From AI-curious to AI-centric: where’s the value for firms that are serious about AI?

At the latest AI Exchange dinner in January we asked: who has a formal AI strategy and whose AI usage is more ad hoc?

First we had to agree on what we meant by a ‘formal’ AI strategy and how we’d define it. While members of the AIX are all serious about wanting to use AI, we’re still in the early days of AI adoption in firms. Can we really say that any firm’s AI strategy is stable, or is it regularly changing shape? And with use cases still being explored to find AI’s true value in a firm, how much of an ‘AI strategy’ is found through trial and error - in deciding what not to use today?

Formalising the firm’s approach to AI could help build team engagement and get everyone working together. It also helps to concretise the value of AI to clients and alleviate any concerns. I know a number of firms are being asked by their clients how they’re using AI and what this means for them (more specifically, their pricing).

Crucially, though, if we’re talking about seeing real ROI from AI usage (and why wouldn’t we be?), then we need to make our purpose clear. We need to know what we’re doing with AI as a firm, why we’re doing it, which platform(s) we’re using, and what benefits that should deliver.

This, fundamentally, is an AI strategy articulated. But there’s some thinking that needs to be done first.