AI in the C-suite: Using AI to shape business strategy

Jeff Schumacher, CEO of artificial intelligence (AI) software company NAX Group, told the World Economic Forum: “To truly realize the promise of AI, businesses must not only embrace it, but also use.”

Schumacher and others believe that AI can help companies make data-driven decisions by automating key parts of the strategic planning process.

“This process involves connecting AI models with visual actions, using data that is then fed back into the system to complete the feedback loop,” Schumacher said. “The key is to automate these steps, which enables rapid self-evaluation, which improves innovation and creativity.”

Much of the AI ​​hype has focused on major linguistic models (LLMs). However, research shows that many executives, like Schumacher, recognize the connection between AI and business innovation.

A June 2023 survey conducted by IBM found that 43% of managers use AI to inform strategic decisions, obtain real-time data and unique information.

“Making decisions based on emotions, logic and knowledge is very useful and should not be lost. But the more analytical support we have, the better,” Gonzalo Gortázar CEO of CaixaBank, told IBM.

AI can transform industries, changing the way students learn, employees work, and consumers shop. And perhaps most importantly, it can inspire leadership.

AI-driven decision making is changing the c-suite

Bret Greenstein, PwC’s data and AI leader, is an AI business expert who works with many executives to integrate AI into operations. He believes leaders are embracing artificial intelligence (genAI) for its disruptive potential, however.

“What we’re seeing is a consistent focus among customers in every industry to transform their investments in genAI as a transformational process – from cost savings to increased revenue, improved speed, and new value streams,” he said.

Greenstein added most C-level executives have embraced AI without fully understanding its potential and few recognize its importance in decision-making.

“First, the application of genAI enables senior management to gain rapid access to public and private data to obtain holistic answers,” said Greenstein. Second, decision makers are increasingly relying on genAI to…

Changing the way leaders interact with customers

AI equips managers with real-time data and insight, enabling them to better understand customers and launch new lines of business with confidence.

Kirill Lazarev, founder and CEO of the design department Lazarev, whose clients include Boeing, HP, Meta, and many Fortune 100 companies, shares his experience.

“A client once shared how predictive analytics allowed them to predict increasing levels of consumer choice. This wasn’t just data for them; it was a window into awareness the wishes of their customers in the future, which enables them to organize offers more than ever before.

He said: “It was a lightbulb moment for me, when I saw AI … as a bridge to a deeper understanding of consumers.”

Lazarev now encourages customers to use AI for analysis and decision-making and believes that AI can bridge the gap between companies and customers, create a better understanding of the market and increase profits.

Hands-on leadership drives AI success

Many CEOs are eager to implement AI, but the most successful ones take a hands-on approach, involving the C-suite throughout the planning, implementation, and iteration process—like Simon Bacher , CEO of education technology startup Ling App.

“I used AI as a strategic tool,” said Bacher, whose executive team uses AI to understand user needs, identify new business opportunities, and create a language learning recommendation engine that generates results. learning paths for users.

“I am deeply involved in understanding the possibilities that AI offers while also being aware of its limitations. My involvement in fine-tuning and fine-tuning our AI models often helps to provide more accurate predictions and thereby improve our overall business strategies,” said Bacher.

From AI-aware to AI-savvy

While many executives are just beginning to understand the potential of AI in business strategy, startups are already using it to inform long-term planning.

“The C-suite is already changing,” Greenstein said. “They’re investing in new skills to move from AI-aware to AI-savvy. They’re creating new roles in the C-suite to help govern and transform with AI — roles like chief AI officer or development roles in large digital services or technology – bringing more AI thinking to the leadership team.

Lazarev admits: “It’s one thing to have technology, but it’s another thing to weave it into your business strategy. This requires a shared vision of the management team and the freedom to update your approach based on feedback from the ground. ”

Learn about Nutanix’s AI platform, GPT-in-a-Box, and the latest IT industry trends in the 2024 Enterprise Cloud Index report.

Marcus Taylor has worked as a senior writer and thought leader for the information technology industry since 2016, specializing in SaaS, healthcare IT, cybersecurity, and quantum computing. He can be reached through his website: mtwriting.com.