CEOs, A.I., and the Secret Sauce: What You Already Know

Hold onto your briefcases, folks! Artificial intelligence (A.I.) has arrived, and CEOs are scratching their heads, wondering what to do next. But guess what? The answer is right under their noses: Stick to what you know best. Now, let’s dive into this exhilarating saga of A.I., where reality meets adaptability, and sprinkle it with a dash of humor to keep things lively.

A.I. Sneaks into Every Nook and Cranny:

You might not have noticed, but various forms of A.I. have stealthily infiltrated both the front and back offices of most companies. It’s like a game of hide-and-seek, except A.I. isn’t hiding anymore. In fact, it’s even demonstrating its value in creative and imagination-driven tasks. Talk about an overachiever!

Familiar Territory: The Internet, Mobile, Social Media, and Now A.I.:

Picture this: You’re sitting in a movie theater, watching the latest blockbuster called “Technological Revolution.” In this captivating film, the Internet, mobile devices, and social media all make their grand entrances, leaving businesses scrambling to catch up. And now, the newest star is A.I., ready to surprise us all. It’s like a never-ending saga of thrilling technological advancements that hit us faster than a cheetah chasing its prey.

The CEO Conundrum:

CEOs are no strangers to challenges, and they recognize the uphill battle A.I. presents. If they sit back and play the waiting game, they risk missing out on a historic opportunity to supercharge their products, services, and operations. On the other hand, if they let A.I. run amok in their companies without a plan, chaos and unintended consequences may reign supreme. We don’t want biases, misinformation, or accidentally revealing top-secret data, now do we?

Cracking the A.I. Code: Lessons from the Tech Rollercoaster:

Fear not, brave CEOs! You’re not alone in this wild ride. The good news is that you’ve already learned some valuable lessons from previous tech revolutions. So, let’s apply them like a master chef adding the secret sauce to a delicious recipe.

Lesson 1: Data Governance Meets A.I. Governance:

Governance might sound like a boring word, summoning images of top-down control, but hey, it’s essential. We’re not talking about choosing between centralization or decentralization, though. It’s about developing company-wide approaches and standards for all things A.I. This includes creating a technology architecture that can handle the A.I. workload while ensuring compliance with regulations and your company’s core values. Imagine your A.I. applications as a synchronized dance troupe—without enterprise consistency, you’ll have a bunch of mismatched performers tripping over their own feet.

Remember, you don’t have to start from scratch. Your company probably already has data governance measures in place. Now it’s time to upgrade to data and A.I. governance. Inventory, map, and monitor your A.I. applications and models. Define and implement enterprise standards for data quality. And remember, while some A.I. systems might seem like mysterious “black boxes,” the data sets they’re trained on are manageable, especially for business applications. Show that data who’s boss!

Lesson 2: The A.I. Avengers: Employees as A.I.-Literate Heroes:

Picture this: Your employees, suited up like superheroes, fighting against the forces of A.I. But fear not, they don’t need to become data scientists. Instead, they need to become A.I.-literate champions. Just like every job changed when the internet became ubiquitous, the same will happen with A.I.

So, empower your workforce with the knowledge to navigate the A.I. landscape. Teach them how to evaluate data used to train models, what bias testing to look for, how to assess model performance, and more. With great A.I.-literacy comes great responsibility!

Lesson 3: Setting the Stage with the Right Culture:

Ethical A.I. principles are great, but trust isn’t built on words alone. It’s time to show some transparency. Let consumers and employees know when they’re interacting with an A.I. system. Ensure that your A.I. systems remain explainable and under human control. These systems should be able to withstand the highest levels of scrutiny because, let’s face it, people are watching. And please, evolve your corporate culture for the A.I. era. It’s like getting a fancy new haircut—keep up with the times, my friend.

The Data & Trust Alliance Chronicles:

Imagine a superhero team fighting the forces of chaos. Well, the Data & Trust Alliance (D.T.A.) is somewhat like that. They’ve developed “new diligence” criteria to assess the value and risk of data-centric and A.I.-centric companies. But their greatest endeavor was ensuring responsible culture diligence. Think of it as making sure your team is ready to face the A.I. challenges head-on, with the right values, composition, incentives, feedback loops, and decision-making powers. It’s like assembling an Avengers team specifically trained to handle A.I. mischief.

Conclusion: The Choice is Yours:

CEOs, you’ve been through this before. It took a pandemic for some companies to realize that “digital transformation” affects every part of the business. Misreading the Internet, mobile, and social media resulted in disrupted business models and loss of competitiveness. We don’t want a repeat performance, do we? Getting A.I. right means achieving radical breakthroughs, solving problems, delighting customers, empowering employees, reducing waste, and serving society. So, gear up, fellow CEOs, because the A.I. revolution is here, and it’s time to lead like never before.

Kenneth I. Chenault and Samuel J. Palmisano are the founders and co-chairs of the Data & Trust Alliance—a not-for-profit organization dedicated to responsible data and A.I. practices. Their members include some big names like CVS Health, General Catalyst, GM, Humana, Mastercard, Meta, Nike, Pfizer, the Smithsonian Institution, UPS, and Walmart. Kenneth I. Chenault is the chairman and managing director of General Catalyst, while Samuel J. Palmisano is the former chairman and CEO of IBM. These guys know their stuff!

Disclaimer: Remember, folks, the opinions expressed here are solely the views of the authors and don’t necessarily reflect the opinions and beliefs of Fortune. But hey, we’re all about a good discussion and some lively banter, right?