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According to research , AI could offer saving opportunities of about $ 1.4 trillion to $ 2.6 trillion across functions , including customer service , R & D , manufacturing , supply chain and procurement .

AI is not only automating repetitive tasks but also moving beyond these use cases to assist in higher-level , strategic initiatives to help drive broader business value .

Given this , it is now imperative for business leaders to implement generative AI into their strategy and business operations .

Despite these clear benefits , business leaders face several challenges when trying to successfully incorporate generative AI into their strategy , such as a lack of understanding and expertise , data challenges , and difficulties with integrating AI into existing legacy systems .

With projections that AI could automate about half of today ’ s business activities a decade earlier than previous estimates projected , here are the ways enterprises and leaders can better prepare themselves .

1 . Build a Strong Foundation and Gain a Clear Understanding of AI

Firstly , employers and managers must have a clear understanding of generative AI ’ s strengths and weaknesses and how this aligns with the organization ’ s strategic objectives to innovate strategically . To date , one of AI ’ s major hurdles has been the lack of understanding and knowledge among business leaders . Recent research highlighted that nearly 70 % of CEOs revealed uncertainty around generative AI and that this made it challenging to adopt and execute an effective AI strategy . Leaders ’ lack of understanding of AI is for several reasons , including the rapid advancements of these technologies making it challenging to keep pace with developments , as well as lack of formal education and training .

– and the compatibility of AI technology with existing IT infrastructure . As is often the case when it comes to new technologies , there have been a number of examples of organizations that have wasted time and money investing in wrong AI strategies , so this step is crucial in saving on capital and maximizing on AI ’ s potential to transform business models .

Think of this step as laying the foundation for a skyscraper . Without a solid base , even the most advanced building will crumble . Similarly , without a clear understanding of AI , any strategic implementation is likely to fail .

Additionally , business leaders should focus on continuous education and staying updated with AI advancements . This can be achieved through industry conferences , subscribing to AI research publications , and engaging with AI think tanks . Understanding the ethical considerations and potential biases in AI is also crucial for making informed decisions .

2 . Prioritize Enhancing Awareness at the Enterprise Level

Noopur Julka , Senior Director , UST

To address this , companies need to identify where in the business AI could be used to gain a competitive advantage , the cost-effectiveness of different AI tools – looking at the direct costs , as well as value-added

Next , enterprise-level awareness of AI is pivotal in its successful adoption , given that executives estimate that up to 40 % of their workforce may need to reskill as a result of implementing AI over the next three years .

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