John Majeski’s Post

I enjoyed this timely article by Sheryl Estrada in Fortune where she interviewed Mark Hawkins, former Salesforce CFO on how to best build a compelling case for corporate boards to invest in AI. I believe that ALL companies - large and small, established and new, need to be investing in AI, but the AI landscape is in hyper-growth mode, making it tough to find the right solutions. Mark does a great job in contextualizing how best to "pitch" a board on an AI solution/strategy that you might select. I believe Mark's thoughts can also be applied as a framework to help you evaluate and select the right AI solutions as well. My key takeaways were: ✅ Strategic Importance: AI is not just a technology trend but a strategic imperative for companies looking to maintain competitive advantage and drive innovation. ✅ BoD Education: Educating the board about the potential of AI is crucial. This involves explaining AI in simple, relatable, and understandable terms, showcasing successful use cases, and highlighting the potential ROI. ✅ Risk Management: Addressing concerns about risks and ethical implications is vital. Present a clear risk management strategy and demonstrate how AI can be implemented responsibly. ✅ Cost-Benefit Analysis: A comprehensive cost-benefit analysis is essential. Boards need to see detailed, defensible, and realistic projections of the financial impact, including cost savings, revenue growth, and efficiency gains. ✅ Defining Use Cases: Clearly define the specific use case(s) for AI. Articulate applications for AI and how they address particular business challenges or opportunities. ✅ Pilot Projects: Initiate small-scale pilot projects to help demonstrate AI's effectiveness. This approach provides tangible evidence of AI's benefits and can help build confidence among board members. ✅ Collaboration and Expertise: Collaboration between AI experts and business leaders is important. This helps to ensure successful implementation. Bringing in external expertise can also be beneficial. ✅ Long-Term Vision: It's important to have a long-term vision for AI adoption. That vision should align with the company's strategic goals/roadmap. It's also important to continuously monitor and adjust the approach as needed. #venturecapital #innovation #future #technology #AI