Artificial Intelligence (AI) is on the rise, therefore, the demand for Chief AI Officers is also on the rise. The Chief AI Officer is a role that can shape a future of a company. Below you will learn what success looks like in this new c-suite role.
As reported by CHIEF on July 17th, 2024, by Lindsey Galloway.
Demand for Chief AI Officers Has Tripled — Here’s What Success Looks Like in This New C-Suite Role
Generative AI — the generic name behind AI content-generating services like ChatGPT — has officially hit peak Hype Cycle, according to Gartner Research. And for good reason. Gartner suggests that by 2026, more than 80% of enterprises will have used generative AI APIs or deployed applications.
That’s created a need for a new C-level executive to step in and wrangle what that might mean for an individual organization: the Chief AI Officer or CAIO. Businesses are scrambling to hire these kinds of leaders, and are also paying them quite well, with compensation packages comfortably reaching well over $1M. LinkedIn reports that the number of CAIOs has tripled over the past five years.
As a newer position, the expectations of the role continue to evolve, but in short, the ideal candidate can bridge the gap between the technological capabilities and the practical business applications. “The CAIO is tasked with envisioning and executing a comprehensive AI roadmap that aligns with the company’s overall objectives,” says Deborah Perry Piscione, author of the forthcoming Harvard Business Review book Employment Is Dead: How Disruptive Technologies Are Revolutionizing the Way We Work. “A strong CAIO will give an organization a competitive advantage in an increasingly AI-driven landscape.”
Those who can master technological know-how, coupled with recognizing operational efficiencies and business outcomes, will be well-suited to step into this newly influential role.
What Success Looks Like
More than many C-level roles, the CAIO has to be comfortable with uncertainty by design, often needing to make decisions that don’t have a precedent. Perry Piscione describes it as the classic flying-the-plane-while-building-it scenario.
“The regulatory landscape for AI is still evolving, requiring the CAIO to be adaptable and forward-thinking in their approach,” says Perry Piscione. That means balancing AI-driven transformation with data governance, privacy protection, and algorithmic transparency.
This also means the position requires a high level of collaboration across departments, particularly the Chief Technology Officer and Chief Information Officer. While the CTO may have a broad mandate of tech initiatives, the CAIO can stay focused on specific AI technologies and expand it even further. “The CAIO’s expertise extends beyond mere technical knowledge,” says Perry Piscione. “They must possess a profound understanding of how AI can be leveraged to create business value, disrupt industries, and reshape organizational processes.”
Not only that, but they must also be prepared to communicate their vision for AI at all levels of the company, and build a culture that embraces and implements AI-driven processes. “The role requires a unique blend of visionary thinking and practical implementation skills,” says Perry Piscione. “The CAIO must be adept at translating complex AI concepts into language that resonates with various stakeholders, from board members to frontline employees.”
Prepping for the Future
While a background in AI, data science, and machine learning can be invaluable for someone seeking the CAIO role, nothing quite replaces sheer passion for the emerging technology and an imagination for its possibilities.
“The people who win here are going to be the ones who are thinking about AI in the shower, reading about it in their spare time, and compelled to experiment with wild ideas until they make the impact, they know is possible,” says Meghan Joyce, CEO and founder of Duckbill, a hybrid AI-human personal assistant service. “There is no substitution for pure, unbridled hunger.”
Networking within the growing AI community, and finding mentors in the field can be a good first step to opening opportunities. It’s an area where execs can also quickly become thought leaders by publishing articles, speaking at conferences, and contributing to policy discussions, suggests Perry Piscione. “By staying at the forefront of trends and actively shaping the discourse, women can position themselves as visionaries capable of steering organizations through the rapidly evolving AI landscape,” she says.
Battling Bias
The field of AI and data science has long been dominated by men — a Women in Data Science and AI report by the Alan Turing Institute puts the numbers at 78% male, and 22% women. Men are also most likely to have tried AI for work, with 35% saying they’ve tried it, versus 27% of women.
But it’s a field that urgently requires representation and voices willing to build technological frameworks with inclusion in mind. “Women aspiring to CAIO positions have the opportunity to champion diversity and inclusion in AI initiatives,” says Perry Piscione. “By highlighting the importance of representative data sets and diverse development teams, women CAIOs can lead the charge in creating more equitable and effective AI solutions.”
As AI continues to shape the corporate landscape, the role of CAIO will only grow in its influence and necessity. For executives who can pair a passion for technology with the drive to implement lasting change, the role offers the opportunity to tangibly shape the future of business.
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