The AI Chronicles – Navigating Economic Uncertainties with AI (Part 2)

Welcome back to our second blog on Navigating Economic Uncertainties with AI. In the first blog, we discussed the challenges and opportunities associated with implementing AI in organizations. In this interview-style blog post, Atul Arya, CEO & Founder of Blackstraw, and Siegfried De Smedt, President at Blackstraw share their perspectives on AI adoption, the importance of change management, ROI considerations, and how to identify meaningful use cases. Let’s jump right into the conversation!   Atul: Siegfried, with your experience leading large organizations, what are the top three key learnings you can share when it comes to AI adoption? And how can others learn from them?   Siegfried: It’s hard to narrow it down to just three, but here are the key learnings I can share. Firstly, be bold and aim high. By thinking big and being ambitious, you can achieve more in the same amount of time it would take for a smaller implementation. Second, persistence and deep belief are crucial when facing roadblocks. Encouraging project teams to embrace change and being agile in adapting to new insights along the way is vital for success. Lastly, surround yourself with the right people who possess the necessary expertise. In the case of AI solutions, having someone internally who understands the language and capabilities of AI can be a bridge between the organization and third-party experts.   Atul: I completely agree with your insights, Siegfried. One aspect I’d like to touch upon is the obsession with model accuracy. I think it has become a standard question to ask ‘what is the accuracy of the model?   I feel accuracy is certainly important, but it shouldn’t be the sole focus. Often, organizations get caught up in trying to achieve perfect accuracy, which can delay the deployment of AI models. Instead, the key is to manage and address the inaccuracies that arise during production. By launching models with 80-90% accuracy and continuously working to improve them, organizations can start reaping the benefits sooner. This approach allows for faster implementation, which is crucial from a CFO’s perspective, as it leads to earlier returns on investment and paves the way for future innovations.   Siegfried: Excellent points, Atul. Now, let’s discuss the scalability of AI adoption. Can organizations start small and then expand their investments? What would be your advice in this regard?   Atul: Absolutely, Siegfried. Starting small is a prudent approach. Organizations can begin with incubating a few use cases within a low-touch ecosystem, testing their feasibility, and gauging the available data. Blackstraw offers a definitive offering in this space, allowing organizations to establish an incubation center with minimal investment, expertise, and resource concerns. This way, they can assess the potential before committing significant resources. However, it’s important to stay patient with the process. Large-scale deployments and use cases require time and proper change management. By starting small and gradually scaling up, organizations can witness dramatic returns on their investment.   Atul: Let’s move on to the process of identifying use cases. What would be your advice for CFOs when it comes to selecting the right use cases for AI adoption?   Siegfried: CFOs should take an enterprise-wide approach to identify potential use cases. Look for processes that are repetitive and time-consuming, where AI can bring significant efficiency gains. Engage with various stakeholders across the organization to understand their pain points and challenges. Conduct thorough feasibility studies to assess the availability and quality of data required for AI models. Additionally, consider the potential impact on customer experience, revenue generation, and cost reduction. By involving key decision-makers and leveraging data-driven insights, CFOs can identify high-impact use cases that align with the organization’s strategic goals. Change management plays a critical role in successful AI adoption. Atul, what strategies and best practices do you recommend for organizations to effectively manage the cultural shift associated with AI implementation?   Atul: Change management is indeed crucial. Firstly, leadership commitment is essential. It sets the tone and creates a sense of urgency for embracing AI. Leaders must communicate the benefits of AI adoption to employees and address any fears or misconceptions. Secondly, invest in employee training and upskilling programs to ensure they have the necessary knowledge and confidence to work alongside AI systems. Building a culture of continuous learning fosters a positive mindset toward AI. Finally, encourage collaboration between employees and AI systems. Highlight how AI can augment human capabilities, improve decision-making, and free up time for more strategic tasks. By involving employees throughout the process and showcasing the value AI brings, organizations can create a culture that embraces AI as an enabler rather than a threat.  

Conclusion

And that wraps up our interview with Atul and Siegfried. We hope you found their insights valuable and gained a deeper understanding of the key considerations for successful AI adoption. Remember, thinking big, managing inaccuracies, starting small and scaling up, selecting the right use cases, and effectively managing change are all crucial elements in the journey towards embracing AI. Stay tuned for the next part of our AI blog series, where we will explore real-life case studies and success stories.