AI & Leadership?
My eyes were drawn to this statistic, ”the Global AI Market Size is expected to grow 37% every year from now to 2030. It's clear that the AI market is growing exponentially, signalling the technology's growing importance across all industries”.
To give a sense of this growth, the CAGR of AI over the next 6 to 7 years will result in a market worth US$738bn. AI provides insights to make smarter decisions through analytical tools, save us time, cuts out repeatable errors, improves communications with customers through ChatBots, and speeds up learning. Sounds great.
We are clearing going to be see a plethora of changes to working practices and adapted work processes by those organisations implementing AI technologies.
Now, here’s the thing, AI adoption does not happen by itself; it needs leaders who are committed to harnessing AI to deliver higher productivity and improved revenues. And, making the most of AI calls for a complete rethink of traditional leadership behaviours.
According to Dr. Tomas Chamorro-Premuzic, a psychologist, author, entrepreneur, and widely recognized expert on AI and leadership, “expertise is not what it used to be”. Leaders will become increasingly valued for their curiosity, and ability to act on the insights provided by AI, and less for their skills at managing the here and now, the known. His view is that as AI decreases the value of stored human knowledge and expertise, it increases “the importance of soft skills—things like emotional intelligence, and the ability to create psychological safety to connect with others on a human level.”
As Amy Edmondson, a Professor at Harvard and a world authority on psychological safety leadership, wrote in her book, ‘The Right Kind of Wrong’, leaders need to be practiced at intelligent failing; success will be leading with curiosity, using data, following insights, being bold, and intelligent failing.
As you look at increasing your adoption of AI, you will look for areas that will deliver the highest impact, for the most sensible level of investment. As a small to medium size business, attracting business will most likely be where you invest, i.e. improving your marketing practices. When you do, working with a social media expert will be key; however, if you are fail to invest in adapting your approach to leadership, you are less likely to see the rewards from your investments. And your competitors, just might. For advice on developing Leadership, please get in touch.
