Search “the economic impact of generative AI” and one word that comes to mind is “breathless.” As in breathless reporting and hyperventilating over a Droste effect of infinite possibilities. The results you get range from marketing content screaming “gold rush!” to consultancies, like McKinsey, hashing out a rational projection of what AI means to the global economy.
Not to leave that hanging, the McKinsey folks say that could be $2.6 trillion to $4.4 trillion annually.
Everyone seems to be scrambling. And the exciting promise is matched by uneasy uncertainty. Sometimes-clueless bosses and visionary leaders alike are asking, “what are we doing about this?”
If you’re already set up to manage pre-AI innovation, your organization might be a few steps ahead. Human alignment – having teams of people selected for complementary collaboration – is the first step in facing any innovation break through.
The Innovation Strengths Preference Indicator (ISPI) can indeed be a valuable tool for optimizing cash flow from artificial intelligence (AI) initiatives within a business or organization.
ICS Strategic Collaborator Gerard “Jerry” Fisher, PhD, is co-founder The Innovating Edge. And he’s a trusted advisor to Fortune 500 organizations and many smaller and mid-sized companies on techniques for improving their innovation strategies and implementation and strategic planning. With half a century of experience in team building, marketing effectiveness, cross-team interactions, and sales and management skills, he’s also managed to get up with emerging artificial intelligence opportunities.
Jerry tests as an ISPI “extreme pioneer.” So we knew he’d bring some next-generation suggestions. Here are some ways an organization can gain the advantage in harnessing AI power by integrating the power of the ISPI:
Optimized Team Composition: By assessing team members' innovation strengths using ISPI, you can assemble teams that are well-suited to specific AI projects. This can lead to more efficient use of resources and faster project completion, ultimately impacting cash flow positively.
Innovation Strategy Alignment: ISPI can help align your innovation strategy with the strengths of your team. When your team's strengths align with your innovation goals, projects are more likely to succeed, which can lead to quicker returns on investment.
Reduced Rework and Delays: Understanding team members' strengths can help in task allocation, reducing the likelihood of rework or delays due to mismatches between project requirements and team skills. This efficiency can contribute to faster cash flow generation.
Enhanced Problem-Solving: Different innovation strengths can bring diverse perspectives to problem-solving. ISPI insights can foster creative solutions to AI-related challenges, potentially speeding up project timelines.
Optimal Resource Allocation: ISPI can assist in allocating resources, including budget and personnel, based on individual and team strengths. Efficient resource utilization can lead to cost savings and improved cash flow.
Innovation Culture: Fostering an innovation-friendly culture based on ISPI results can encourage team members to contribute their unique strengths, which can lead to more innovative and profitable AI solutions.
Risk Management: By recognizing team strengths and weaknesses, you can better anticipate and mitigate risks associated with AI projects. This proactive approach can protect investments and maintain a healthy cash flow.
Improved Decision-Making: ISPI can guide decision-making processes, ensuring that AI projects are aligned with the organization's strengths and objectives. Informed decisions can result in projects that generate cash flow more rapidly.
Continuous Improvement: Regularly assessing innovation strengths using ISPI can lead to ongoing improvement in AI project execution, further enhancing cash flow over time.
Client Satisfaction: When AI projects are executed efficiently and effectively, clients or customers are more likely to be satisfied. This can lead to repeat business and referrals, positively impacting cash flow.
Incorporating ISPI insights into your AI project management and team development strategies can help maximize cash flow by optimizing project efficiency, reducing risks, and ensuring alignment with organizational goals. It's an approach that acknowledges the importance of human capital in AI success.
Organic intelligence, the creator of artificial intelligence, can still operate the controls if your organization is aligned for the ultimate innovative process.
“One of the really exciting things about using AI to be more efficient — whether that’s using generative AI to get ideas or to conduct research — is that it allows you to think more deeply about a concept or a problem you’re trying to solve.” writes Christopher Young of Microsoft in Harvard Business Review. Young describes the copilot role of AI in a way that can turbocharge organic innovation.
“It’s not a far leap to imagine how this level of concentrated effort is going to enable companies to develop truly new and innovative solutions faster; and then take advantage of the snowball effect of that speed.”
So, when the C-suite gets frantic, asking for a corporate statement on AI strategy, be the cooler head that prevails. Breathe and say, “We have an innovation strategy to assure our teams make amazing new products and services using AI.”