Metaverse has taken the world by storm by registering its presence everywhere. Starting from movies, and games, the metaverse has a big role to play. However, it is artificial intelligence that is still favored by the top management in companies globally to drive growth.
AI finds its use in every aspect of life, especially in organizations. There are numerous reasons to use AI in businesses which include data innovation, and organizational strategy development. With all such AI-related activities, one can confidently say that there will be no roadblock to slowing down AI. Also, the AI market is on its way to reaching $126 billion by the time we enter 2025.
According to the Garter 2022 CEO Survey, AI is more relevant for business leaders than Metaverse.
Gartner’s latest study reveals that AI has once again been considered the foremost priority for business leaders. This is the third time in a row that AI has garnered this spot.
In the “2022 CEO Survey — The Year Perspectives Changed,” CEOs and top executives were polled on different topics such as the workforce, the environment, and digitization.
As per the study, though Metaverse was at the receiving end of everybody’s attention last year, which was more particularly due to Facebook rebranding to Meta, it still couldn’t outmatch AI’s importance when it came to business leaders. Metaverse is not considered the appropriate technology to be prioritized in business according to 63 percent of people.
CEOs are always open to new technologies, yet Metaverse has failed to impress business leaders and has only managed to create lots of confusion resulting in a lack of confidence and second thoughts regarding investment.
The AI Business Case
AI has turned out to be the favorite of the business world. This has resulted in 52 percent of organizations speeding up their plans to adopt AI. While these companies are planning to adopt AI, several on the other hand have already adopted AI as their core force to spearhead their advancements. There are some major ways AI is helping businesses. Let’s explore.
- Customized messaging
The customers’ needs and choices can be understood while they interact with the company and this can be recorded for access later. With the help of these data, companies can send customized recommendations or messages to their customers. For instance, the trip advisor utilizes the data of customers on their before trips and offers them good eye catchy locations, and sends them an email with helpful tips.
- Automation of Customer Communications
Chatbots are now dominating everywhere. Almost all businesses have resorted to chatbots to help customers. They work 24/7. For instance, when we enter Amazon’s website to chat with their customer support, we first encounter the chatbot who almost answers all the basic queries, and still if the query is unresolved or something major, a customer support representative comes into the picture. The introduction of a chatbot is very helpful and allows businesses to focus on major issues.
- Awareness of Competitors
The world has turned very much competitive and all businesses want to stay ahead of each other. This is where one can make use of AI. There are different AI tools that enable businesses to have a tab on their competitors’ online activity, collect the data, and then break it into a simple readable report format. With the use of such techniques, businesses can have an edge over each other by giving a swift response and can adopt the changes in the industry effectively.
- Data Administration
AI enables data analysis, thereby allowing employees to concentrate on other activities, and also saving their productive time.
Scaling AI Adoption Strategies
With increasing enterprise adoption, AI has aided in the scaling up of operations across the board. This is not lost on CXOs, and many are now opting for more widespread adoption of the technology in their organizations. CEOs can utilize three major strategies for scaling AI in their businesses. They are as below:
- Invest in new AI positions
Creating new AI positions/ roles is not an easy task. Employees need to be trained extensively, and businesses need to invest in these types of activities. They can begin by providing training, and identifying experts.
- Ensure shared objectives and accountability
CEOs are responsible for the culture of an organization. They need to adapt to changes readily, though they might have followed a traditional method before. A CEO can assist by getting people on board with the same vision if they are capable of providing a pathway for goals and confidence for this technology. Business leaders across various departments should be included in setting up AI goals which in turn should support company goals, and these leaders should also be accountable for these goals.
- Make the most of data opportunities
A company’s growth can be developed to a greater level when certain things are done efficiently such as the CEO defining objectives, and concentrating and identifying data opportunities offered by AI.
Conclusion
This is the right time for the CEO to adopt technological advancements. For the organization to remain successful, decisions should be made perfectly, and internal operations should be modified via AI and enhancing the interaction of the organization with its clients.
As discussed before, the adoption of new technologies is not so easy. This is where the CEO of an organization plays a crucial role. He must be aware of the future consequences, close the gaps, and drive his organization into the digital era. Sure Metaverse may have created much hype, but artificial intelligence is here to stay and definitely favored by the CEOs since it will be the one to decide the future fate of the organization.
