Responsibility in AI

The democratization and consumerization of AI are revolutionizing industries by enhancing efficiency, customer experience, and decision-making. However, as AI adoption grows, enterprises must prioritize responsible implementation, ensuring ethical, secure, and transparent AI systems through governance, legal compliance, and technical safeguards. The principles of responsible AI are based upon neutrality,  transparency, privacy and security, comprehensiveness, accountability, beneficence, and robustness.

Responsible AI ensures that the AI systems are trustworthy, ethical, and aligned with the societal values. AI governance is the backbone of responsible AI, which is strategically speaking, a focused approach with long-term ethical AI alignment, encompassing frameworks, policies, and processes to guide the design, deployment, and monitoring of AI systems.

Responsible AI requires a horizontal collaboration across the board among data scientists, legal experts, and business leaders. This is crucial to foster interdisciplinary contributions, and engaging effectively with all stakeholders.

Write your B-Plan

A business plan is the foundation of the business. A good business plan guides you through each stage of starting and managing the business. You can use the business plan as a roadmap for how to structure, run, and grow a new business. It is a way to think through the key elements of a business. The business plan is the tool one uses to convince people that working with them, or investing in their company, is a smart choice.

The secret to a great B-Plan is - the plan is supposed to be viewed by management as a living document: should be concise and accurate.  It is a constant guide to high performance and corporate success. The plan should be meticulously designed by the leaders by defining who the customers are, by the numbers, with specific measurable demographics: know everything about the buyers including what they watch, read, and hear. The management and leaders should know the targets better than their own family. You should know the answers to the "What(s)": customers need, want to buy, will pay, "When(s), Where(s)" and "Why(s)": the need to buy; basically the emotional components as well as the utilitarian purposes. The skill of analyzing the augmented needs of the market to forecast what the consumer might purchase in the future even before the customer knows he will need it. The B-plan should reflect about the set specific priorities with key objectives that the business will achieve through the correct resources. The financial plan should be defensible and accurate, with backup plans in the event of unseen consequences.

As a conclusion, a great plan is developed by people with deep knowledge and experience. They possess a strategic mindset. They have a clear vision of where they want to be and how to reach their destination. And, most importantly, they achieve desired results based upon a clear road map. Perhaps these insights can be of value as you consider your own business plan. If you are developing a plan for your first business, you should engage the help of people who met the criteria as discussed here. It will be well worth the additional effort.

Reverse Mentoring

Nowadays, an interesting concept of reverse mentoring is gaining ground. Many instances of younger people mentoring experienced/older people could be seen in the corporate world. Since the younger lot is very much involved into areas like technology, creativity and design, than the older generation, they help in bridging the gap to a very large extent.

Reverse mentoring is simply the opposite format of traditional mentoring, where the senior leader is mentored by a younger or more junior employee a.k.a. mentoring in reverse. Traditionally, a mentor is expected to be more senior and more experienced than their mentee. However, this process mentoring recognizes the fact that there are skills gaps and opportunities to learn about on both sides, and that each person can address their weaknesses with the help of the other's strengths.

Reverse mentoring encourages employees to form “professional friendships” - regardless of seniority – to exchange skills, knowledge, and understanding. It can play an important role in crossing generational divides as not only does it encourage communication across multi-generational workforces but it can also help to break down harmful stereotypes about different ages groups. Meanwhile, reverse mentoring is not just about age but new starters can provide fresh perspectives and ways of working, while long-serving team members likely posses a wealth of organizational knowledge.

Reverse-mentoring programs provide millennials with the transparency and recognition that they are seeking from the management. While digital skill development should not be the focus of a reverse-mentoring program, it is a meaningful part of the relationship. At the same time, there are potential drawbacks when you engage in a reverse mentoring partnership. A more senior team member may not believe that their younger mentor(s) have valuable knowledge to share, and they may not be open to receiving feedback from people with less experience. Conversely, newer team members need to feel confident enough to share their opinions, and they may be less willing to participate if they are afraid of giving feedback to more established colleagues.

Does your startup need a mentor?

In any startup, a mentor brings in their unique perspective, experience and network. They more than often are on a lookout for giving back to the fraternity or community and seek suitable opportunities and trends to analyze an idea and provide direction from an outsider's perspective. As mentors generally bring an area of specialization with them, they can advise start-ups as to what they should focus on, or how they should tackle various problems. A good mentor provides a genuine feedback about a business plan or an idea, which makes a lot of difference between success and failure. The mentor comes on board with their deep insights gained through experience and guide startups to make right decisions at right time. They also provide key strategic inputs across various lifecycles of a product or business.

Mentors bring to the table their domain knowledge, learnings from professional and personal (arising due to business) failures in the past and provide an insight into market realities so that startups do not tread the same path in similar situations, and are much better informed, equipped and proactive. The mentors also help startups connect with the right people at the right time through their network. Their rich experience helps in understanding the potential upcoming pitfalls and how to avoid them.

A mentor is generally passionate about working with bright people, shares experiences and has a sense of giving back to the community. The kind of network and the degree of training that a mentor brings to the table helps a startup achieve success to a great extent.

Imperfection: the strategy for strategists

In a world and times of rapid changes around, professionally and personally, seeking certainty can often lead to indeterminate opportunities and results. It is wiser to take sure-footed smaller yet confident baby steps, to pave the way through uncertainty.

The world today feels chaotic, with economic and other disruptions, and consequently imperfection sounds like a bad thing, but it pertains more specifically to accepting the ambiguity of not having perfect knowledge before making strategic moves. Companies and nonprofits can make a series of small moves that help them build knowledge of the uncertain world they are operating in, and slowly add capabilities, assets, and other forms of advantage so they can essentially bootstrap themselves into strategic positions, rather than making the wrong type of bold leaps or being frozen in stasis.

In a world where things are changing very quickly and fundamentally, the elementary approaches learned in business education can yield either incomplete or misleading results. The kind of uncertainty that we face today really is twofold. One is the type we see in the media, which is economic uncertainties and external shocks, while more importantly and basal kind of uncertainty are the rapid technological changes. Artificial intelligence, automation, programmable biology, and other disruptions are blurring industry boundaries and what it means to be a competitor in a particular domain.

In the world of big data, AI/ML, and other disruptive technologies, the strategy formulations and implementations need to be in real-time, more dynamic, guided by audacious questions at the top level, but at the same time also actualized by the people working at the forefront.