From streamlining operations to creating new revenue streams, there's a lot of excitement about AI's potential to transform entire industries. In fact, AI is a top investment priority for leaders to drive innovation, increase profitability, and improve security, as revealed by Hanwha's Vision study, a global vision solutions provider. .
But these benefits are limited by the AI being used and the people who have enough trust in the insights it provides to consent to data collection and analysis and employees who act on the AI findings and recommendations. realized only between. Additionally, some employees may be worried about losing their jobs to AI and, as a result, may disengage from AI implementation.
Unlocking the operational efficiency and revenue potential of AI can create momentum across the workforce, which will prove critical to the long-term success of AI across all industries. As such, many organizations are increasingly considering appointing a senior person to champion the responsible use of AI and ultimately gain an enterprise-wide perspective on how AI can augment the workforce. Masu.
Introducing the Chief AI Officer
Research shows that more than one in five organizations (21%) plan to hire a chief AI officer on their leadership team. We expect executive authority to expand far beyond IT to encompass all uses of AI within the company.
As video security systems become more complex, move to the cloud, and provide added value through AI and analytics, security leaders are increasingly collaborating with IT and operations departments. Therefore, the Chief AI Officer is expected to take an active and interested role in the adoption and use of AI-enabled video across the organization.
Interest in AI-powered video
AI-enabled video is particularly appealing to chief AI officers because it promises business value beyond security. Retail, manufacturing, and smart city leaders recently surveyed by Hanwha Vision are focusing on a broader range of issues, including health and safety, maintenance and staffing schedules, store layout optimization, urban planning, and traffic flow optimization. They expressed enthusiasm for using AI-enabled video to support their operations.
In fact, AI-enabled video is now considered a key asset in overcoming common business hurdles, such as discovering new efficiencies, controlling costs, and managing complex supply chains, according to Hanwha Vision. , nearly a third (31%) of leaders support AI-enabled video. the study. Incidentally, this is nearly double the number of leaders (17%) who are turning to automation and robotics to address business needs.
unique skill set
AI chief executives have the ability to align AI with business objectives, develop use cases, engage stakeholders in AI planning, and ensure that the use of AI complies with local and global laws. They have unique skills, including the ability to verify and the technical knowledge needed to invest in and deploy AI. solution.
As the most senior officials responsible for managing the use of AI, they drive the training needed to enable people to work with and oversee AI. Importantly, they will also be responsible for communicating with stakeholders about the use of data by AI and the protections in place to keep it safe.
Balance your usage and identify trusted partners
Of course, the Chief AI Officer has a high degree of AI and data literacy and will stay on top of new AI developments and assess how their strategy will impact the use of AI within their organization. They must also be able to balance the benefits and risks of AI and communicate this to stakeholders.
They can know which manufacturers to work with based on their commitment to responsible use, ethical manufacturing, and cybersecurity efforts. With superior business acumen, chief AI officers can also assess and demonstrate the return on investment (ROI) of AI. Research shows that for every $1.00 (US) invested in AI across an enterprise, an average of $3.50 is returned. This impressive ROI is the result of better insights, increased productivity, and automated workflows.
Your security ally
As AI becomes more and more pervasive, there's no doubt that a Chief AI Officer will be joining your company in the coming years. Having this person in your corner will be invaluable as she brings her deep AI and business expertise to the use of AI, including video. Additionally, it helps you extract more value from the data collected by your security systems.
Additionally, as the regulatory environment changes, chief AI officers will be able to guide their organizations towards the introduction of new legislation on the use of AI, such as the EU's Artificial Intelligence Act (AI Act) passed in 2016. It will come into effect in March 2024, at the end of the same year.
AI and the executives responsible for its use transform the way business is done by identifying patterns, identifying trends, and alerting managers to situations that require their attention.
