When it comes to artificial intelligence, one of the biggest mistakes large companies make is thinking tactically rather than strategically.
What’s the difference? Some taxi companies thought they had the internet revolution “covered” because they built a website. Then ride-sharing startups disrupted the industry with internet-connected mobile apps that transformed the ride-hailing experience.
Similarly, some companies’ response to AI starts and ends with tactically building a few small projects. But the strategic question is: How will AI transform your industry’s core business, and how will that change what it takes for your company to thrive?
I spoke about this at TechCrunch’s conference on Thursday, and Fortune published a nice summary of my remarks. It’s not too late for traditional companies to develop a strategic plan to take advantage of AI. The technology is only beginning to find its way into applications outside of software development. But for many companies, it will be critical to act quickly.
AI transformation should start with concrete projects, but it cannot end there. I hope more CEOs learn about AI and think strategically about it.