Worried about AI? 5 practical lessons for Channel Islands businesses

Only a small number of businesses in Jersey and Guernsey are realizing both revenue increases and cost savings from AI, raising a difficult question… What makes successful businesses different?

After a PwC investigation revealed that Six in 10 Channel Islands business leaders are worried that their organizations are not moving fast enough to keep up with artificial intelligence.The company hosted an event earlier this month that brought together AI experts, business leaders, and technology experts to discuss what the hurdles are and practical ways to move forward.

Here are five lessons from Advisory Council Chair Leo Johnson, Head of Data, AI and Technology Lilia Christofi, Chief Technology Officer Chris Eaton, and Partner Lisa McClure for organizations looking to move beyond experimentation and start using AI more effectively.

1. Stop asking how to automate and start asking what results you want

One of the strongest themes that emerged from the event was that companies often approach AI in the wrong way.

Rather than asking how processes can be automated, organizations should first define the outcomes they are trying to achieve. Speakers argued that companies should focus on solving customer problems and improving the experience, rather than simply replacing manual work with technology.

Participants were told that the question should shift to “Which team owns this workflow?” “What are the consequences or risks?”

2. Organize your data

Business leaders need to realize that AI is only as useful as the information it has access to.

Companies should start by mapping their processes and improving the quality of their data before pursuing more ambitious AI projects.

It was noted that many businesses in the Channel Islands still have work to do in this area, particularly in terms of enabling AI tools to access relevant information and documentation.

Company latest information CEO survey finds data readiness remains one of the weakest foundations for local AI adoption.

3. Develop a strategy before chasing the latest tools

More companies are experimenting with AI products, but PwC warned at the event that isolated pilots and one-off projects rarely create lasting value.

Instead, companies were encouraged to develop clear enterprise-wide strategies that link AI investments to business objectives.

According to the speakers, the organizations most likely to succeed are not necessarily those with the most AI tools, but those with the most coherent strategies.

“Winning organizations will not have the most AI agents; they will have the most consistent strategies,” attendees were told.

4. Don’t forget the human element

While much of the discussion focused on technology, it was emphasized that AI is ultimately about humans.

Technology was described as an “amplifier of intent” and leaders were asked to think carefully about what they want AI to achieve, rather than just focusing on the technology itself.

The event also highlighted the growing importance of soft skills such as creativity, critical thinking, experimentation and entrepreneurship.

It was argued that in the long run, people would gain competitive advantage, not technology alone.

5. Act now – but act wisely.

The overall message was not that all organizations needed to tackle AI head-on.

Instead, companies were asked to take a proportionate approach, focusing on the areas where AI can truly transform operations and customer experiences, while maintaining appropriate governance and controls.

Despite warnings against standing still, the event, aptly titled ‘Reinventing for the Age of AI’, noted that the Channel Islands have a long history of adaptation.

And we heard that the ‘Goldilocks’ size of Jersey and Guernsey is not too big, not too small, allowing for experimentation, but small enough to work as a community. It may be a “strategic advantage.”

This is a point Digital Jersey CEO Tony Moretta has made repeatedly. In the latest episode of Bailiwick Podcasts Interviews, we shared what to expect from the future of AI in Jersey – Please take a look YouTube Or listen wherever you get podcasts.

related