The skills gap in artificial intelligence is real. A recent study from Randstad, the recruiting company, showed that jobs indicating skills in generative AI have increased by 2000% since March. It is the third most sought-after skill set and the shortest in supply.
The logical step for large companies is to hire a Chief Artificial Intelligence Officer (CAIO) to kickstart their efforts. Earlier this year, Dylan Fox wrote an op-ed claiming that every company on the Fortune 500 list needs a Chief Artificial Intelligence Officer.
“Companies that do not integrate AI into their products, operations, and business strategy will struggle to remain competitive – and will fall behind those that do,” Fox wrote.
It’s a compelling argument aimed at large companies. But what about everyone else? Startups and early-stage companies need to integrate AI just as much – especially if they are trying to raise funding in this critical moment for AI. However, they often lack the resources or organizational structure to support a senior executive dedicated solely to AI.
This is where the role of a fractional AI officer comes in. Fractional leadership is a modern trend in the labor market: it pools experienced executives in a specific field who work across two or more clients at the same time, offering their talents to rapidly growing companies that need their specialized skill set but cannot afford a full-time hire.
And here’s the critical point: having a fractional AI officer surpasses hiring a full-timer at a crucial juncture. AI – especially generative AI – is such a new technology that the extensive experience across competing companies that fractional executives have gives them an edge over their full-time counterparts.
Three Stages of AI Adoption
While the promise of generative AI is significant, it is challenging for companies to establish a reliable ROI metric at an early stage of the adoption curve, particularly in an environment where companies are expected to be more conservative in spending.
Increased productivity and workflow efficiency are likely to be the primary drivers of generative AI adoption.
In light of market challenges, companies are seeking ways to free up cash and cut spending to maintain stable budgets in 2024. For this reason, increased productivity and workflow efficiency are likely to be the primary drivers of generative AI adoption. A recent study from BCG found that generative AI can drive significant improvements in workflows, operations, and internal tools – participants using GPT-4 completed 12% of tasks, on average, 25% faster than the control group without GPT-4. Here, we will see ROI first. Let’s call that Level One.
Level One: Workflow Efficiency + Productivity
In light of market challenges, companies are seeking ways to free up cash and cut spending to maintain stable budgets in 2024. For this reason, increased productivity and workflow efficiency are likely to be the primary drivers of generative AI adoption. A recent study from BCG found that generative AI can drive significant improvements in workflows, operations, and internal tools – participants using GPT-4 completed 12% of tasks, on average, 25% faster than the control group without GPT-4. Here, we will see ROI first. Let’s call that Level One.
Level Two: Customer Experience
This is an important step in the next phase of generative AI adoption: enhancing the customer experience. Nowadays, customers expect radical improvements – and more personalized digital experiences. They will turn to your competitor if you don’t remember who they are or anticipate their needs. Generative AI can bring personalization to your digital experiences.
In short,
Startups should consider hiring fractional AI officers. Fractional leadership is a modern business trend that can help startups leverage the benefits of artificial intelligence without needing to build an entire organizational structure or incur full-time hiring costs. With their extensive experience across multiple companies, fractional AI officers have an advantage over their full-time counterparts in this new technology.
Source: https://techcrunch.com/
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