The lesson here isn’t necessarily about waiting for the dust to settle. It’s a story about proper execution. At the time all the smaller competitors were rolling out their piecemeal solutions, JPM wasn’t waiting. The risk of a rushed product was not worth it for them, laggard or not.
The startups and fast movers have become sideshows — their credibility called into question. This slow and steady approach showed that getting AI fast bears no value when you’re not getting it right.
Integration is not seamless, nor should it be. It means understanding every nook and cranny of one’s business — which is often a fluid and laborious endeavor.
Leaders need to know where the value is for AI with their organization and where it can be scaled up. The best way to do this is by starting small. Begin by hitting singles and doubles, racking up a few easy and scalable wins. This is essential before trying to ramp up to a full-scale transformation effort. The quicker you can get to value, the faster you can get ahead and maximize it on a broader scale.
The difference between front-runners and fast-followers is their relative aptitude at deploying and scaling.
This addresses the two biggest AI hurdles. The two foremost fears surrounding AI are the workforce challenges, particularly managing the change, cultural shifts and training requirements. Starting with small, repeatable wins helps streamline this transition process.
Similarly, 60% of business leaders say that integrating AI tools with legacy systems is the most daunting challenge. A slow and steady approach means knocking out two birds with one stone.
In my experience, success stems from conducting one-to-one workshops that identify, pinpoint and prioritize each client’s pain points and potential use cases. This helps us professionals figure out which problems to attack head-on and which to leave for a later date. We then build a prioritized list of methods and solutions to address these specific problems in a way that best suits each client.
Most self-identified laggards simply don’t know where to start. They feel the FOMO and think they have to do everything and more. The best answer is also the easiest: Start small. If companies can do that, they’re instantly at the front of the pack.