10 Provocative Questions CEOs Should Ask to Identify AI Opportunities
From chatbots and automated customer service to data analysis and content creation, the potential applications for AI are already BIG. And they’re only going to get BIGGER as the technology gets smarter, faster, and more adaptable.
So, how do CEOs sort through all these shiny new objects without tossing time and cash down an AI rabbit hole?
CEO Coaching International has developed a CEO AI Roadmap that can help CEOs identify 2-3 AI initiatives that will add value to their companies and create true competitive advantages.
Step 1: Ask These 10 Provocative AI Questions
Our four-point framework starts by challenging CEOs and their executive teams to answer 10 questions that will create a baseline understanding of where the company is, where it wants to go, and how AI can accelerate that growth trajectory.
1. What are our biggest pain points and inefficiencies?
Out of the box, automation of repetitive and mundane tasks is one of AI’s greatest strengths. Getting through the simple stuff faster can streamline your workflow and shorten your cash flow cycle. Let AI handle data entry, scheduling, inventory management, and outlining blog posts so that your people can spend more time creating, collaborating, and innovating.
2. What trends and disruptions are emerging in our industry?
With the right data, AI can create powerful forecasts that will help you identify shifts in consumer behavior, supply chain issues, and marketing trends before they happen. You can also integrate AI into your strategic planning to prep for emerging technologies, regulatory changes, and new competitors.
3. How can we use AI to create better customer experiences?
Combine your extensive knowledge of ideal customers with AI’s rapid analysis to personalize marketing initiatives and anticipate demand for new and existing products and services. AI can also help you identify specific characteristics of potential customers to help you broaden your funnel. And when your customers need help immediately, AI chatbots can provide answers without the pain of waiting on the phone — even outside of business hours.
4. What internal data insights are we not fully utilizing?
Pattern recognition is another one of AI’s core strengths. Feed it your sales figures, social media clicks, customer insights, and warehouse data, and AI will identify opportunities for efficiency gains, cost savings, and new revenue streams.
5. Are there repetitive decision-making processes that could benefit from AI-powered recommendations?
Connect AI to your sales funnel and let dynamic algorithms adjust prices in real-time. Train AI on your supply chain management and it will learn to spot bargains on materials while also preventing overstocking and sellouts. If your company has strong, clear values, AI can scan a virtual stack of resumes to find talent with the highest probability of culture fit. Human managers can always override these recommendations, but at the very least they’ll have powerful data to help them make informed decisions faster.
6. How can we use AI to develop innovative products or services?
Even basic AI like ChatGPT can be great for brainstorming. The combination of digital design, 3D printing, and AI analysis can point your R&D team towards new products and services, as well as ways to repackage what you do best to appeal to broader markets. The shorter your journey from concept to prototype to test marketing, the more bullets you’ll be able to fire and, with AI, the quicker you’ll be able to figure out what’s working and what’s not.
7. Are there tasks requiring complex analysis that could be offloaded to AI?
AI already excels with simple analysis, but it’s also getting better at more complex tasks like fraud detection, quality control, and even outlining business plans. You might be able to set the bar even higher at your next quarterly planning session if AI has already analyzed and optimized your proposed 13-week march. That might inspire some BIG thinking from your best people.
8. What ethical considerations might be involved in implementing AI solutions?
Many companies that are getting serious about their AI adoption are adding a Chief AI Officer to their C-suites. These experts don’t just help the company leverage AI, they make sure that AI implementations are ethical and transparent. It only takes one customer privacy breach or insensitive social media post to cost your company trust and credibility. Human oversight is also essential to make sure that your AI output isn’t oblivious to baked-in biases and assumptions that could be holding your business back from BIG.
9. What skills and resources do we need to successfully integrate AI into our operations?
At this stage in the technology’s development, AI + Human almost always gets better results than AI alone. In addition to C-suite upgrades, it’s possible that workers at every level of the organization might require training to make the most of their new digital assistants. CEOs should also investigate potential partnerships with AI vendors and educators whose resources and expertise can accelerate your transition into an AI future.
10. How can we measure the success of our AI initiatives?
An important part of your new Chief AI Officer’s job will be to establish the metrics your company will use to track, measure, and manage the impact that AI is having on your operations. In some cases, the new data you’re collecting and analyzing might require building new metrics and corresponding dashboards. But AI-driven improvements should also manifest in traditional KPIs like sales ROI, customer satisfaction, and employee retention. If your most important numbers aren’t trending in the right direction, then you’re not aligning AI with your most important goals.
Build Your AI Roadmap
Once you and your C-suite team have completed Step 1 and circulated your answers, devote one of your weekly leadership meetings to discussing 2-3 AI implementations with the BIGGEST, most transformative potential. Continue working through the CEO Coaching International AI Roadmap to plot and prioritize each initiative within your strategic plan for the rest of the year.
Step 2: Align AI strategy with business strategy.
Circle back to the BIG targets you set at your annual planning session. Analyze the impact that each of your AI initiatives will have on those strategic goals. When talking about any new tech, it can be very easy to get caught up in best-case scenarios, so don’t overlook potential pitfalls, as well as questions about feasibility, resource allocation, and setting realistic deadlines.
Step 3: Establish a concrete plan for pursuing prioritized AI initiatives.
Like any other part of your business plan, AI integration requires establishing specific, measurable, actionable steps. The CEO also has to determine who is responsible for achieving which milestones, by when, as well as short-term and long-term KPI targets. Supplement this planning with regular review meetings to monitor progress, address challenges, and adjust as necessary. You might be able to cover some of this review in weekly leadership meetings. Or, you might need to add monthly or quarterly AI reviews to your meeting schedule until your AI flywheel is humming.
Step 4: Foster a culture of innovation and continuous improvement in AI strategy.
In addition to establishing AI training protocols, encourage your employees to keep learning about and experimenting with AI and related technologies. Create opportunities for feedback so you have a clear picture of how each AI initiative is affecting every level of the organization. Reward workers who find inspired ways to work smarter or deliver improved service. Offer additional training and education to workers who are trying their hardest not to fall behind. Replace anyone who’s too threatened by AI or to set in their ways to adapt.
AI may be new to many CEOs, but CEO Coaching International’s proven best practices still provide the best blueprint for using any tech innovation to its fullest: ask questions, plan around your answers, identify challenges, hold yourself accountable, and Make BIG Happen.
