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4 Ways to Leverage AI in Your Corporate Strategy

Rendering of pathways in the human brain with a lighted background

With the swift expansion of artificial intelligence, automation tools are now readily available to corporations and consumers alike. Companies are integrating new technologies to avoid falling behind their competition and appearing out of touch with trends that matter to their employees and customers.

But the steps to incorporate and embrace emerging tech can be challenging. Expert faculty from the Graduate School of Management at Cornell’s SC Johnson College of Business identified four best practices senior executives can employ to capitalize on advancements in AI and dodge common pitfalls.

1. Innovate early – with startup partners.

In its 2022 Global AI Adoption Index, IBM reported that 35 percent of companies were using AI and 42 percent were exploring AI for future implementation. Findings from Grand View Research indicate this tech adoption will drive the market size to $1.8 billion in revenue within seven years. To remain competitive in this environment, leaders can collaborate across companies to use AI in ways that set them apart from major rivals.

Swift changes in tech-driven markets demand innovation and adaptation, but many businesses are optimized to resist change rather than embrace it, leading to fewer risks – and rewards. The hesitation to adopt can be a danger to the bottom line.

“Executives can avoid this stumbling block by implementing agile methods and building mutually beneficial partnerships with startups driving innovation in their areas of need,” said Stephen Sauer, senior lecturer of management and organizations and Entrepreneur in Residence for the college. “Established companies can benefit from the tech experimentation that is more common in newer businesses while giving these partners the wisdom of experience.”

Karan Girotra, Charles H. Dyson Family professor of technology and management, adds that when tech advances rapidly in times of political and socioeconomic uncertainty, leaders can underestimate the rate of change and overestimate the ability of past expertise in helping them tackle the environment.

“Executives need to adopt a learn-it-all, not a know-it-all, mindset. Leaders need to embrace smart, cheap and fast experimentation to try out many new initiatives and learn fast,” Girotra said.

2. Choose accuracy over convenience.

Information may be more accessible than ever, but discerning fact from fiction grows more difficult each day. The convenience and speed of generative AI make it easier for audiences to accept and share information without examination. However, the perils of using incorrect data, which range from operational shortfalls and security threats to public relations crises and financial losses, can ruin organizations.

“The increasing amounts of misinformation with which we are all confronted today – including from AI errors – can undermine our problem-solving efforts,” said Risa Mish, professor of practice of management. “Now, more than ever, leaders must be able to guide their teams in understanding what we know versus what we are assuming we know.”

According to Mish, AI exists to help us tackle complex issues in a way that balances efficiency, thoroughness and accuracy, but leaders should be willing to learn how to apply the technology responsibly.

“Corporate decision-makers should first work to comprehend core AI concepts. Then start with small-scale projects to test the tech in their operations,” Mish said. “This requires leaders to build cross-functional teams that understand the organization’s strategy and can align AI with goals.”

3. Recognize your biases.

Incorporating machine intelligence into business operations may require leaders to reassess their approach to corporate ethics. AI systems operate on data provided by humans and can perpetuate prejudices as a result. If not carefully monitored, this can lead to unfair outcomes for workers, customers and other stakeholders.

“Leaders need to be aware that we are all susceptible to biases which can negatively impact our decision-making and behavior. We naturally look for, remember, favor and interpret information in a way that confirms our previously held beliefs or values. We also discount or reject information that runs counter to these beliefs and values,” said Michelle Duguid, associate professor and associate dean of diversity, inclusion and belonging.

While AI can expedite decision-making for hiring, business forecasting, surveillance and more, Duguid encourages senior executives and their teams to take precautions against complacency. Instead, firms can develop quality assurance processes to ensure automated outputs meet their corporate standards.

“Senior executives need to be able to think strategically about potential risks and challenges, and make informed decisions that align with the company’s overall goals and values,” said Sauer. “Strategic thinking is a team effort, and the more leaders are able to build teams with diverse opinions and experiences – what we call ‘heterogeneous task cognition’ – the more successful they will be in combating any biases that might creep in with the use of AI and other digital technologies.”

4. Use AI as a supplement, not a replacement.

More than 40% of business owners are concerned about an overdependence on AI, according to a recent Forbes Advisor survey. Automation has the potential to replace human workers in certain roles, leading to job displacement, changes in employment patterns and economic disruption.

“Advances in AI and other digital technologies present businesses with a once-in-a-generation opportunity to reinvent their products and processes,” said Girotra. “At the same time, there are several pitfalls – technologies that do not live up to their promise, new business models that have no feasible path to profitability, the large negative externalities that these innovations place on society. Businesses that blindly embrace these opportunities, or those that are paralyzed by the pitfalls, are unlikely to survive.”

Looking at AI as a tool with capabilities and limits, and creating a builder culture, Girotra says, is key in taking advantage of the opportunities.

Elizabeth Mannix, Ann Whitney Olin professor of management agrees. “When leaders have self-awareness of their own strengths and weaknesses – and they are cognizant of their impact on others – they can lead with intention and create an environment in which their team members can thrive alongside AI.”

 

Faculty from Cornell University have designed online certificate programs on a variety of in-demand leadership, technology, business and finance topics, including change management and digital transformation. An AI strategy certificate from the SC Johnson College of Business is also available online through eCornell.

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New Cornell certificate emphasizes dialogue in DEI

Photo of group dialogue with one young woman facing camera.

In 2020, hiring for diversity, equity and inclusion roles surged. According to the Society for Human Resource Management, three years later – amid recession fears – companies are cutting DEI leadership positions at a rapid and disproportionate rate, leaving practitioners to seek new ways of continuing efforts to create welcoming work environments.

Dialogue for Change, a new online certificate program from Cornell’s School of Industrial and Labor Relations and the Intergroup Dialogue Project (IDP) delivered through eCornell, provides a fresh approach to DEI for team managers and supervisors, executives and all employees interested in building equitable cultures.

“The certificate focuses on four key development areas: human connection, social identity, intergroup communication and strategic change,” said Adi Grabiner-Keinan, executive director for academic DEI education and director of the IDP. “Our goals are to develop participants’ awareness around the four development areas and to strengthen their capacity to make meaningful change at personal, interpersonal and institutional levels.”

Together with Lisa Nishii, vice provost for undergraduate education and professor in the Cornell ILR School, Grabiner-Keinan is co-author of the Dialogue for Change certificate. The duo intends for the program to help professionals promote sustainable institutional change no matter their position on the organizational chart.

In three courses – Counteracting Unconscious Bias, Dialogue Across Difference and Strategic Influence – participants learn and practice skills for intentional connection and communication, and examine ways to impact change in different spheres of influence, including within their teams and organizations. These skills, according to Grabiner-Keinan, are crucial well beyond the field of DEI.

“Skills such as active and generative listening, strategic questioning, purposeful sharing, perspective-taking, withholding judgment and questioning assumptions allow us to lead, communicate and collaborate effectively,” Grabiner-Keinan said. “They enable us to broaden our perspective, learn from a variety of people and situations, bring people together, think creatively and create meaning and vision. Unfortunately, such skills are seldom taught in schools or colleges.”

Dialogue for Change engages students in weekly live sessions. Trained IDP facilitators guide participants through practice conversations within small groups of experts and peers. Each dialogue builds on earlier coursework, enabling the cohort to use new knowledge in real time. Students who complete the program earn professional development credit hours toward human resources and project management certifications.

Each student who earns the Dialogue for Change certificate, Grabiner-Keinan says, will recognize their power to foster inclusion, connection and equity in any role. “An integral part of this program is to identify the agency and responsibility that each of us has. It’s true that leaders and supervisors have more power in institutions, but this program helps people understand that they all have power to make change interpersonally and institutionally within their workplaces.”

The Dialogue for Change certificate program is now enrolling students. Visit the program website to learn more.

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Cornell Brooks EMHA ranked in top 10 health care management grad programs

The Cornell Jeb E. Brooks School of Public Policy Executive Master of Health Administration (EMHA) is one of the top 10 executive health care management graduate programs in the nation, according to rankings published by Modern Healthcare Magazine.

Of 25 programs, the Cornell Brooks EMHA ranked No. 9 based on alumni survey data from the Commission on Accreditation of Healthcare Management Education (CAHME). The commission calculated each institution’s Net Promoter Score, which measures the likelihood that graduates would positively recommend a program. CAHME published the average scores for the 2020-21 and 2021-22 academic years and Cornell’s EMHA received a score demonstrating high satisfaction – 81 out of 100.

Read the full story on the Cornell Chronicle website.

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Industry voices come to second Rethinking Retail and Brands conference

The past 15 months have been a wild ride for the retail and consumer brands industry, with new formats, products, and purchase patterns sprouting overnight. Now, companies are looking ahead to a post-pandemic world. To help them navigate the “new normal,” Cornell is providing professionals unprecedented access to leading industry experts at its second annual Rethinking Retail and Brands live virtual conference, taking place June 15 to 18.

This year, a new conference format brings leading industry voices to the table as well as those of Cornell’s business and food retail experts. Also, session themes were designed to impact a broader range of industry professionals: from retailers and wholesalers, manufacturers, entrepreneurs, consultants, and store managers; to those working in consumer packaging, supply chain, logistics, and design. And at the end of each day, attendees can now interact with faculty, experts, and peers in a virtual “conference hall.”

“The focus is on the future,” says program co-director Dan Hooker, senior lecturer in the Charles H. Dyson School of Applied Economics and Management. “Retail is a very fast-moving, rapidly evolving industry. We’re creating a dynamic space for conversation with industry experts, focusing on the most relevant topics driving today’s retail sector.”

Those topics cross four major themes: the Future of Retail, Operations and Supply Chain, Brands, and Big Thinking. Ira Kalish, Deloitte’s chief global economist, will open the conference with an overview of the “new rules” of today’s new economy. Leaders in that evolving landscape then dive deeper into specifics. Trung Nguyen, SVP of Operations at innovative delivery service Shipt, will explain the importance of refining “last-mile delivery” to create different product experiences. And Brian Choi, CEO of The Food Institute, will discuss the rise of alternatives in cuisine, dining format, and menu design with Lilly Jan—Cornell lecturer, former chef, and expert in food and beverage management.

Several Cornell alumni also will bring their expertise back to campus for the Rethinking Retail and Brands conference. Amy Oates Fitzgerald of Numerator will explore post-COVID changes in consumer behavior and trends; Kerrie Lopez, head of merchandising marketing for online retailer Thrive Market, will discuss how to make data-driven decisions in a complex, omnichannel retail environment; and Jason English from Goldman Sachs will provide Wall Street’s perspective on today’s food sector.

The final day of the conference is dedicated to providing attendees with a bigger picture of the emerging retail landscape. It culminates in a closing session with Bill Strassburg, VP of Strategic Initiatives at Wegmans. When Strassburg began his career at Wegmans in 1977, he says there were few MBAs who would consider a job in retail because there was little innovation and few opportunities for advancement. In this session, Strassburg invites attendees to share his progressive perspective on what’s in store for retail over the next 10 to 15 years.

Registration link: eCornell.

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eCornell program will help leaders navigate change

Great leaders are always looking ahead, embracing change instead of resisting it and recognizing that the world has changed dramatically in the 21st century.

To prepare managers to lead effectively through “VUCA” (volatility, uncertainty, complexity, ambiguity), Cornell has launched the VUCA Leadership certificate program. Available online through eCornell, this certificate program will help leaders develop internal strengths and strategic skills, and improve their ability to influence people both within their organization and outside of it to accomplish their vision.

“When organizational leaders are able to identify and reduce the impact of VUCA in the workplace, their teams and organizations thrive,” says Gen. George W. Casey Jr., faculty author of the certificate program and distinguished senior lecturer at the Cornell SC Johnson College of Business. Casey is a retired four-star general who served as the 36th chief of staff of the United States Army.

The certificate program was developed for leaders and executives at all levels. Learners will match their strengths and weaknesses with the leadership characteristics that are vital for success in today’s fluid world, and they will be able to formulate action plans to increase their opportunities for success.

Courses include:

  • Leading in a VUCA World;
  • Developing and Communicating Vision and Strategy;
  • Building Great Teams;
  • Setting Internal and External Conditions for Success; and
  • Preparing for the Future.

Courses normally start every two weeks. Upon successful completion of all five courses, learners earn a VUCA Leadership Certificate from Cornell’s Samuel Curtis Johnson Graduate School of Management.