As with other disruptive technologies such as augmented/virtual reality, blockchain, drones/UAVs and the Internet of Things, artificial intelligence (AI) has significant potential to transform business models, processes, products and services. According to McKinsey, it’s estimated that AI has the potential to deliver additional global economic activity of around $13 trillion by 2030, or about 16 percent higher cumulative GDP compared with today. This amounts to 1.2 percent additional GDP growth per year.
Along with this growth comes the potential of a growing digital divide in business performance between early adopters and laggards or non-adopters of these emerging technologies. The question is how to get started with exploring technologies like AI for your business and how to quickly navigate from strategy to execution. This learning curve can be somewhat of an issue for CIOs and their teams because according to a recent Gartner survey, 37 percent of organizations are still looking to define their AI strategies, while 35 percent are struggling to identify suitable use cases.
While conventional thinking is often to “get the business strategy sorted out before thinking about technology” and to “focus more on technology during pilot and implementation phases,” counter-intuitively, the reverse is often the best course of action.
In a recent article for CIO.com, we explore this counter-intuitive approach in more detail with a two-pronged approach of developing the technology-informed business case and then the business-focused technology pilot: Taking a counterintuitive approach to business strategy and technology deployment
By Nicholas Evans
Keywords: Digital Transformation, Emerging Technology, Lean Startup