3 ways businesses should prepare for the AI transformation

3 ways businesses should prepare for the AI transformation

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AI might be ready to disrupt how businesses operate, but businesess aren’t ready for the AI transformation.

According to Cisco’s AI Readiness Index for 2023, only 14% of businesses across the globe are prepared to leverage and deploy artificial intelligence. European companies in particular also struggle to train their employees on AI use and develop a clear strategy for responsible AI.

“At the moment, businesses aren’t well-equipped to deal with AI,” David Shrier tells TNW. “It’s not going as fast as it should.”

Shrier is a futurist and leads venture studio Visionary Futures LLC, which supports companies in their growth and invests in early-stage businesses. He’s also an appointed Professor of Practice at Imperial College London and a Visiting Scholar with the GEAR Lab at the School of Engineering at MIT.

When it comes to aligning AI ambition with practice, Shrier offers advice in three parts: “Build new skills, put processes in place so that you can do it at scale, and change your corporate governance.”

But what exactly does this entail?

Establish new processes around AI

“So first of all, you need to build expertise around artificial intelligence, so that CEOs, boards of directors, and employees know what it can and what it can’t do,” Shrier says.

Another key factor is understanding where the company’s data is going when using AI tools and, in turn, how to manage and prevent leaks and cybersecurity risks. The stakes are high indeed, with employees reporting they have used AI without their manager’s knowledge, and even prompted tools like ChatGPT with confidential data.