By
Matthew Hearfield
July 31, 2024
Updated
September 16, 2024
In this episode, Anna Frazzetto (CRO of Airswift) talks to Meghan Anzelc, President and Chief Data and Analytics Officer at Three Arc Advisory. The pair discuss the transformative role of AI in business and its historical context, avoiding common pitfalls in AI integration, and aligning AI initiatives with business goals.
Meghan also talks about the need to stay current with AI advancements and emphasises a strategic, measured approach to integrating AI in business, highlighting both the opportunities and the challenges involved.
Listen to the full episode below:
The history of AI's role in business
This technology isn’t new, but what’s changed is the accessibility and scope of these technologies in more industries and use cases
AI has been utilized in various industries for decades, particularly in regulated sectors like finance and telecommunications. Meghan notes that Visa has been using machine learning for fraud detection for 30 years, and AT&T has a long history with similar technologies.
This historical context underscores the longstanding integration of AI in business operations, highlighting its evolution from specialised applications to more widespread and accessible use .
Aligning AI initiatives with business goals
It’s crucial to start with a business problem rather than a technology solution. Identify what you want to solve and then determine if AI is the right tool for the job.
Meghan talks about AI initiatives that start with clear business objectives rather than being driven solely by the allure of new technology. Organisations are advised to align AI projects with specific business problems, ensuring that solutions are not just technologically innovative but also practically relevant. She stresses the importance of involving cross-functional teams, including business leaders, legal, and compliance experts, to balance opportunities with risks effectively .
Avoiding common pitfalls in AI integration
Meghan highlights a few common pitfalls when integrating AI into a business. Some of these mistakes are:- Starting with a solution (AI) before identifying the problem it should address.
- Attempting too much at once instead of starting with smaller, manageable projects.
- Failing to involve a diverse team of experts, leading to gaps in understanding risks and benefits.
- Not establishing metrics to measure the success and impact of AI initiatives, which is crucial for evaluating both intended outcomes and unintended consequences.
How to stay up-to-date with the latest AI trends
Keeping up with AI advancements means continuous learning and adaptation. Engage with experts, follow industry developments, and build governance frameworks to manage the risks responsibly.
Meghan advises that staying up-to-date with AI advancements requires a multifaceted approach. She suggests following industry news, engaging with vetted experts, and bringing in external expertise as needed. She also recommends that organisations develop AI governance frameworks to manage risks and ensure responsible use of the technology. Meghan acknowledges the challenge of keeping pace with rapid technological changes, advising a balanced approach to learning and application .
Key takeaways
-
The history of AI's role in business: Meghan discusses the history of AI in business and it's role in finance and IT sectors.
-
Aligning AI initiatives with business goals: This episode discusses how AI and business goals need to be aligned to have the desired outcome.
-
Avoiding common pitfalls in AI integration: Meghan discusses the common mistakes which are made when integrating AI into current business processes. The episode also goes into detail on how to avoid these potential pitfalls.
-
How to stay up-to-date with the latest AI trends: The episode discusses the latest trends in AI and how best to stay up to date on the technology and it's applications.
Article and quotes have been edited for brevity and clarity
