Companies across the world are leveraging artificial intelligence to communicate with customers, extract relevant insights out big data and solve some of the most complex problems. AI is everywhere and the way it is rising, it is prophesied to create 2.3 million jobs by 2020.
However, even though AI seems to be the next big tide in the industry, many companies are not able to make the best out of this sought after technology. Why? Maybe because they are lacking someone who would be able to make some serious decisions regarding this technology. And this calls for the much-needed job of a Chief Artificial Intelligence Officer (CAIO).
It is imperative to have a C-level executive for AI if you want to implement the technology with a whole new infrastructure. In this article, we are going to see how a CAIO can make a significant impact on business in order to help it stay on top of its AI game.
The CTO or CIO Might Lack The Knowledge Of AI
One of the misconceptions people have is that the CTO and CIO of a company are supposed to know the nuts and bolts of every single technology. However, that is not true in every case. A great CTO and CIO know how to have a strong IT infrastructure, how to leverage the best of the software, and if they don’t know in depth about AI, that is acceptable because the AI domain is massive.
And hence the need for CAIO. A chief artificial intelligence officer (CAIO) has to be someone who has an in-depth knowledge of the AI domain and is updated with the latest trends. That is not all, he/should also be able to make some of the critical decisions in terms of implementation, budget, and end result.
Helps In Building The Ultimate AI Team
Building a team is one of the sweaty tasks for any organisation. If you want to stay on top of your team- building game, you have to make sure that you have people with all the expertise. And when it comes to building a team dedicated to the company’s artificial intelligence domain, a CAIO is someone who can do the job better.
When there is Chief handling an entire department, s/he would be more familiar with all the voids that need to be filled. Also, s/he would know what technical expertise a candidate should have to be a part of the company’s AI team. Having a CAIO makes the hiring strategy more effective.
Work On New Ideas
Many businesses across the world have the best AI teams, however, they still end up struggling to make the most out of this amazing technology. Because, in most of the cases, the C-suit fail to understand some of the best ideas pitched by the team and never get to see the light of the day. Therefore, many companies have today started to see the sheer need of CAIOs. A CAIO understands artificial intelligence, and when a new idea is pitched to him/her, the response is always relevant — even if the idea gets dropped, the team gets a genuine reason behind that.
Shows The Importance Of Data In Today’s Business Era
Over the past couple of years, organisations across the globe have witnessed the importance of data. However, there are many companies that are still not completely capable of utilising that data for the good.
A CAIO helps an organisation understand ways how that data can be used. While many companies rely on traditional methods and strategies, a company with a CAIO figure out the latest and the most advanced ways to accurately deliver results using the data. Having immense knowledge about the data science, machine learning and artificial intelligence domain, a CAIO comes up with strategies that marry the analytical and business skills required to make the most out of cluttered data.
Maintains The Company’s AI Ethics
Having AI ethics is as important as having laws in a country. Just because a company is leveraging AI, that doesn’t mean, it would apply it on every single product and vertical. What is much more critical than that is how it handles data.
A company with a CAIO makes much better use of AI — it makes sure that the company takes AI ethics seriously more than ever. It suggests and makes decisions for AI implementation that is ethical and would deliver a result with any bias.
The Need For CAIOs Are Real
Even though the need for CAIOs is significant, there are many companies all across the world that are neglecting this sheer need. However, founded in May 1853, Levi’s is defying it. In February this year, the 166 years-old company hired its first Chief Artificial Intelligence Officer, ahead of an expected IPO, while many companies of the same size still lack an AI leader. Katia Walsh joined the jeans maker from Vodafone, where she was chief data and analytics officer. Companies across the globe, including those in India, need to understand that the demand for CAIO is real as it recognizes the potential to harness all data types to drive growth. It is high time that companies take a significant step in this direction.