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Initiative 1. Establish an “AI value realization office” and evolve into a control tower
Industrial companies should form a unit that streamlines experimentation and resources around AI and ties it to business outcomes. The value realization office coordinates knowledge sharing and shapes governance, but its primary goal is to realize benefits, conduct project and risk management, and optimize resources.
The value realization office can start with a smaller scope, but to extract maximum value from AI initiatives across the enterprise, it must evolve into a fully-fledged “control tower.” The control tower is a C-suite business unit, tasked with AI strategy and steering cross-organizational initiatives. It has the authority to allocate capital and coordinate resources across different business functions.
Act now: Set up an AI value realization office with a focused scope and C-suite accountability to test and learn
One way to experiment with AI is to create a value realization office via a simple project management office within a single business unit. This should involve stakeholders with different specializations, with C-suite support, focused on high-priority or quick-win projects, and actively analyzing and adapting governance practices to new business requirements. Leveraging easier-to-use technologies like GenAI and low-code or no-code can lower technical barriers to experimentation, enabling non-technical people to participate earlier. All of which increases buy-in, develops expertise, improves agility and enables activities that create value.
Evolve later: Scale up the value realization office into a control tower
As the value realization office grows in creditability and scope, companies can increase its autonomy and responsibility to scale up AI deployment with increasing C-suite oversight. It should evolve into a control tower, with formal positions, governance and resources to orchestrate projects companywide. The control tower would also orchestrate reskilling needs, data infrastructure upgrades and ecosystem strategies.