Welcome to the Extreme Investor Network blog, where we provide unique insights and valuable information on all things innovation. Today, we’re diving into the hot topic of companies racing to deploy artificial intelligence and the growing demand for chief AI officers.
In a recent CNBC Technology Executive Council event, Mike Doonan, managing partner at SPMB, shared his perspective on the rush for companies to hire chief AI officers. While many companies are eager to fill this position, Doonan warns that the focus should not just be on hiring top AI talent but also on understanding the company’s data maturity and readiness for such a role.
Doonan humorously compares the situation to the famous Christopher Walken skit on “Saturday Night Live” where the music producer keeps asking for more cowbell. Similarly, companies are clamoring for more AI without a clear understanding of why they need it or how it will benefit them.
Despite the increasing trend of hiring chief AI officers, Doonan emphasizes the importance of assessing whether this role is truly necessary or if existing executives like CTOs or CIOs can take on the responsibilities of coordinating AI initiatives. Boards of directors are paying closer attention to technology, leading to the elevation of technology executives within the company.
One TEC member at the event concurred with Doonan, noting that cleaning up dirty data is a primary challenge for many companies looking to leverage AI effectively. It may take years of data cleanup before companies can fully benefit from AI initiatives.
The conversation also touched on the return to the office, with Doonan noting that the pendulum is swinging towards in-office work, albeit with a more flexible approach than before. He highlights the value of in-person collaboration, noting that mature individuals understand the magic of being present in the office environment.
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