How to make AI transformation more likely to succeed
Successful artificial intelligence transformations among companies are coveted yet scarce. What is vital to unleash AI’s full potential?
Artificial intelligence (AI) can transform companies powerfully and boost their performance in groundbreaking ways. Irrespective of the industry, AI has shown it can improve products, services, and internal operations to previously unknown levels of innovation, automation, and efficiency. Market share dominance is then facilitated, outdoing even long standing competitors.
Still, successful AI core strategy transformations are not widespread even though they are often pursued. Research has shown that companies often face inherent difficulties unleashing the full potential artificial intelligence can offer.
The latest publication by our Credit Suisse Research Institute (CSRI), AI & The Future of Work, outlines three significant factors determining the success of an AI course and suggests a winning strategy to tackle these.
Recognizing these challenges is the first step in progressing with AI.
Agile and disruptive
Becoming future-ready requires successfully tackling these embedded restraints– or better yet, not facing them at all. And so, many companies, especially established ones, rarely accomplish a full AI transformation. Conversely, new industry entrants don’t lag with the innate challenges which existing industry giants face. Being agile and disruptive is therefore essential for the established and traditional companies in these progressing times.
Just as new players are triggering a rethinking of mobility in the auto-business, financial start-ups are also spotting previously unattended segments in the banking industry. The target: to improve their AI and digital automation intelligence by serving these segments, to then provide their enhanced solutions also to the bigger profitable clients in due time.
Unconventional and successful
Unconventional times require unconventional approaches. Alternative and independent investment structures ease the inherent difficulties faced in longstanding companies and can be the answer to unleashing AI’s full potential.
The successful strategy can be realized by allowing third parties, venture capitalists, and even competitors to take an equity stake of the endeavor. Such capital approaches can enable traditional companies a gateway to tolerate the possibility of long term losses, multiple innovation failures, and laissez faire management styles – competitive advantages which new entrants to the industry inherently possess.