admin — 29 April 2024
The rapid growth of artificial intelligence (“AI”) has generated a fear of missing out (“FOMO”) in the business world. Organizations can overcome FOMO with planning, alignment with core values, and data security preparation, to bring the best results and biggest rewards.
AI has been generating both excitement and hype recently, especially since the release of tools like ChatGPT. Every few months brings the release of a new update or new tool. ChatGPT 4, Claude 3, and the text-to-video tool Sora are a few recent examples of so-called “game changer” AI applications.
No one wants to be left behind, and some organizations are rushing to implement AI. The FOMO is strong and often relentless.
This post will present ways to tackle FOMO, and how to look before making the leap into AI.
Is your FOMO based on facts?
Soon after the March 2023 release of ChatGPT 4, Gartner, Inc. surveyed 2,500 executives on the future of AI. A full 68% said the benefits of AI outweigh the risks, with only 5% saying the opposite. About 45% reported increased investment in AI, with 19% reporting AI implementation in “pilot or production” modes.
It may seem that all the “cool kids” are jumping into the AI pool, but the reality is more nuanced.
A 2023 study by the MIT Sloan School of Management found that AI adoption is skewed towards large businesses of 5,000 employees and above. It’s also skewed towards a few “tech hubs” and manufacturing centers. The study reported that less than 4% of organizations used AI to “produce goods or services” in 2023.
Goldman Sachs predicts that investment in AI will balloon to $100 billion in the U.S. – and $200 billion globally – before companies realize significant productivity and revenue gains.
The takeaway is that AI adoption will be costly, unevenly distributed, and require patience.
The best way to beat FOMO is to assess your need for AI, and make a plan.
Assess the need for AI
Begin by planning why and how your organization will use AI. What “pain points” will AI address? What efficiency or growth will it provide? Which applications will be most useful for what desired improvement? Leadership needs to involve all levels of the organization and all stakeholders to conduct this AI feasibility study.
Make a rational plan for AI
The plan should be as detailed as possible. Upon identifying specific needs and opportunities AI can help your organization achieve, address issues such as the cost and ROI, and how to put appropriate safeguards in place.
Before adopting any solution, an ROI analysis is essential. Which AI applications will provide the most value to offset cost?
There’s no single right answer. The important point is to find an AI solution to fit your needs, and not simply to follow the crowd out of FOMO.
Dealing with data security and “hallucinations.”
AI runs on data, huge quantities of it. Without good planning, your organization’s data – including proprietary and confidential materials – may leak to the public, or be used to train your competitors’ AI. Importantly, the quality of the data determines the quality of your AI tool.
Another risk involves incorrect outputs and AI “hallucinations.” These erroneous results may be due to rushed implementation, poor training data, or incorrect assumptions in the AI model. In some cases, damage to the organization from poor implementation can be more costly than the AI itself.
Don’t let FOMO compromise your efforts. Vigilance and human supervision are needed to keep AI on track.
Make a human centered case for AI
To avoid giving in to FOMO that leads to poor judgment, make sure your AI applications are aligned with your core values and business model. In the future, both human and AI agents will be the face and voice of businesses and organizations. To serve your customers and stakeholders, strive to implement a human centered AI.
In short, AI should be used to augment human capabilities, not replace them. Successful organizations will develop synergy between humans and AI to amplify growth and deliver better results. They will need to leverage both human and machine capabilities.
While AI will be able to do a lot of heavy lifting, maintaining a human touch is crucial. Only by empowering humans can organizations be sure they remain true to their purpose and values while delivering better products and services, and realizing better returns.
Beating AI FOMO and AI related fears takes planning and a commitment to core values. If you would like to learn more about making your organization ready for the AI revolution, please contact us.
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ForeMeta offers breakthrough leadership coaching to develop CEO self-leadership and leading teams and organizations. We offer both individualized coaching or group coaching to help leaders and their people achieve greater success. Please contact Mike@ForeMeta.com