AI adoption is reshaping businesses worldwide, but without a clear strategy, it can lead to costly missteps. Later in this article, you’ll find key steps to help organizations make informed, effective decisions.
FOMO, or Fear of Missing Out, describes the anxiety of missing important events or experiences, often without knowing exactly what is being missed. Often, people who experience these feelings don’t know what they’re missing out on, but they are constantly worried about others having fun without them.
We can understand that this “syndrome” has become a constant for people addicted to social media, but its spread among organizations worldwide is alarming.
Why is it dangerous? Because it doesn’t affect an individual or individuals, but rather countries, institutions, their employees, and their budgets.
How did organizations fall prey to FOMO? No surprise; AI is the culprit!
The rise of generative AI, led by ChatGPT and its counterparts, has captivated industries worldwide. I’m not talking here about ordinary people, whose experiences with it are countless, but rather about organizations. The most important sensitive chords played upon them by vendors of generative AI solutions (other than helping executives make the “right” decisions quickly) were the idea of increasing efficiency and productivity, saving costs, and the possibility of relying on a new type of knowledgeable and informed “employees” who could work 24 hours a day without getting tired or bored, without requiring health insurance, smoking or lunch breaks, or even maternity and breastfeeding leave.
AI vendors mastered the art of persuasion, first convincing individuals that AI wouldn’t replace them, but rather someone proficient in AI would. Then, they warned organizations: “Adopt AI now, or risk being left behind by competitors.”
Hence the role of FOMO, which smart vendors were able to exploit in every sense of the word, convincing numerous organizations around the world to sign multi-million-dollar contracts before their competitors did.
Within months, companies were announcing multi-million-dollar contracts with AI vendors to integrate their solutions across operations.
Then the shock came: Despite grand expectations, only select AI solutions made their way into a handful of departments. Then we discovered that AI merchants, driven by an obsession of controlling the largest number of customers, had bound these companies to numerous contracts and decorated them with numerous options they might not even need to use.
Who’s responsible for this? It’s FOMO, my friends!
By the way, even major tech companies make mistakes of this kind, so how can we blame those who aren’t even experts in tech?
There are many examples of this, including what the venerable IBM did when it laid off 8,000 (eight thousand!) employees after implementing its AskHR system. IBM later discovered it was wrong, and rehired many of them, particularly in fields requiring strategic thinking, marketing, software engineering, and anything else requiring human supervision, especially in complex scenarios!!
As for the embarrassing mistakes that AI has caused for major companies, leading them to stop using it in some areas, there are countless examples. We can mention, without going into detail, Apple, Amazon, McDonald’s, Air Canada, New York City, and others.
You might ask: What’s the solution? And how can I benefit from AI without falling behind or being overtaken by competitors?
AI FOMO can be costly, but with careful planning, organizations can turn AI into a powerful asset rather than a rushed mistake. By following this checklist, leaders can make informed decisions that balance innovation with sustainability.
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