Why Leadership Holds the Key to AI-driven Growth

CEOs are crucial to maximising the benefits of AI
The rise of AI opens up exciting opportunities for payments businesses to grow quickly, but it also brings its share of challenges. CEOs are uniquely positioned to guide their organisations in using AI effectively and across the board.

The challenges of using AI to scale
One key learning from Cuscal’s Curious Thinkers 2024 event – scale is invaluable to businesses. Particularly when it comes to keeping their valued customers happy and creating the payment solutions of the future.

We are living in exciting times. New technology—especially AI—has kicked open the door of opportunity for businesses, offering new pathways to expand and grow.

According to Accenture’s report on the state of AI Maturity, scaling with AI comes down to mastering a set of key capabilities in the right combinations—not only in data and AI, but also in organisational strategy, talent and culture. To maximise its potential, it must be applied effectively across the business as a whole, ensuring:

• the use of AI supports the overall business objectives,
• innovation and creativity are encouraged, and
• everyone is on board with the approach, from leaders to teams.

If you are currently using AI for small projects, the thought of transitioning to widespread use might be overwhelming – it can be a formidable task.

Many businesses operate in silos, which can lead to mixed efforts, poor communication, and inefficiencies. AI initiatives often highlight these problems even more.

There can also be fear around AI—it can feel complex and risky. To succeed, it’s crucial to get everyone in the organisation to understand and support its value.

CEOs must lead the way
Scaling doesn’t happen without teamwork, but the CEO plays a critical role in its success.

As the person with the big-picture view, the CEO has the influence needed to break down the barriers between teams and keep everyone focused on their shared goals.

In fact, a study from Accenture found that when CEOs lead AI efforts, companies tend to see better results because they are uniquely positioned to:

• Set a clear vision for what AI can achieve,
• Build trust and confidence in the technology, and
• Ensure AI projects are part of the larger business strategy.

The same study also reported that when leaders believe in AI early on, not only is adoption accelerated, it also drives positive changes across the business. This highlights the CEO’s crucial role as both a guide and a champion for AI.

Turning opportunity into action
Recent articles in IT Wire and IT News highlight an exciting turning point for Australian businesses. With groundbreaking technological shifts, the opportunities to unlock new growth are immense—and bold CEO’s are leading the charge.

Telstra’s CEO, Vicki Brady, has implemented AI tools including AskTelstra and One Sentence Summary to enhance customer service. Similarly, Wesfarmers’ CEO, Rob Scott, introduced AI-enabled technology in Bunnings delivering real-time product information, improving both customer experience and operational efficiency. These stories underscore how decisive leadership is driving innovation and shaping the future of business.

References:
Accenture: The Art of AI Maturity | Accenture
IT Wire: iTWire – Telstra scales up AI adoption following ‘promising pilots’ of generative AI solutions improving customer experience
IT News: ‘Wesfarmers goes deeper into AI and digital‘

Important Information: Information in this article is current as at 13 February 2024 and is subject to change. While such material is published with the necessary permission, Cuscal does not accept any responsibility for the accuracy or completeness of any such material. This article is provided for general information purposes only and does not have regard to the situation or needs of any reader and must not be relied upon as advice. Before acting on this information, consider its appropriateness to your business Cuscal Limited ABN 95 087 822 455.