By John Wysseier, President and Chief Executive Officer, The CEI Group, Inc.
Over the next two to three years, American businesses are expected to make a mad rush toward tapping the multi-trillion-dollar potential of artificial intelligence (AI), but they’re likely to stumble and misfire unless they take a strategic approach to its integration.
AI is the area of computer science that enables machines to work and react like humans, equipping them with the ability to communicate in common speech and even learn, plan, and analyze data to find creative solutions to problems. As such, AI initiatives are typically inspired and managed by companies’ Information Technology departments.
But AI has many potential applications that extend way beyond information technology management to all aspects of business. AI projects can also absorb major chunks of financial and human capital, draining them from other vital programs. That’s why CEOs need to take charge of the creation of the strategy that clearly defines the business purposes of AI projects, prioritizes them, sets reasonable goals and timetables, and assures that the company has the right foundation and resources to pursue those projects, use them effectively, and measure their results.