Artificial Intelligence: A Senior Executives Action Plan

Introduction

Our experience is that the following specific practices for executive management of AI initiatives will most reliably lead to success:

1. Work Backward From Business Problems, Not Forward From New Technologies

2. Focus Relentlessly on Financial Value

  • Clarity on the stream of decisions to be changed.
  • Identification of the analytical methods and at least some of the datasets that will be used to improve these decisions.
  • A simple analysis demonstrating that a sensible degree of decision improvement will create at least several million dollars per year of pre-tax operating profit gain.
  • A reliable method to measure the actual dollar value of business improvement created at the conclusion of the pilot. The measurement of value creation should be as rigorous as is consistent with the business process, and should ideally be an A/B test or other controlled experiment.

3. Minimize Change to Existing Business Processes

Conclusion

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Foundry.ai

Foundry.ai

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Foundry.ai is a technology studio that creates AI software companies in partnership with the Global 2000. We focus on practical applications of AI.