Scanning the Horizon: How to Stay Ahead in the AI Innovation Race

AI solutions are coming down the pike fast and evolving rapidly. While visionary leaders recognize that AI improves their ability to win, they are also looking at risk, corporate exposure, and how to skillfully navigate this fascinating technology. To effectively onboard AI solutions, you must understand the truth about AI and think commercially to leverage its power across your business.

Dispelling Myths Around AI

When new technologies first emerge, there is always going to be hype and doubt about the possibilities they create. As a business leader, it’s your job to sort through noise and determine how your organization can best capitalize on a new technology. When it comes to AI, a few big myths can keep businesses from reaping the many benefits this tech offers.

For starters: all AI is not the same. While some people view AI as a monolith, that’s far from the truth. “There are many different forms of artificial intelligence (AI) and the parameters used to ingest data, train the models, and output data make a huge difference when it comes to your data privacy and security,” says Amine Anoun, Founder and CTO at Evisort.

Another myth is the idea that, in some industries, there is no use case for AI. On the contrary, every industry can take advantage of AI. Banks and FinTech firms are using AI to detect fraud more quickly. In-house legal teams can leverage AI-powered contract management tools to cut down project turnaround times from weeks to days or even hours. 

Instead of writing off AI, focus on your capacity for change. Keep processes that must be protected, then implement AI technology into the adjacent workflow areas to adapt quickly, move faster, and drive value to your business.

Accelerating Operations with AI

One of the best benefits of implementing artificial intelligence (AI) into your tech stack is speeding up operations and completing manual tasks faster. This matters for two big reasons.

One, when employees can reduce or eliminate mundane and manual tasks, they turn their focus to strategic priorities. This pivot drives growth in the business; but more importantly, it’s good for organizational tenacity and retention.

There is no quicker way to diminish a winning mindset than by causing burnout through inefficient work. There is almost always a way to say “yes” that is more collaborative and innovative. AI-powered tools can knock tasks out efficiently, automate processes, and optimize organizational performance.

Looking Ahead Using Enterprise-Grade AI

Regulatory law changes can vary significantly depending on the jurisdiction, industry, and specific regulatory area. Whether it be a new ordinance surrounding sustainability requirements or an updated standard for employee rights, businesses need to be able to constantly adapt. 

As in-house enterprise legal teams are tasked with taking on more strategic and global responsibilities, they are focusing on investing in data and technology skills. Chee Lin Lam, Head of Legal at DBS Bank, spoke of these future-proofing roles saying, “This is about scanning the horizon. We are already trained for the law of today.” 

Be honest: how does your business prepare for what is ahead? 

Enterprise-grade, AI-powered back office systems can handle large amounts of data and adapt to evolving business needs and regulatory requirements. These systems act as tools to enhance capabilities and quickly process and analyze contract-related information, adapt to changing market conditions, and incorporate updates or modifications into existing contracts, enhancing agility in supply chain contracting.

“Managers and corporate leaders need to…be prepared to either leverage AI or understand how AI can be used effectively in their organizations,” says Andy Thurai, Principle Analyst with Constellation Research. “Trying to run a business without using AI against a competitor using AI at full force is like trying to compete against steroid-enhanced players in a level sports playing field.”

Enterprise-grade, AI-powered solutions increase your visibility into the data your teams use to maintain an "always-on” transformation mentality and not only develop plans for potential regulation changes but get ahead of them entirely. Establish your “North Star” with client orientation in mind and use AI to build these strategies and lead the charge as a frontrunner in your industry.

As your enterprise grows and hones its competitive advantage, track AI’s evolution and use it to build new pathways. Keep informed of the power enterprise-grade AI holds to increase visibility across teams, drive a winning mindset, and transform your business for the better. 

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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