Every time I look at the news or browse social media there is a post about a new, revolutionizing AI tool that a company is launching. AI is powerful and can transform industries completely, there is no doubt on that. But are all these AI tools adding to value to these companies’ strategies or are they just scared of falling behind the curve?
I google “New AI Tool” into google news just to prove a point and it resulted in 278K results with the first page full of companies launching their new AI tool.
Fear of Missing out (FOMO)
The fear of missing out on the AI revolution is real. No company wants to be left in the dust while competitors harness AI to gain a competitive edge. This fear drives the rapid adoption of AI tools, often without a clear understanding of how they fit into the overall strategy.
We need strategic changes.
For AI to truly deliver value, it must be integrated into a well-thought-out strategy(Kiron & Schrage, 2019). A company’s AI initiatives should align with its long-term goals and core competencies. It’s not just about having the latest AI tool; it’s about using it in a way that genuinely enhances your business(Kiron & Schrage, 2019).
To avoid AI fatigue, companies must continually measure the impact of these tools(Meier, 2020). Are they saving time, increasing revenue, improving customer satisfaction, or enhancing products? If the answer is yes, then the AI tools are doing what they’re supposed to do.
While AI fatigue is a real concern, the key, in my opinion, is reach to a balance between embracing the AI revolution and staying grounded in strategic thinking. AI tools can be transformative, but their value lies in how they are employed. Companies should be more critical in the launch of AI tools. By aligning AI with their goals, businesses can ensure that the AI tools they embrace truly contribute to their success. In this way, AI can be a game-changer, not just another buzzword.
Kiron, D., & Schrage, M. (2019, June 11). Strategy For and With AI. https://sloanreview.mit.edu/article/strategy-for-and-with-ai/
Meier, S. (2020, August 3). Measuring the business impact of artificial intelligence in customer service. KUNGFU.AI. https://medium.com/kung-fu/measuring-the-business-impact-of-artificial-intelligence-in-customer-service-697655acb701
