in business digitalisation and AI adoption. So, scaling up digital initiatives from a few teams to hundreds or even thousands requires a suitable operating model. There are three leading models to focus on to succeed:

  • Digital factory. This is basically the digitised culmination of all manufacturing processes. It is a hub that consolidates human resources, processes, machinery and logistics in one platform.
  • Product and platform. This model aligns relevant technologies with a business’ product to optimise user experience, organising them around platforms that make this possible.
  • Enterprise-wide agile. This implements agility across the entire company. It goes beyond product development and allows entire companies to outpace the competition in a world where AI and digitalisation are the norm.

Each model focuses on small, agile teams working together effectively. How you choose the model depends on the company’s strategy, but note that this will introduce a significant change that essentially rewires the whole enterprise.

  1. Leverage data for informed decision-making

Eyeballing will not cut it where digital transformation and AI are concerned. Business owners and execs will need to look at curated data in order to come up with feasible solutions based on hard numbers. This helps decision-makers make sound predictions and effectively leverage data-dependent AI tech.

  1. Embrace automation and AI integration

Integrating AI into key areas will improve the efficiency of any business’s important processes. Meanwhile, automation allows teams to save time and focus their efforts on core tasks that require human qualities such as creativity and empathy. Needless to say, incorporating both AI integrations and extensive automation can do wonders for a company looking to keep up in this rapidly evolving world.

  1. Foster collaboration and networking

Companies should adopt digital platforms such as customer relationship management (CRM) systems to facilitate smooth collaboration between teams and employees, as well as expand the business’ network of partners. By doing so, businesses simplify digital transformation and pave the way for the adoption of AI technologies.

  1. Prioritise cybersecurity

As mentioned earlier, digitalisation and AI relies heavily on data – large amounts of information that, when compromised, can put the business’s entire operations at risk. As such, it is crucial for an organisation to have a robust cybersecurity infrastructure and educate its employees on the best cybersecurity practices. This will protect the company’s data and help it avoid setbacks associated with data breaches and cyber-attacks. 

About Sam P

EnterpriseZone Staff Writer

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