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Brand Strategy

Using AI Strategically in Business: Four Tips

December 14, 2023 | by Apeksha Mishra 
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Unlock the business future with insights from ProcureCon Marketing 2023. Learn how AI reshapes strategies and accelerates success. Read more.

One year ago, OpenAI launched ChatGPT, and the world suddenly woke up to the incredible potential of AI to transform and disrupt. Businesses everywhere are accelerating the adoption of generative AI tools as they emerge seemingly on a daily basis, but with that adoption comes questions about risk and safety. I recently hosted a panel discussion at ProcureCon concerning the lessons learned about AI (so far) and advice for brands. Here is some advice from me and my panelists, Joe Robertson of Robertson Marketing and Sabrina Traskos from AstraZeneca – consider these to be words of experience in a fast-moving field from those of us who already have the battle scars to go along with the exhilarating rewards: 

  • Embrace AI thoughtfully. Businesses face a dilemma. They know there are risks associated with AI, such as generative AI tools completely fabricating information. But if businesses ignore AI, they’ll be left behind as their competitors adopt it. The answer is to adopt AI -- but put in place checks and balances to ensure that AI delivers business value while managing its risks. With AI, we’ll probably always be in the early innings. 
  • Be transparent. Businesses need to be clear about how they are adopting AI, too. This is especially true as governments around the world pressure companies to report how they are adopting AI and managing its risks. Businesses that are proactive about publishing their AI policies and practices will be ahead of the curve. (One such example: Google publishes a page of rich detail about its adoption of AI.)  
  • Mind your data integrity. AI is only as good as the data used to train it. In the context of procurement – the focus of ProcureCon – all businesses involved in the supplier/customer relationship need to have a clear understanding of how data is being used – from Legal, Procurement, and beyond. Data integrity means data honesty. For example, businesses in your supplier ecosystem who honestly acknowledge the risks of AI and how they are mitigating against them are one step closer to achieving data integrity. Being honest means, for example, being very upfront and transparent about what the technology is, how it works, and where the data is coming from. 
  • Put AI to work with pilot projects. Companies like to talk about the transformative power of AI. But a transformation does not need to happen as a giant wave. You can start applying AI to transform your organization by trying out pilot projects that build confidence across the enterprise. For example, generative AI can help a business conduct incredibly valuable market intelligence through effective prompt engineering, and AI can help marketers align content effectively with the customer journey by A/B testing different types of content against different digital platforms. Try one campaign, though – don’t realign your entire marketing department. 

No Silver Bullet but a Powerful Tool 

Our panelists agreed that AI is not a silver bullet but a powerful tool that, when used thoughtfully and responsibly, can improve how companies perform. It’s about adopting AI in a way that aligns with your organization’s values and goals, always with an eye on the horizon for the next technological breakthrough. AI is rewriting the playbook for business strategy, and it’s up to us to navigate its potential with foresight and finesse. 

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