Staying up-to-speed with ever-changing AI is critical to gaining a competitive advantage
To be successful, it’s all about understanding and implementing the right AI strategy over your competition. Artificial Intelligence is the next, big step. It has been around for decades, but has really turned up the heat in the last few years. So, let us take a closer look at two areas every company needs to succeed in. One is the CAIO or Chief AI Officer and the other is the AI Analyst.
The CAIO or Chief AI Officer is a new senior-level executive position that is quickly being filled by companies nationwide. This, alongside the CEO, CFO, and CMO, is not only key to a company’s survival during the next decade, but is how many will show significant growth.
As an Industry Analyst and columnist for several decades, I have watched this segment grow and change, many times. Now, the new role of the Artificial Intelligence Analyst is becoming an important and powerful resource for senior-level executives, companies, investors, regulators, the media and more.
Over time, I have worked with CEOs, CMOs, and CAIO officers. They are all looking for different things, but they all want to turn their companies into industry leaders.
The right CAIO, CEO, CFO, CMO are key to company success
Today, the average person only understands a limited amount of this new AI world. Today, there are simply not enough knowledgeable workers in the market to satisfy every company in every industry. That’s why we need to surround ourselves with different experts on different levels. This will improve our chances of better understanding and staying on target. Senior-level executives must understand the world will be very different a few short years from now, thanks to AI.
That being said, every CEO and Chief AI Office or CAIO wants their company to be a leader in AI going forward.
Three kinds of players in AI: Leaders, fast-followers and those who miss out
The fundamental business model of nearly every company, every industry, and every country will be very different a few short years from now, thanks to the changes that AI brings.
There are three categories of companies and leadership: early adopters or leaders, fast-followers, and those who miss this shift. Which best describes your company?
Today, billions of dollars are being invested by companies from every industry in AI. While that is a big bet, the real question is, are all companies pouring their investment in the right areas of AI? Are they getting the biggest bang for the buck?
Who are AI Industry Analysts and why should CAIO trust them
That is why the CAIO and the AI Analyst are so important. That being said, even they don’t know everything in this fast changing space. It’s a constant battle to stay up-to-speed.
AI Industry Analysts come from several different slices of the pie. Some are AI experts, who become analysts. Others are top analysts in their home sectors, now expanding to embrace the way AI will transform their space.
Every analyst will have different strengths and weaknesses. No two analysts will be the same. That’s why it is essential to hear from as many viewpoints as you can. Especially today in these early days, when there are more questions than answers.
What is important is every expert will include one slice or another of AI in their thinking and analysis. What they can share is often crucial to every company in every industry. That being said, the impact of AI on different companies and industries will vary.
AI is transforming business and the way companies are run and grown
It is important for you to know where you stand in this fast-changing world. 25 years ago, most companies didn’t have an app, didn’t do much business on the Internet, and didn’t use wireless for data and so much more of what we do today.
Today, the world is very different. Today, the business model has changed. Several times in fact. This is what we should expect from AI going forward.
It will change everything, and you must participate. Either that or you will be at a competitive disadvantage.
Let me give you a couple examples from history: Almost 20 years ago, the iPhone and Android revolution started. Apple gave Verizon the first opportunity to be the leader in this new and uncertain space. Verizon turned Apple down. Big mistake, but this was an unknown technology.
Apple then offered the same deal to AT&T, which grabbed it. This gave them a competitive advantage for several years. T-Mobile missed this change wave altogether for too long. They then struggled for years until about a decade ago.
Another example is when AT&T and Verizon went off track about a decade ago, acquiring DirecTV, Warner Bros. Studios, CNN, AOL, and Yahoo. Their vision was to grow beyond communications. They struggled to make that work until they finally threw in the towel and got back to their core business.
AI Analysts and CAIOs lead transformations
Fortunately, today, nearly 20 years later, all three players are strong once again in the wireless space. Expect this to happen with AI as well.
There are many examples of how new technologies and opportunities can transform a competitive space. Only some leaders take advantage in the early stages. Others will follow.
That is why I ask you, which best describes you and your company? Are you an early adopter, a leader? Or are you a fast follower? Or will you miss this powerful change moment altogether, taking years trying to catch up?
Which company is yours most like: AT&T, Verizon or T-Mobile?
In the wireless and telecom world, AT&T was an early adopter. Verizon was a fast follower. T-Mobile was none of the above and paid the price for years to come until they finally put themselves on the right growth track.
So, even if you do not lead, you must at least keep up with your competition. How do you do that? Do you know what your competition is up to and what they will introduce next?
Lessons can and should be learned from the past and the present. Hopefully, every company can learn the right lessons. With a well seasoned CAIO and the right AI Analysts, your chances at success are increased.
As always, the choice is yours. Make it count.
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