Nine of 10 senior leaders at enterprises investing in artificial intelligence (AI) technology report producing a positive return on their spending despite increasing implementation costs, according to a recent study by international professional services firm EY. Researchers learned that the highest ROI came in the areas of cybersecurity and customer satisfaction – two realms of business where the balance between risk and reward is keenly felt. Why should leaders at small- to medium-sized businesses (SMBs) heed these financial findings from the province of big corporations? Because today AI has become the foundation of digital transformation (DX) for most companies, large or small. And optimizing technology of any kind can generate competitive advantage regardless of an organization’s size or industry. How can firms of any kind achieve this type of success? Analysts say developing a solid AI governance program is a critical element. What constitutes sturdy governance? Here are four cornerstones: - Lead with Words – Culture flows from the top. Set the tone by starting conversations about AI within your team. Language matters. Build credibility by learning the technicalities and nuances of the lingo.
- Walk the Talk – Develop and establish formalized policies and guidelines specifically for working with AI platforms. And make them measurable.
- Prove through Responsible Experimentation – Identify where prime opportunity lies. Then, deploy frameworks and implement controls that amplify these opportunities based on demonstrable outcomes.
- Share Knowledge Vertically and Horizontally, Inside and Outside – Continually train your team, partners and vendors on your governance standards and practices.
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