So, here’s the truth about AI. If you jump in too early, you crash. If you jump in too late, you will drown. So, the question is: when is the right time?

If you think about surfing, for example, when you’re paddling, if you get the timing wrong, either the wave passes underneath you or, in the worst-case scenario, it crashes you into the sand. Timing is everything.

If you jump in too early and simply buy technology, your team might not be ready. Your organisation doesn’t know how to use it, and you don’t get the best return. You become very demoralised and start wondering what this AI thing is all about. Meanwhile, shareholders start getting upset about the amount of money you’re wasting.

If you wait too long, your competitors will already have passed you by. There are competitors that haven’t even launched their businesses yet who are building them from an AI-first perspective.

So, you need to move, but the key is knowing when.

Don’t do AI for the sake of AI. Instead, look at what you need to improve in your business, where you need to cut costs, and where you need to improve the quality of the service you deliver.

For example, consider a bank awash with data. AI can analyse that data to identify fraud patterns or unusual activity, allowing the bank to prevent losses due to fraud.

Ultimately, it’s about solving a real-world problem or capitalising on a real opportunity to deliver better service to your customers, who will love you even more for it.