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What Tech Leaders Need to Know About AI’s Transformative Potential

What Tech Leaders Need to Know About AI’s Transformative Potential

As tech leaders, we provide fast access to accurate data that enables execution of smart strategies so the business can serve customers efficiently and outmaneuver competitors. That’s why tech professionals are so excited about generative AI — it’s an excellent opportunity to expand instant access to knowledge.

Generative AI will change the economy and workplace in countless ways, across every industry. But. the leap forward in technical capabilities may be especially transformative for businesses that offer expertise as their primary product.

Take Employer of Record (EOR) organizations, for example.

EORs provide the expertise that allows businesses to rapidly hire workers in new markets worldwide without tackling the expense and risk of establishing a business entity in a foreign country.

Global hiring is challenging given that compliance with often complex (and frequently changing) rules and regulations requires in-depth knowledge across 180+ jurisdictions. Labor laws are just one aspect since insight on policies, benefits and compensation also vary around the globe. This is precisely the type of complex problem that natural language processing technology like ChatGPT, combined with an EOR’s proprietary knowledge base, can address. Here’s a closer look at the transformative potential:

AI + Company Expertise = Gamechanger 

Applications built using generative AI like ChatGPT are so transformative because they accelerate access to information. Hiring provides an instructive example. Research shows about 58% of employees report taking a second-choice job because their top choice didn’t get back to them quickly enough. So, a hiring manager waiting on crucial data before sending an offer letter can lose top talent, but quick access to data can help organizations lock in the best candidates.

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Generative AI combined with hard-won company expertise can also address specific questions in hiring, such as how to find the right software engineer. The education credentials aren’t generic for software engineers — training methods at universities located in different countries produce engineers with the same degree type who have different skillsets. Understanding that context enables employers to identify the right talent, which is a superpower for organizations in the knowledge economy.

The ability to decipher large datasets and provide answers in a conversational interface can help organizations tackle other nuanced issues too, such as how to reorganize effectively, how to adjust workflows in response to specific market changes, how to enter new markets and much more. One of the most powerful aspects of AI is that it can integrate information from other products, reducing the friction involved in processes like recruiting, hiring and onboarding.

AI can elevate the value of multiple products, including internal data assets and subscription-based information. In that sense, it fulfills the promise of big data, which was hyped in the 2010s but never truly realized due to the difficulty of parsing massive amounts of data. AI on top of big data is realizing that promise, enabling faster, better decision-making and streamlining business processes, in the EOR sector and across industries.

Three Challenges Tech Leaders Should Solve Now

To realize generative AI’s promise, tech leaders should start preparing now for what comes next. There are three challenges you’ll need to solve to fully deliver:

Challenge #1: data.

Many organizations use legacy systems where data is difficult to access. It’s a significant problem across multiple sectors – according to one study, 74% of manufacturers have data silos that are a barrier to digital transformation. It’s also an obstacle to building APIs and event-driven AI tools. By reshaping the architecture, you can enable AI systems to sit as a layer on top of your tech stack.

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Challenge #2: talent.

AI is a burgeoning field, and the skills required aren’t the same as data science. It’s a type of software engineering that blends data science, so you’ll need to find people who are excited about the field and eager to understand the emerging AI stack. The broad consensus is that the AI stack is the stack of the future, so it will be one of the most in-demand jobs in the world. Demand already exceeds the supply of qualified individuals, and as more organizations explore ways to combine their propriety expertise with generative AI platforms, we can expect the competition for that skillset to become fiercer.

Challenge #3: company culture.

When you go all-in on AI, you’re building an ecosystem that will require everyone’s contributions. It takes a mindset shift and a willingness to change established ways of doing business and fully embrace collaboration and agility. Overcoming the culture challenge is essential because as amazing as generative AI is, it can’t create business value if people don’t use it. Business leaders must build broad consensus for embracing AI and communicate the value it can deliver across the organization. One example of how to accomplish this is by investing in employees’ strategic planning and leadership capabilities, while providing clear communication on how AI will impact job roles and responsibilities.

What Comes Next

Companies are creating game-changing applications now by combining their curated corporate knowledge bases and products with large language models (LLMs), but we’re only scratching the surface of what’s possible. Chat UX is the next stage; it will empower users to act by telling AI what they want and leveraging the technology to make it happen. A chat UX capability could save countless hours of research and manual interventions and give the user time to focus on more meaningful work that directly impacts the company’s bottom-line.

As tech leaders, we have an exciting opportunity to position our organizations to serve customers better and gain a lasting competitive advantage with an AI stack. The EOR sector is just one example of an industry that is being transformed. As your company’s go-to expert on technology, it will be up to you to embrace the possibilities, overcome the challenges and lead your organization into the future.

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