Edition 5 - 042624

4 Minutes of AI & Automation

What to expect:

• Part 2 of What every CEO should know about Generative AI

• Cam’s new blog on Making your own custom chatbot

Here's part 2 of Generative AI for CEOs:

Let's get to it!

Organizing Your AI Takeover

Getting your generative AI gameplan locked is priority #1.

You’ll want a clear AI strategy aligned with your goals for global domination (or at least out-earning your competitors).

Start by identifying which workflows are ripe for AI assistance.

Look for repetitive tasks that require human judgment like writing, analysis, or customer service.

These are great opportunities for AI to augment your team.

Next, appoint an AI Lead to oversee implementation.

This person will spearhead efforts like:

• Managing Data Governance

• Risk Assessments

• Getting Stakeholders Onboard.

Balancing Risk / Destroying Competitors

Every business master knows - with great AI power comes great responsibility to calculate ROI.

You'll want to be crystal clear on the return for any AI investment. Thoroughly vet solutions and vendors.

Be wary of overhyped claims - use pilots to pressure test before scaling.

Team composition is also critical.

Having the right talent structuring your data and problems will make or break your AI outcomes.

If you’re not careful with who you’re using to do your implementation, you can end up with an inferior product that just doesn’t work that well, when if you had brought in the correct resources up front you would’ve ended up with a far superior end product.

The AI’s functionality is determined by how well you organize your data and structure your problem.

Value Creation Mania

Now for the fun part - how AI creates massive value.

The best approach is understanding AI's strengths (rapid analysis, content generation) and cross examining those with your workflows to find opportunities.

Don’t hesitate to find some off the shelf tools that can immediately start accelerating processes.

Find tools for:

• Data enrichment (Clay, Apollo, etc)

• Copywriting

• Data review

• Document generation

Also don't overlook your data as a huge asset.

Companies with unique datasets have the raw material to create predictive models or other AI services as products.

Pay attention to the types of data your company is processing. This is where enterprise value comes into the picture.

Companies that process large amounts of data (and remember data can be in the form of conversations, documents, digital assets, etc.) are going to be the biggest winners from AI today.

Best Way to Leverage the Tools

Our advice?

Don’t try to redo an entire workflow.

It’s difficult and it takes time for a team to adapt their entire workflow.

Start with low-hanging fruit wins to build AI muscles and adoption. Even just having a ChatGPT "prompt playbook" for common tasks can make your team exponentially more productive.

Involve your people and learn from them.

Crowdsource the best AI use cases emerging from early experiments - effective AI is built one goldmine workflow at a time.

If you have programmers on your team even better!

The most amount of efficiency gains today can be found here.

Talent and Skills Needed

While you can certainly get rolling with consumer-grade AI tools, you'll eventually need specialists as you scale up:

- Data engineers to wrangle, clean and enrich your data

- AI/ML engineers to build and deploy custom AI models

- Prompt engineers to design optimal human-AI interaction flows

Don't sweat it if you don't have these roles yet.

Start getting your team AI-literate, then hire incrementally as opportunities crystallize.

Parting Thoughts

Generative AI is still in very early stages, but month by month the capabilities are exploding.

Businesses embracing it strategically will gain a decisive competitive edge.

High-level recap:

Start small with focus areas showing clear ROI.

Expand your flywheel as you learn what sticks.

The future of this industry is wildly lucrative & we'll be here to support you every step of the way.

Share this newsletter with a friend & let us know what other AI topics you'd like us to cover. Until next time!

🥂

The PressW Crew

P.S. Whenever you’re ready, there’s a few different ways we can help you:

#1 Ready to understand how your business would benefit from custom AI solutions? Let’s chat. >>> Request a 1on1 clarity call with our CEO, Tarun here

#2 Looking for the resource you need to train, build, and maintain your own personal agent? Access our Step by Step Guide To Custom Language Models.

#3 Have you seen Tarun’s LinkedIn? He’s putting a ton of energy into creating easy to understand content on how AI works in biz. Check out his stuff and give him a follow to keep up with more.

#4 Need a place to dive deeper into AI topics and learn something new every week? Bookmark The PressW Blog curated by developers and engineers working on today’s AI projects