We talked about AI in a prior post. Tech execs need to be aware of the changing scene in tech and be ready to harness new technology to advance their technology strategy. Many fear AI will lead to disruption, but this can be mitigated with a well-crafted plan that includes a strategic direction for AI.
“Be on the forefront of change because your competitors certainly will be.”
Tech2Exec
To embrace new technological advancements, understanding their strengths and weaknesses is vital.
This comprehension enables businesses to effectively leverage their potential. The next step is to develop a comprehensive plan to drive business improvement using the technology. Garnering support from executive stakeholders is crucial in this process.
Today, many business executives actively explore using AI to tackle their challenges. However, some remain cautious, concerned about potential misuse of this innovative technology.
Similar to Cloud (a broad platform), AI can raise concerns for business end-users regarding data security and control. Technology execs must proactively address these concerns with strategic marketing efforts to gain the trust of business executives.
One concern with new technology is lack of understanding. However, it’s crucial to map and address true risks with a risk remediation plan. Outlining pros and cons with a well-thought-out plan can help gain acceptance for leveraging the technology.
AI isn’t new, but it’s rapidly evolving thanks to advancements in data analytics, modeling, and computing power. This natural progression aligns with most tech execs’ strategies. While valid concerns exist about AI abuse, comprehending the possibilities—both positive and negative—will aid tech execs in incorporating AI into their risk and control frameworks.
When incorporating AI technology into your company’s stack, it is crucial to consider the involvement of your Chief Risk Officer. Their expertise can provide valuable insights into potential risks and ensure that the integration aligns with the organization’s risk management strategy.
Additionally, involving the Cyber team is essential to thoroughly vet your proposals. Their in-depth knowledge of cybersecurity can help protect against potential threats and vulnerabilities. By ensuring a well-rounded strategy, you can effectively incorporate AI into your model. Bringing the right people into the process will not only facilitate a smoother integration but also help alleviate fear AI might cause among stakeholders. Engaging these key individuals ensures a holistic approach to adopting AI technology within your company.
The bottom line is that we should not fear AI or any new technological advances.
While it’s true that people may misuse technology, just like with any component in your tech stack, it’s important to approach these innovations with an open mind. Understanding the potential risks associated with new technologies is crucial, and having a comprehensive plan in place to address any issues that arise is essential. Embracing advancements can lead to significant benefits, and with the right precautions, we can maximize their positive impact while minimizing potential downsides.