Artificial Intelligence (AI) is thriving in the global tech-driven market in the 21st century, especially after the outspread of the coronavirus pandemic. The pandemic has created a drastic effect on organizations that lead to incurring a massive loss in 2019-2020. Yet, a coin has two sides— this pandemic has encouraged the spread of digitalization across the world that instigated people to use smart devices for online activities such as work from home, online shopping, online payments, and many more. Organizations have realized the core field of cutting-edge technologies known as AI. Thus, without any further ado, organizations have started adopting AI for meaningful business outcomes that can enhance customer engagement and expand customer reach efficiently and effectively. Smart technologies mean tech-savvy customers with smart products and services. Automating regular and mundane tasks with effective data management has motivated organizations to strive for success in this COVID-19 pandemic. Leveraging AI strategies and AI governance is not a luxury anymore, it is a necessity now in the data-driven culture.
On one hand, organizations that are determined to adopt AI strategies need to consider multiple issues before starting the digital transformation— determining business strategies because it is linked with personalized AI strategies, focus areas on the priority list of AI strategies, time taken to demonstrate values of these AI strategies, type of data and data strategies in sync with AI strategies, skills necessary in the workforce, making the team understand the importance of AI, and finally the implementation of AI strategies.
Though organizations have to confront a lot of challenges on the way towards success, it is worth overcoming those owing to the higher revenue in the nearby future. There are multiple reasons to adopt viable AI strategies such as developing intelligent products and services, smarter business processes, enhancing customer engagement, automating mundane tasks, as well as protecting employees from any dangerous environment.
On the other hand, AI governance is essential for consisting of a legal framework to ensure AI and machine learning algorithms to be well researched as well as developed for the fair use of AI models. Organizations need to address AI ethics and AI governance as per the regulatory environment of the tech-driven world. There should be trust on AI models and machine learning algorithms that can determine strive to success or incurring a massive loss of an organization. AI governance provides a series of recommendations or suggestions to establish trust in AI.
There are four major principles of AI governance that ensure utmost trust in AI algorithms— integrity, explainability, fairness, and resilience. AI governance is required to fit with all the other corporate governance frameworks with a significant thought. It should be followed in each department and each person to adopt the digital transformation efficiently and effectively. Failure to adopt AI governance can create data security issues, privacy issues, company reputation concerns, and many more. There is a huge potential of becoming a victim of malicious cyberattacks if there is no underlying legal and ethical framework.
There should be an accurate convergence of AI strategies and AI governance for organizations to strive for success in the nearby future. AI governance tends to empower the workforce to operate with sufficient trust and AI strategies help the workforce to automate business workflows to focus on creativity. It provides an end-to-end experience with utmost trust. An organization needs to have a definite structure as well as an AI lifecycle to provide sufficient information to governance leaders to reap the benefits of AI governance— gaining better visibility, automating confidential processes, enhancing outcomes, establishing policies, a clear understanding among the team members, as well as building AI at scale.
Proper usage of AI can transform organizations to yield higher revenue than the past years in the data-driven culture. Multiple industries across the world have started adopting AI strategies and AI governance for effective data management and meaningful in-depth business outcomes to retain brand loyalty in this cut-throat competitive market.