The Need for a Chief Artificial Intelligence Officer in the Modern Business Landscape

The Need for a Chief Artificial Intelligence Officer in the Modern-01

In the modern business landscape, a Chief Artificial Intelligence Officer (CAIO) role is crucial, but it must be established carefully to avoid any potential turmoil. Although there are some overlaps between the CMO and CDO roles, having a dedicated AI leader would certainly result in more hits than misses.

The potential of harnessing Artificial Intelligence (AI) and Machine Learning (ML) to deliver business value has never been more promising as enterprises accelerate their digital transformation journey. Artificial intelligence (AI) has progressed from a cutting-edge technology to daily applications that can automate operations and enhance accuracy.

Businesses that were lagging on their digital transformation journey are doubling down on integrating AI to create business value after more than two years of disruption and facing a mix of emerging challenges. So, should companies add another executive title to their already crowded C-suite in order to fulfil AI goals?

According to a 2020 BCG research report “Flipping the Odds of Digital Transformation Success,” 70% of digital transformation projects fail to meet their goals. A leader in AI overseeing technology efforts could tip the scales by more effectively using advanced AI tools. 

The importance of AI will only grow in the future

Many industries encountered uncertainties in making data-driven and informed decisions because of the pandemic. Those that underwent a complete automation overhaul overnight relied primarily on AI to guide their business decisions.

Enterprises that were sluggish to adapt to digital technologies slipped behind the curve during the COVID crisis. Organizations must recognize the promise of AI technology and leverage it to support business processes in order to remain agile and future-proof against disruptions.

Companies will look to the CAIO to lead them through this transformational shift utilizing AI/ML to evolve and future-proof their operations as adopting these technologies becomes a business imperative.

Also Read: Key Data and Analytics Trends That Will Rule 2022

In the absence of a CAIO the full potential of an AI team is untapped

An AI team may have eager members who can come up with unique ideas to help transform the business. However, unless they have a C-suite representative, their potential will be underutilized. AI is not understood by all members of the decision-making team. Because of this lack of understanding, they may reject a proposal presented by a member of the AI team. As a result, hiring a CAIO makes it easy to tap into the AI team’s skills and foster an experimentation culture.

How the Chief AI Officer adds value

CAIOs have a foundational grasp of AI tools and platforms, as well as the inherent risk it poses to organizations, governments, communities, and individuals if not handled properly.

The number of CAIOs in boardrooms may be small compared to other C-suite roles, but that may not be the case for long as AI matures. As AI becomes more relevant across practically all aspects of large companies, there’s a case to be made for separating AI from the BI and data umbrellas.

The days of leaders deferring choices about how to employ AI in their businesses are long gone. Business leaders who want to take AI to the next level must act immediately to locate the sweet spot.

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Prangya Pandab is an Associate Editor with OnDot Media. She is a seasoned journalist with almost seven years of experience in the business news sector. Before joining ODM, she was a journalist with CNBC-TV18 for four years. She also had a brief stint with an infrastructure finance company working for their communications and branding vertical.