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AI ROI: 3 crucial questions CIOs must ask
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AI’s rapid growth in 2023 is prompting technology leaders to take a more measured approach to implementation in 2024, focusing on strategic value and responsible deployment rather than rushing to adopt every new AI capability.

The shifting landscape: The meteoric rise of AI technologies, sparked by ChatGPT’s release in late 2022, has transformed from a fear of missing out (FOMO) to a more calculated “look before you leap” mentality.

Strategic implementation priorities: Organizations must align AI initiatives with specific business objectives rather than pursuing technology for its own sake.

  • AI implementations typically target two key areas: expanding capabilities and eliminating waste
  • Cost reduction, while important, should not be the sole consideration for AI adoption
  • Leaders must avoid “shiny object syndrome” where new technology becomes a distraction rather than an asset
  • Clear vision and strategic alignment are essential for successful AI implementation

Responsible AI framework: Organizations need comprehensive policies and procedures to ensure ethical AI use and protect stakeholder interests.

Workforce considerations: Employee readiness and buy-in are critical factors for successful AI implementation.

  • Organizations must communicate clearly about AI’s role in augmenting human work
  • Employees need transparency regarding how AI will impact their roles
  • Training and upskilling opportunities should be provided
  • Clear procedures for reporting AI-related concerns must be established
  • Support for career transitions may be necessary as AI impacts certain roles

Strategic outlook: Success with AI in 2024 will depend more on careful planning and strategic alignment than on the speed of adoption. Organizations that take time to understand where AI can provide maximum ROI while addressing ethical considerations and workforce impacts will be better positioned to realize sustainable benefits from their AI investments.

AI potential meets ROI pragmatism: 3 crucial questions every CIO should ask

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