Boards have always been aware of the importance of emerging technologies and how they can affect industry. Whether it’s cryptocurrency, augmented reality, or cloud storage, directors are expected to not only understand what’s coming but also how it will affect their company’s operations, if they can utilize the technology for growth, and much more.
Artificial intelligence isn’t a brand new technology. However, its business-related impact is growing in leaps and bounds. For instance, AI is poised to have a significant influence on how big data is used not only in an internal auditing sense, but also as a decision-making tool for leaders. Board members and their companies will be able to use AI to examine data and make substantial alterations to customer service. AI allows for constant tailoring and for creating an experience that is unique to each customer or client based on how their data is interpreted by AI systems.
Additionally, AI will pose important advancements that are industry-specific. In healthcare, for example, AI is already poised to help doctors make even more accurate assessments. As Wired writer Daniela Hernandez shares, “Artificial intelligence—essentially the complex algorithms that analyze this data—can be a tool to take full advantage of electronic medical records, transforming them from mere e-filing cabinets into full-fledged doctors’ aides that can deliver clinically relevant, high-quality data in real time.” Healthcare boards shouldn’t overlook the potentially high return on investment in AI exploration.
Along with the bright side of AI, board members will also have to consider the more challenging aspects—like the likelihood that AI advancements will make some jobs unnecessary. Many workers will need to be retrained in order to maintain relevancy in their industries. Additionally, younger generations will need to be encouraged to pursue careers in emerging technologies that are expected to have lasting impacts.
Like AI, Directorpoint’s board management software helps directors enhance their decision-making effectiveness. Directorpoint offer tools for bettering collaboration and streamlining communication and information sharing. To explore how Directorpoint can transform your board of directors, schedule a demo with us today.