Artificial Intelligence

Why Ignoring AI Could Be The Start of Your Downfall

Ignoring the rise of AI in business operations could be detrimental to growth and competitiveness. Adopting Artificial Intelligence strategically, guided by well-structured OKRs, can catalyse your business transformation, foster innovation, and fuel growth.

Let’s start by asking a very quick question – when was the last time you used Artificial Intelligence? By that I mean, did you ask Siri about the weather today? Or perhaps you recently bought a book that Amazon suggested based on your previous purchases? Or, you might have even interacted with a customer service chatbot without actually realising it!

Everywhere we turn, Artificial Intelligence is subtly transforming our lives, leaving its digital fingerprint on everything it touches – and for the most part, we seem quite happy to use it. However, if it’s impacting us as individuals this much, can you imagine its influence on businesses?

When talking about AI in the same sentence as our livelihoods, it seems to strike quite the nerve – with many companies scared or hesitant to embrace these tech enhancements.

Dispelling the Fears Around AI

Let’s clear the air and confront some common fears about Artificial Intelligence. When AI first made headlines, many people reacted with denial – “It won’t touch my job!”. Denial turned to anger – “Why should a machine get my job?!”. In fact, it’s becoming increasingly clear that many of us feel the same stages of grief about AI as we do when we suffer loss in our personal lives.

ZOKRI’s research on AI implementation found that 49% of US and UK workers believed there would be job losses within their organizations because of Artificial Intelligence.

Contrary to common belief, AI isn’t here to replace us – it’s here to augment our abilities. Many companies that understood AI’s potential early on used best-practice goal setting methods like OKRs to smoothly incorporate Artificial Intelligence into their work. Instead of dismissing AI, they welcomed it and prepared for change. They didn’t view Artificial Intelligence as a job-stealing entity, but as a tool that can boost human potential.

Artificial Intelligence isn’t just for tech giants or those with deep pockets either!

Small orgs can leverage AI tools without breaking the bank. And most importantly, AI isn’t just a trend for “the future.” It’s here right now and actively transforming industries, with some companies totally disrupting their landscapes. Ignoring Artificial Intelligence in your business could be likened to ignoring the undeniable tide of change, which can only ever lead to a potential downfall.

AI: Transforming Industries

Let’s take a quick look at the legal industry – once thought to be impervious to the reach of Artificial Intelligence. Legal professionals spend countless hours sifting through mountains of paperwork and writing long legal documents – tasks that are not only tedious and time consuming, but prone to elements of human error. Here’s where AI comes in with a transformative impact.

Currently there are AI-powered contract analysis tools that can read and understand the terms of any contract or agreement, significantly cutting down on the amount of time legal professionals have to spend on this task. Consider products like these as AI legal assistants that have access to libraries of legal documents, or tools that can review hundreds of pages of legal text in seconds – highlighting key points or potential issues along the way.

Artificial Intelligence isn’t replacing lawyers. Instead, it’s becoming a powerful assistant that handles the mundane tasks to let legal professionals redefine their work, enhance their services and focus on the strategic aspects of their work.

The finance industry is another case in point. AI algorithms that are capable of analysing complex data sets can now predict market trends, offer personalised investment advice, and flag fraudulent activities. The benefits of efficiency, accuracy, and cost-saving make Artificial Intelligence a transformative force in finance.

For retail, AI has transformed everything from supply chain management to customer experience. Predictive analytics helps with inventory management, and chatbots offer 24/7 customer support, enhancing customer satisfaction and fostering brand loyalty.

The list of how AI could benefit different industries goes on. Imagine ignoring these benefits – or worse, burying your head in the sand about it. But what if you’re ready to view Artificial Intelligence as a tool, not a threat?

Embracing AI: Strategy and OKRs

So, how do you go about embracing Artificial Intelligence? It’s not about rushing to incorporate the latest Artificial Intelligence tool you heard about. It’s all about strategy, setting realistic goals, and maintaining an open mind. Objectives and Key Results (OKRs) can be an invaluable framework to manage your transition to AI effectively.

OKRs are essentially a set of guidelines that help businesses track progress, create alignment, and encourage engagement around measurable goals. By using OKRs, you can outline your Artificial Intelligence Objectives and specify Key Results.

For instance, you may have an Objective to improve customer service. A corresponding Key Result could be reducing response time to customer inquiries. By setting this OKR, you create a measurable goal that directly correlates with the benefit you want to achieve with AI.

Objective
Improve customer service experience.

Key Result 1
Reduce average response time to customer inquiries from 24 hours to 2 hours using an AI-powered chatbot by Q4.

This key result aims to significantly reduce the waiting time for customer inquiries through the use of an AI-powered chatbot, improving the overall customer experience.

Key Result 2
Increase customer satisfaction score from 80% to 95% as measured by post-service surveys by Q4.

This key result seeks to improve customer satisfaction as measured by surveys. This indicates a focus on enhancing the quality of service delivery, aiming for the majority of customers to rate their experience highly.

Key Result 3
Decrease the number of customer service escalations from 100 per week to 20 per week by Q4.

This key result focuses on reducing the instances of customer service issues escalating, indicating a drive towards solving customer issues efficiently and effectively, thereby providing a smoother customer experience.

But you don’t want to jump in all at once. To ensure a smooth AI adoption process, start small and gradually expand. Test AI applications in specific, low-risk areas first, and learn from the outcomes. Once you have a clearer understanding of how AI can benefit your operations, you can then scale up its implementation.

Another critical step in this journey is to invest in upskilling your workforce. This can seem like a daunting task at first, but it’s an essential step in this transition. It’s crucial for your team to understand how to use AI tools effectively and to see the value these tools bring to their individual roles. This investment will not only increase the efficiency of your AI initiatives but also help alleviate any apprehensions your team might have about AI.

Most importantly, ensure that your AI efforts align with your overall business goals. AI should not be implemented for its own sake but should be viewed as a tool to help your business achieve its objectives more effectively.

With this strategic and measured approach to Artificial Intelligence adoption, you can ensure that your business remains at the forefront of technological innovation while avoiding unnecessary pitfalls.

Your Ally in AI Adoption

Right now you might be thinking, “That’s a lot to take on!” And you’re not wrong. The transition towards AI can seem daunting. ZOKRI’s Integrated Growth Operating System (IGOS) provides a unified growth framework that simplifies the complex task of navigating the uncharted waters of AI integration – with the intention of scaling your business.

The platform helps businesses manage their OKRs (or any other goal setting framework including EOS®, 4DX®, SMART) and align their teams, maintain a clear focus on their goals – all of which are crucial when implementing AI.

Additionally, the platform can guide you through your AI journey, facilitating the setting of AI-specific OKRs, tracking progress, and ensuring your AI strategy aligns with your overarching business Objectives.

Ignoring Artificial Intelligence could mean your business gets left behind while others in the industry zoom ahead. As with any change, it might seem intimidating at first, but the rewards far outweigh the challenges. AI isn’t just the future – it’s the present, and it’s an opportunity that businesses can’t afford to miss.

By approaching AI integration strategically, leveraging goal-setting frameworks like OKRs, and enlisting the aid of platforms like ZOKRI, you can ensure your business stays on the cutting edge, ready to tackle whatever the future holds.

There’s a Chinese proverb – “The best time to plant a tree was 20 years ago. The second best time is now.” If you haven’t already integrated AI into your business, the second best time is definitely now.