Incorporating AI into Your Product Strategy? Here are Three Things to Keep in Mind.

Artificial intelligence (AI) is massively transforming how organizations operate today. From customer experience to internal processes, its impact is undeniable – and extensive. In fact, it’s estimated that AI will boost the global economy by a whopping $19.9 trillion by 2030. 

Unsurprisingly, product teams are not immune to these impacts. For better or for worse, AI is transforming daily operations across each and every corner of business today. Although the “hype” is real, so are the benefits AI can have across the organization. 

However, it’s important for product leaders to consider several factors and ask certain questions before widespread, more complex adoption and implementation occur. Let’s dig into what product leaders should consider when incorporating AI into their product strategy. 

Let AI Work for You

It’s important to ask yourself how AI can work for you and your teams, instead of the other way around. How can it help you spend more time analyzing information instead of doing the leg work of gathering and summarizing data? How can it help you fulfill your goals and stay focused, rather than become distracted by the next shiniest AI-powered tool? 

Start by considering what your challenge is, what overcoming it looks like for you and your team, and what results you would like to achieve. From there, you can begin to understand how AI can fit into your strategy and help achieve your goals and determine the right AI tools and features that make the most sense. 

AI is Not the End Goal 

It’s critical to remember that these tools aren’t meant to replace employees, or raise concerns with customers. They are meant to supplement and complement the work you are already doing, increase productivity and efficiency, and ultimately make things easier and more seamless. AI is a means to achieving business goals and not the end goal in and of itself.

This means AI is not a one-and-done tool or responsibility. Make sure you are measuring its impact and pivoting to a different tool, process, or strategy if necessary. Iteration is key. Remember, the objective is not to implement AI, but to have AI help achieve your objectives. 

Protect Against Evil AI 

AI is creating new cyber risks every day, and it’s no longer a matter of if, but when, your organization will face an attack. In fact, according to a recent report, nearly half (48%) of organizations are not very confident they have technology in place to defend against AI attacks. As product leaders, it’s important for us to consider the security ramifications of AI-powered tools and features and do our best to mitigate that risk. 

Implementing tools like multi-factor authentication (MFA), passwordless authentication, and decentralized identity (DCI) for customers and employees alike can help keep your organization secure and protected against these evolving attacks.  

AI is here to stay. We, as product leaders, need to effectively incorporate it into our strategy in a thoughtful way, rather than implementing it just to check a box. Doing this will ultimately cause more issues down the road for you, your teams, and your customers. By considering and weighing the different ways to incorporate AI into your product strategy, and being aware of the potential risks it can pose, you can be equipped with the knowledge to put it to work for your organization.

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