The World Economic Forum has released the “AI C-Suite Toolkit” to help leaders in their decision-making when it comes to implementing artificial intelligence. The toolkit provides a holistic approach to AI, covering several dimensions that companies need to consider when investing in AI. Emphasis is placed on the potential risks created by these technologies and how to ensure their ethical and responsible use.
“The key skill that executives need to develop is the ability to understand the art of the possible with AI while identifying the key risks it creates,” said Kay Firth-Butterfield, head of AI and learning at the World Economic Forum. Additionally, Theos Evgeniou, INSEAD Professor and co-founder of Tremau, said: “Organizations need to adopt new data and AI risk management practices, processes and tools in order to both comply with upcoming regulations and ensure customer confidence”.
The new toolkit is the result of a collaboration between several AI experts and executives from businesses and industries. It also builds on the previous guide from the World Economic Forum which was aimed at boards of directors.
“AI is like the internet: it seems optional until it’s too late. We were thrilled to contribute to this world-class effort with Best’s hands-on digital strategy and transformation experience.” Practice AI in collaboration with leaders around the world C-suite leadership is essential to ensure the transformation of the data-driven business model – and senior executive learning is essential to ensure this is done in a way ethical and sustainable. The toolkit provides both,” said Simon Greenman, Best Practice AI Partner and member of the World Economic Forum’s Global AI Council.
The C-Suite AI Toolkit raises and discusses key questions business leaders need to consider when investing in AI. These questions cover aspects related to AI and business strategy, impact of AI on an organization, maturity of AI and organizational change, best practices for implementing AI , understanding and managing AI risks, and adopting ethical and responsible AI practices and processes.
“Through our strong expertise in manufacturing consulting and over 100 SIRI maturity assessments, we find that fundamental knowledge of AI in operationalizing strategy is visible as a common need. Global research on the subject confirm that the use of AI has benefits such as cost reduction, inventory minimization, quality increase, profit optimization, etc., and potential risks such as inequalities. Creating a platform to understand the benefits and mitigate the risks is needed, especially at the management level. With the modularity and deep understanding of AI, this toolkit will be a guide reference for all leaders,” said Efe Erdem, MEXT Group Director and Head of C4IR Turkey. “We are delighted to have this toolkit come to life and serve as an essential guideline for industry.”
Organizations at different levels of AI maturity can benefit from the steps outlined in the AI C-Suite toolkit to leverage AI while mitigating potential risks. “As an advisor to senior executives of organizations aspiring to become AI and data-driven, we’ve seen first-hand how fundamental it is for leaders to understand how to make informed decisions so that their organizations can truly reap the benefits of AI in the years to come. We believe this guide will be instrumental in helping executives identify the right opportunities to solve problems using AI and overcome challenges and the obstacles they will face on their journey,” said Nihar Dalmia, Head of Government and Public Services Canada, Omnia AI, Deloitte.
The toolkit states that “a culture of high-volume experimentation, data-driven decision-making, and ethical AI sets market leaders apart.” The authors and contributors urge organizations to pilot this toolkit and share their knowledge of its use.
“The AI C-Suite AI Leadership Empowerment Toolkit is a timely report for C-suite leaders as more and more organizations adopt AI in their business,” said Anand Rao. , Global Head, Artificial Intelligence, PwC, USA. “PwC is delighted to collaborate with the World Economic Forum on this toolkit to provide a practical and operational framework for implementing AI in a responsible way. Holistic, enterprise-wide end-to-end governance will enable senior executives to leverage the benefits of AI while addressing societal and ethical risks.