Crafting a digital strategy can be challenging for organizations. With the evolution of Artificial Intelligence(AI) and the ever-changing dynamics of innovation through digital transformation, execution and implementation of digital strategy is almost a herculean task.
That said, organizations cannot ignore the importance of formulating and implementing a digital strategy to drive growth in an evolving global ecosystem. Organizations(traditional to modern to everything in between) need to create a comprehensive plan for adopting AI and digital transformation.
Where should I Start?
Setting your foot into AI begins by identifying key business functions within your organization. Demarcate focus segments within business functions and find sub-disciplines within them.
It’s now time to ask two important questions.
- Does my organization have a digital strategy?
- What is the use case for AI in my organization?
If it does, then define it and if not, it’s time to create it.
Equally important is building a roadmap for business processes, data stewardship and capability building within the organization.
Identify internal challenges and other external factors that negatively impact organizational performance and gradually start defining how AI could iron things out for you.
Mapping Strategy with Outcome
Formulating a strategy isn’t enough. A masterplan that has been mapped at every possible stage with a well-defined outcome helps in measuring the effectiveness of the strategy. A few ways that you could do this:
1. Play it SMART – Sustainable, Measurable, Action-Oriented, Realistic & Time Bound strategies work best. Ask questions like; What is expected out of the AI strategy you wish to deploy? What are the expectations? Are they realistic, actionable and time-bound?
2.Your secret recipe– What is the USP of your AI strategy? You can have an edge over the others by making your strategy hard to replicate.
3.Integrate with Analytics – Data Ecosystems can thrive if analytical tools/measures are integrated with AI measures taken. An ideal environment has a cycle viz. Data, Analytics, Measurement and Assimilation, Implementation, Finding Loopholes, Using Loopholes to add fresh data thus completing the cycle.
4.Data-Oriented over Human Expertise-Oriented – Data is non-perishable, objective and timeless. Use it well to build strategy. Interestingly, human experiences may be converted into data too. Take for example, a case from the Indian Folklore of Birbal, a wise minister who cleverly converted human experience and wit with data and won over his emperor Akbar’s mind and heart. In this case, Akbar is your organization while Birbal is your data-driven digital transformation team.
Focusing on intricacies is the masterstroke that differentiates the great from the good weavers. The attention to details, in this case data and analytics among others, could help in creating a concrete and comprehensive plan for the adoption of AI.
Check out the next blog that might help you create an AI strategy.
Are you ready to chart your own AI adoption strategy?
Tell us in the comments below.