Feeling the AI FOMO? Some things to consider

Budgets are tight across the world right now, but technology is making huge advancements and nowhere more than in the Gen AI arena. It feels like functionality, accessibility and opportunities are changing daily and businesses are under pressure to ensure they are not left behind their competitors. With the projected worth of the AI market expected to reach £160 billion by 2025, its adoption is now a crucial element for businesses across diverse sectors. 

So how do you identify the right route, platform, process, or even company-wide strategy to benefit the most but also keep abreast of the tech, and all without breaking the bank?

One thing to consider is how you plan to implement AI. Not necessarily just focusing on using it. Recently Google ran into some issues when Gemini (it’s viral chatbot with ChatGPT) generated World War 2 images that were historically inaccurate.  Moving forward it’s worth asking who will act as responsible and an architect for this technology and who can take AI and input it into a business process to reduce risk and drive the efficiency in your teams.

Is outsourcing your AI computation the right move? Nimbleness will help you to stay on top of governmental changes and flexibility is important. An in-house model could pose risk and you may need to evaluate who is going to support you as new legislations unfold and technology advances. 

Is your company equipped with the right skillsets to absorb the information coming from AI and to provide clarity? It’s unlikely that the talent you have in-house have both the technical and so-called ‘soft’ skills, that can help to drive successful AI practices. The technology moves so quickly there are no existing parameters or full-scale expertise, and unlikely to be so. These skills include critical thinking, problem-solving and collaboration alongside the ability to communicate the strengths and weaknesses of using artificial intelligence, as well as when not to use it. And even more simply than that, do your team members feel open to testing and learning in the AI space? 

Have you considered how to roll out the technology to your teams, how to cultivate AI-based work habits and how to prioritize AI training?  The AI industry value is projected to increase by 13 times over the next seven years. However, the technology in this field is moving faster than the talent which the UK is generating to deliver it. There is a significant talent gap, and the demand for qualified AI professionals -- contractors included -- far exceeds the supply. It’s therefore vitally important to look at internal mobility.

Do you or some employees not fit into a “typical” AI leader stereotype? This can be an area some people feel a lack of confidence or voice around the subject matter due to certain groups of people having more experience or daringness than others. That is why it is even more important to ensure you have a seat at table, and that the table is full of all types of people to help reduce bias and evolve a more inclusive framework around delivering AI. 

There is no way to truly know how AI will impact global jobs, but at the minute, it will benefit those of us in the TA space to learn as much as we can, become comfortable in the space, keep reading, and keep growing. Soon we will be hiring for new skillsets in the AI environment and our internal processes will be leveraging new technology – yes it’s all going to look a little different.