Leveraging data and AI for future growth: Lessons from NHH Executive MBA
Norway has long been recognized for its ability to adopt and integrate generic technologies. However, while the current phase may bring productivity gains, it will not create true differentiators. To secure a competitive advantage, businesses must strategically leverage data and AI.
At NHH, key "no-regret" strategies were identified for organizations looking to capitalize on AI:
- Invest in data governance: Regardless of the future scenario, data will be the driver of AI. Ensuring quality, capture, security, and governance in data management is critical.
- Adopt modular technologies: Flexible, "Lego block" solutions allow companies to scale and innovate without being locked into one technology.
- Build organizational learning capacity: By adopting simple, standardized technologies, businesses can differentiate themselves through their unique application of these tools.
- Embrace strategic partnerships: As AI evolves, uncertainty will increase, making partnerships a key factor in navigating technological transformation.
AI and leadership – More than just technology
Elisabeth Stene, HR Director at Telenor Norge, highlighted that the strategic implications of AI extend beyond technology. Leadership, culture, and organizational structure will be pivotal in driving transformation. AI offers significant opportunities in enhancing customer experiences, internal processes, and network optimization.
The lesson here for C-level executives and board members is clear: AI is not just a technological shift, it is a cultural transformation. The companies that succeed will be those that align their leadership, culture, and partnerships with the possibilities AI presents.
Data utilization: A boardroom priority
Rune Bjerke emphasized the importance of integrating data and AI for competitive advantage. Yet, many board members hold outdated perspectives, resisting change. The key question boards must ask is: What competitive edge can data and technology offer us?
To truly innovate, businesses must standardize data across the organization. This is not only a technical challenge but also a cultural one, where companies must be willing to adapt to new ways of working.
