AI is here and will continue to be developed and implemented in businesses around the world. So what does this mean for senior executives? This requires a new type of leader who will guide this evolution to help organizations gain a competitive advantage. A new report from Focus Search Partners examines how businesses can adapt to critical aspects of this evolving technology.
June 4, 2024 – Today, according to a new report from Focus on research partners‘ Adam Charlson. “To do this effectively, however, leaders must skillfully navigate and adapt to the critical aspects of this evolving technology,” the study says. “Despite initial concerns, AI has not replaced large swaths of the workforce, and many experts now predict that it is more likely to change the way people work, rather than disrupt them. put out of work. »
Andrew Bailey, economic historian and governor of the Bank of England, challenged the notion of massive job losses due to AI, saying: “Economies adapt, jobs adapt and we learn to work with “. CEO of LinkedIn Ryan Roslansky says that AI is “an opportunity to reinvent the way we do things” by suggesting that AI is not a substitute for workers, but a collaborator who can improve their work performance. Although AI is known for automating highly repetitive processes, including mundane tasks associated with accounts receivable and collections within revenue cycle managementfor example: AI solutions are not limited to these areas, explains the Focus Search Partners report.
Generative AI can and will automate certain tasks of knowledge workers, allowing them to optimize their time by implementing technology to modify or strategically use what the AI creates, rather than creating the product themselves. initial work, according to the Focus Search Partners report. For example, it shows how CRM software integrated with generative AI tools can quickly identify interesting topics that a salesperson can discuss with their customers, allowing them to maximize the time spent preparing and strategizing on how to conclude the sale.
Despite all the benefits AI brings to the workforce, leaders today have important conversations to have. “First, it is essential to directly address the persistent idea that AI is replacing employees,” the Focus Search Partners report states. “A well-developed and expertly implemented communications plan will help dissipate AI use cases within a particular organization while also outlining where workers can expect to see it introduced. Second, leaders must encourage and develop workers’ AI skills and technological knowledge to help them succeed in this new environment through ongoing education and training opportunities. While these solutions may not address every worker’s concerns or issues, they establish a foundation of trust and communication, an essential aspect of addressing the growing topic of AI.
An uncertain regulatory horizon
Congress has taken serious consideration of AI in 2023, including the risks associated with this technology and the need to regulate it. Unlike the dawn of social media, executives from some of the AI industry’s biggest players have willingly participated in congressional hearings and have been among the loudest voices calling for government regulation.
Artificial Intelligence Requires a New Kind of Leadership
Artificial intelligence will continue to be developed and implemented in the business world. Whatever your opinion on the matter, you and your organization will need to prepare for the changes this will bring, according to a recent report from Brainworks. The firm explains that your organization must be ready to innovate, and this is fostered by leadership.
A recent article from Keen Alignment highlights that AI is already involved in many businesses, at least to some extent. It involves crunching numbers or performing mundane tasks that would take a human (or even multiple humans) much longer. However, as AI continues to grow and develop, its role in the workplace will become more and more prevalent.
During his testimony In May 2023, OpenAI CEO Sam Altman said his company “believes that regulating AI is essential, and we look forward to helping policymakers determine how to facilitate regulation that balances the incentivizing security while ensuring people can access the benefits of technology. .”
HAS hearing in September 2023Microsoft President Brad Smith welcomed the Bipartisan framework for US AI law, which proposes, among other things, a licensing regime for AI and an independent monitoring body. He said it reflected “the urgency and speed needed to tackle this rapidly evolving technology, and it combines strong public protection with support for continued technological innovation.”
Related: 5 Key Steps to Navigate the Generative AI Revolution
Focus Search Partners’ report highlights the broad range of AI developers, executives and scientists who participated in nine Bipartisan Senate Forums on AI in the second half of 2023, covering the intersection of AI and national security. And in October 2023, President Biden announced a Executive Order on Safe, Secure, and Trustworthy Artificial Intelligencewhich outlines new standards in AI safety and security, privacy protection, workforce support and much more.
“Executives of companies involved in the development of AI solutions and executives who rely on AI-integrated software to power their businesses should closely monitor evolving AI regulations in months to come,” says the Focus Search Partners report. “Engaging in ongoing discussions about the application of AI in the labor market is an opportunity to influence the future of AI and the regulatory frameworks that will govern it. »
Legal ramifications of AI
After OpenAI launched ChatGPT, lawsuits followed. The plaintiffs include comedian Sarah Silverman; the Authors Guild, a leading professional group for writers; and the New York Times, among others. The lawsuits claimed that OpenAI violated the plaintiffs’ copyrights by causing ChatGPT to respond to user requests. AI art generators Stability AI, Midjourney, and DeviantArt have also been sued by artists with similar copyright infringement arguments.
“While these lawsuits should not discourage companies from getting involved in AI, they serve as an important reminder to recognize the potential legal risks associated with doing so,” Focus Search Partners said. “This proactive approach helps mitigate identified risks and prepare for possible legal actions that may arise from employees, customers or others whose work is related to AI technology . »
The importance of a comprehensive AI policy
As new AI use cases emerge and new AI-integrated tools are launched, adaptive leaders are quickly recognizing the importance of making deliberate decisions regarding the development and use of AI technologies. AI within their organizations, according to the Focus Search Partners report. The study says this involves creating a comprehensive AI policy that involves:
- Identify business functions suitable for AI implementation and document areas where this is not the case.
- Positive and negative applications of AI.
- Clear objectives around the integration of AI in certain functions or circumstances.
- Anticipate possible ethical and legal considerations associated with the use of AI.
- A solid communications plan to convey the use of AI to customers, employees and key stakeholders.
Focus Search Partners asserts that this policy should be reviewed annually, at a minimum, or sooner if substantial changes or company-wide initiatives require revisiting the existing policy.
Leaders must adapt to AI now
The solution to many of today’s toughest problems lies in AI. “Adopting AI is no longer a benefit, it is a necessity,” the report notes. “Leaders and organizations that fail to integrate this technology risk finding themselves falling behind their competitors in their industry, who are already harnessing its power to tackle complex challenges and identify new opportunities. »
“As much as businesses need AI, AI requires adaptive leadership to properly manage and lead it,” Focus Search Partners said. “This project is best led by senior executives and their management teams who possess high levels of emotional intelligence, strong ethics, a commitment to good corporate governance and excellent communication skills. When combined, AI in the hands of adaptive leaders can make the previously impossible possible and help take an organization to the next level.
Related: The balance between using artificial intelligence and authentic intelligence to find talent
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, editor-in-chief; Lily Fauver, Editor-in-Chief – Hunt Scanlon Media
