This sophistication matrix can show you where you need to go
Every company today seems to be consumed with building an AI strategy. From sole traders to massive organisations, the question top of mind for the past 6 months has been — how can I use AI in my business? Often even before “Should I?”
Luckily, with an explosion of new tools built using AI it is much easier for an individual or company to incorporate AI into their day-to-day than ever before and it makes good sense for all of us to constantly consider whether we are doing our work in the most efficient way using the available technologies. But when it becomes a significant investment or derailing priority then a deeper reflection is needed.
I’m a strong believer in using technology, AI and Data to further your existing business strategy and priorities. To enable your competitive advantage rather than to be priorities in and of themselves.
When I think about AI and its potential for success I look at it in three parts — yes of course the machine learning and models that seem to get all of the buzz and attention, but equally (if not more important) the people building or using it and finally, the data and infrastructure it is built upon.
So if you’re a business leader considering what your AI strategy should be for 2024 then I’d encourage you to first consider, what is your current Data Strategy?
Do you have something at an overall company level that you can confidently call a Data Strategy?
Does it need attention before you should consider building a complex AI strategy on top of it?
The exercise of stepping back from an individual data or analytics problem, whether as narrow as a channel specific Marketing measurement question or as broad as how AI can transform how you do business, and instead taking a birds-eye view of how your company uses Data today and how that can be improved is something that I am always drawn to. I think it is one of the most worthwhile things a leader can do to consider what are the barriers TODAY to data being the silver bullet it was always lauded to be and to address those barriers before adding any new bells and whistles on top. I know this isn’t the “sexy” (I hate using that word in this context) or exciting project that makes shareholders wake up in a board meeting but it might be the work that enables the results…
