Welcome to Part 2 in this series. When I started Part 1, I had no idea how quickly a whole lot of thoughts would flow regarding the cross-over utility of some ideas from sometimes time-pressured or higher-stakes fields into general product management.

Train How You Fight

Another great line from a fire instructor, “You can never train too hard for a job that can kill you.” This stresses the importance of realistic training that prepares firefighters for real-life scenarios. And train we do. Beyond initial training, we have weekly sessions, special classes, and more. In aviation there’s recurrent medical and flight checks, etc. Now, in corporate, there are hopefully less things that will kill you than in emergency response situations. But there are systems and equipment breakdowns. There are high-stakes situations. Are you prepared? Have you practiced scenarios? Or is the book up there on the shelf getting dusty? The problem with risk mitigation is you don’t make money from it. It’s value preserving, not value accretive. It’s a cost item, not a revenue item. Backup systems, security efforts are necessary, but they are on the cost side. Regardless, the only way to be really ready is training. Some say – with some validity – that’s what insurance is for; to buy away risk. And yet, is that responsible? Is it ethical? Maybe. It depends on your situation. You have to assess that. It’s not all gloom and doom though. There’s items on the plus side here. What about customer training / onboarding? Or sales? Whether it’s to mitigate bad outcomes or drive towards good ones, are you constantly learning? The better the training, the better the game is likely to go. Train how you fight.

This article started from chats with a colleague about how I managed doing volunteer emergency work at night or weekend adventure sports and then went into the office the next day to deal with important, but less extreme matters. It turned into lessons I’ve learned, (or think I’ve learned anyway), from that part of my life and how they affect my perspective on working in more corporate environments. She thought I should share them. I quickly ended up with more than I’d thought so this will turn into a few posts perhaps. Here we go…

Introduction

Artificial Intelligence is yet another tool that is an overnight success, decades in the making. The Fear Of Missing Out (FOMO) seems huge since ChatGPT brought AI from what Gartner’s Hype Cycle calls the Trough of Disillusionment to what might be the beginnings of the Slope of Enlightenment. But what do you really need to do with it, if anything? Do you need to build anything strategically core to your customer offerings? Use it as a tool to enhance existing offerings? Or use something more operational; from process management to marketing. One challenge right now is people seem to want to just sprinkle some AI on things to make sure the buzzword is in a product checklist or annual report.

According to Statista’s “AI Trends & Predictions Roadmap to 2025,” AI market value will increase from US$244 billion in 2025 to US$827 billion by 2030. You can find predications of various magnitudes from other sources. But what does it mean? Chances are it means your competitors are deploying AI. Whether it’s for something useful with solid ROI or not is the question. If your competition is deploying things, you’d better at least be doing research.

So where do you start? Too many posts I’m seeing talk about AI Strategy go right to implementation. That’s AI at tactical level. There’s value in that. And it’s possible to think of general capabilities as strategic. But being strategic means starting with your business drivers. Your AI strategy, (just like all the others), should be based on the value you’re trying to create. At the very highest level, as always… there’s basically two goals: Increase Revenue. Or Decrease Costs. Unless you’re actually building and selling the AI tools themselves, chances are the value you’re creating comes from elsewhere. In which case AI is “just” a tool; another means to an end. Being skilled at it may be a strategic capability, but it’s not a business strategy in and of itself.