CIO Best Practices

What CEOs and CFOs Must Know From You About AI Implementation

Building takes time. It also takes buy-in. And buy-in requires knowing the crucial, not just the superficial.

Scott Smeester

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July 18, 2024

Photo credit:
Kenny Eliason

Las Vegas wasn’t finished in a day.

Visit today and you would be hard-pressed to guess at its origins. First, it was home to natural springs that served Native Americans and early settlers. Then it became a stopover for wagon trains on the Old Spanish Trail. Later, missionaries would build a fort there, only to abandon it a few years later.

Modern development began with the introduction of the railroad in 1905, connecting Vegas to major cities. The railroad auctioned off land, which led to Vegas’ development. The completion of the Hoover Dam in the 1930s brought a significant influx of workers and contributed to the city's growth. The dam also provided a reliable water supply and hydroelectric power, essential for further development.

Las Vegas transformed into a major tourist destination after Nevada legalized gambling in 1931. 

Las Vegas is still being built.

So is your career, and so is your work with AI.

You are a CIO because you like to build.

Building AI will be a major accomplishment, and by its nature, without end; by your design, a beautiful city with a solid foundation that accomplishes growth beyond your tenure.

But there are issues:

  • Over 90% of decision makers admit to not fully understanding GenAI and its potential impact on the business.
  • Only 7% of companies are receiving high-level training on AI governance and monitoring.
  • 75% surveyed (1600 technology leaders by SAS Institute) are concerned about data privacy and security.
  • 5% have a reliable system to measure bias in LMLs. Only a fourth conduct manual audits of AI output.
  • Businesses are rushing into GenAI in a way that jeopardizes quality and compliance.
  • In-house skills and expertise are lacking.

CEOs And CFOs As Founders 

CEOs and CFOs may not be the architects of your AI city, but they are certainly Co-Founders with you.

You have three priorities in bringing them on board as builders.:

Educate

First, you get to make them aware of the above realities. Understanding, governance and skilled workers are first priority.

Second, elevate their insights on AI integration and intelligent decision making, data protection and understanding of generated results.

Third, include CEOs and CFOs in calculating ROI for GenAI.

Build Enthusiasm

CEOs and CIOs, with better understanding of real AI leverage, must join you and IT in reducing fear and promoting the benefits of AI within company usage. 

You are typically saddled with cheerleading the effort; it’s language that is expected of you though. Your voice is soft to those who should listen. Familiarity breeds apathy.

What is the key differential AI will be making in your company? What is the “message on-point” you need the CEO and CFO to repeat at every opportunity.

I’m working with a leading insurance company. Our message is simple: “AI will increase Agency profitability.” All other differences sit in the shadow of this one objective.

Get The Embrace

Your role in working with other business leaders is not to convince them to use AI; it is to facilitate adoption and use following the championing of AI from the CEO and CFO.

What are the key metrics and benchmarks of progress you, the CEO and the CFO will agree on when it comes to AI education, adoption and measurement?

After Walt Disney died, a person commented about Disney World, saying “I wish Walt could have seen this.” The person responded, “He did.”

Someone(s) envisioned Vegas. They saw what was but also saw what could be. Just like you and AI. But you can’t see it alone. The city will not be built without the recruitment and investment of key leaders..

You won’t see the finish. What you build will be built beyond you. But the last thing you want is to build a fort you will eventually abandon because those around you are looking for a promised land they can’t see right in front of them.

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