1. Timing is everything
When it comes to adopting new technology, timing is crucial, and the right timing varies from one business to another and from one industry to the next. Generative AI remains largely unregulated, making it suitable for certain industries like fashion labels looking to boost marketing efficiency, for example. However, heavily regulated industries like banking must exercise caution due to stricter privacy and security regulations. The best approach is to evaluate your needs against the potential risks and benefits presented by AI in its current life cycle.
2. Build a supportive ecosystem
Implementing AI isn't a solo endeavor. It’s important to have a team that is willing to take risks and push boundaries. Surround yourself with individuals who are enthusiastic about embracing AI technologies, as their support and collaboration will be essential for success. Failing to provide support may force these AI implementations into the shadows which will create significant risks.
3. Cultivate a culture of tolerance for failure
"A person who never made a mistake never tried anything new." – Einstein's famous quote resonates deeply in the world of AI and tech innovation. Mistakes are part of the learning process. Companies venturing into AI should acknowledge that it's an emerging technology, and hiccups will occur. Fostering a culture that accepts and learns from failure is crucial for sustained innovation.
4. Understand your customers
Putting humans first is a core principle at Helm, and it should be for any business. Before adopting new tech, understand your customers' needs, challenges and pain points. AI should serve as a tool to assist and enhance the human experience, not replace it. Thorough user research is invaluable in ensuring that the technology you implement genuinely benefits your customers, leading to a successful integration.
5. Plan to fail
(And plan to recover.) Failure is inevitable, but it doesn't have to be catastrophic. Businesses should plan for failure, anticipating where things might go wrong and creating contingency plans to adapt and move forward when they do. Planning for recovery is as crucial as planning for success.
In closing at the MMA Impact Forum, Patel reminded delegates that AI is still in its infancy, and the rules governing its use are not set in stone. “Companies have the unique opportunity and responsibility to shape the future of their industries. Embrace the challenge and seize the opportunity to lead rather than follow.
