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Manuj Desai, Global Chief Information Officer, STLThe rise of AI tools like OpenAI and BARD along with the push for Artificial General Intelligence (AGI) has sparked enthusiasm in the industry, with experts projecting significant growth. UBS Global Wealth Management forecasts a 20% annual growth rate, reaching a $90 billion market value by 2025. However, I believe advancements in machine learning and generative AI may exceed expectations, leading to faster expansion.

Whilst CIOs remain the gatekeepers of the organization's Technology landscape, making sure enterprise architecture, software applications, transactional data traceability, industrial digitization & network connectivity remain stable. Their job also involves strategic planning, budgeting, and implementing IT transformation initiatives to keep the business growing smoothly along with the task of safeguarding data storage, backup, and cyber security defenses. And now in 2023, we're blazing trails in innovation, turbocharging operational efficiency, and supercharging data-based decision-making processes.

Power of AI: The Three Ds

For me, there are three Ds of AI that stand out as crucial elements - Data, Dynamic nature of this technology, and Deployment. If CIOs possess a deep understanding of these 3 Ds, they've already conquered half the battle.

However, data security is crucial, and CIOs must establish measures like encryption, access controls, and audits. Collaboration with legal teams ensures compliance, while data governance sets standards, cleansing procedures, and validation mechanisms. Skilled employees are vital for data analysis, AI implementation, and governance, so CIOs should foster continuous learning and provide training opportunities. As the world matures in AI, CIOs should leverage the existing AI platforms to enrich the data and make it meaningful for the respective organizations to consume.

But every coin has two sides. AI's dynamic nature can introduce bias if trained on biased or incomplete data. CIOs should ensure fairness by promoting transparency, accountability, and ethical AI practices. Collaboration with experts will help identify and mitigate bias. Adopting explainable AI techniques would enhance trust and regulatory compliance. Interpretable models and frameworks would aid in understanding and communicating AI outputs. Ethics committees would oversee initiatives, ensuring adherence to guidelines.

Deployment or the process of implementing and integrating AI solutions is where we get into the real-world applications and systems. Think of automation, enhanced decision-making, improved customer experience, predictive analytics, process optimization, scalability, and competitive advantage! AI deployment can unlock novel insights, uncover hidden patterns, and drive disruptive solutions, helping organizations stay ahead of the competition.

However, AI deployment can raise ethical and legal challenges, such as bias, fairness, privacy, and accountability. CIOs can play a crucial role in establishing ethical guidelines and frameworks for AI deployment. They can collaborate with legal and compliance teams to ensure compliance with relevant regulations and industry standards. AI deployment may bring about significant changes in workflows, job roles, and organizational processes. CIOs can play a critical role in change management by fostering a culture of innovation, creating awareness about the benefits of AI, and involving key stakeholders in the deployment process.

The vanguard of AIAccording to recent statistics, businesses with CIOs who embrace digital transformation are 1.5 times more likely to experience substantial revenue growth. These leaders understand that sitting on the fence or burying their heads in the sand is a recipe for disaster. Instead, they seize the bull by the horns, driving initiatives that propel their organizations to new heights. In fact, 82% of organizations with CIOs who embrace digital transformation report increased operational efficiency.

I encourage all my fellow CIOs to craft an AI strategy blueprint that encapsulates your vision and envisaged advantages, conducts risk assessments, addresses key performance indicators, and delineates exemplary approaches for value generation. Pinpoint advocates for AI initiatives and guarantee precise measurement and widespread dissemination of their KPIs. Allocate resources to enhance data literacy initiatives, fostering a culture that thrives on data-driven decision-making. Ingrain conscientious AI practices as the bedrock of your AI strategy, treating them as fundamental rather than an afterthought.

The author is the Global Chief Information Officer of STL.

Disclaimer: The views expressed are solely of the author and ETCIO.com does not necessarily subscribe to it. ETCIO.com shall not be responsible for any damage caused to any person/organization directly or indirectly.

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From vision to victory: How CIOs embrace the AI revolution - ETCIO