Both incumbent companies and start-ups have the opportunity to set their artificial intelligence quotient (AIQ) to work for AI-driven growth.

In this series, I have defined the concept of AIQ, discussed some of the findings from our research into the AIQ of 200 companies, provided some insights into leading sectors, and given you the key ingredients you need to boost your AIQ.

To conclude the series with this post, I will look at what’s available right now—for incumbents as well as start-ups—for bringing in AI and harnessing its power for companies.

 

Setting AIQ to work

As I said in my last post, CEOs should put AI at the heart of organizational strategy and set AIQ to work by harnessing three factors: technology, data and people.

This applies to both large, incumbent companies and start-ups.

 

Actions for incumbents

Technology—draw on the power of combinatorial innovation using in-house capabilities and external collaboration.

Data—recognize that the true value of data lies in the way data intelligence transforms the business, bearing in mind that data needs to be accessed, converged, monetized and shared.

People—retrain and reskill continuously by nurturing and managing new and diverse skills.

 

Actions for start-ups

Technology—embrace a platform approach for access to AI and to harness new technologies that may otherwise be out of reach.

Data—automate internal data capture processes to strengthen the comprehensiveness and quality of data that gains the confidence of clients and partners.

People—borrow and connect with experts from universities and the sharing economy of freelancers.

In conclusion, AI has developed during a long period of experimentation that continues today. Now, thanks to virtually unlimited computing power and the decreasing costs of data storage, large companies and start-ups are on the cusp of the exponential age of AI as they learn to unlock the value trapped in vast volumes of data.

Even at this early stage of commercially applied AI, enterprises can enjoy superior growth and generate greater value if they improve their AIQ. The key is to strike the right balance between in-house innovation and external collaboration. As I discussed in this series, the Collaborative Inventors apply their AIQ to harness the technologies, data and talent they need to build new business models.

Only a small minority of companies currently demonstrate high levels of AIQ. Be among the ones who join them in the coming years—and enjoy the greatest potential for growth and market leadership.

For more information on boosting your AIQ, watch this short video and access the full Boost Your AIQ—Transforming into an AI Business report.

 

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