Thinking about modern technology, what is the first thing that comes to your mind? It is most likely AI or artificial intelligence. The usage of AI can be seen in every industry, from automotive to advertising, AI is everywhere. But who decides the ethical use of AI, and how much can a company leverage AI for its benefits? Innovative business questions require creative solutions. Here, the answer is a chief artificial intelligence officer. Although it is a newly minted title, it is surely an important one in today’s landscape. A CAIO is a critical leadership role determining how companies adopt and use AI in their daily activities. So, can small and medium companies benefit from this new leadership position?
Who is a Fractional Artificial Intelligence Officer?
Let us first understand that not every company will need a Fractional CAIO right now. However, as AI continues to establish its dominance, this role will become commonplace. Since it is a new role, it is not well-defined. However, it is safe to say that a CAIO will determine AI usage and ethical AI practices in a company. A Fractional CAIO does the same activities, however, they are onboarded in an external leadership role. They bring in the evolved skill-sets that companies need to succeed in an overly competitive business terrain.
Due to its cost-efficiency, a Fractional CAIO is accessible to all kinds of organizations. They offer an outsider’s perspective on the company’s technical policies, tech and AI usage and optimization. A Fractional CAIO will wear many hats. As the title suggests, they will primarily oversee AI implementation across the company.
But it does not end here! They foster innovation, efficiency and process optimization in the organization to enhance productivity. Moreover, they offer mentorship to the teams and motivate them to upskill and learn about the opportunities and challenges of using AI for business. Consulting a high-pedigree AI expert can elevate customer experience, product development, business development, revenue generation and market expansion.
Why a Fractional CAIO is important for your company?
It is time to acknowledge that no industry can escape artificial intelligence. AI is becoming an integral part of growth and innovation. AI is a new concept for many that remains unexplored. Standing at this threshold, companies can extensively benefit from a Fractional CAIO. They can help the organization identify how AI can help them streamline business operations, expand, and generate more revenue through unique and ethical AI usage.
Services offered by a Fractional Chief Artificial Intelligence Officer:
The Fractional Chief Artificial Intelligence Officer role is fairly new, and it can be confusing to determine the services you can expect to get from a Fractional CAIO. Here is a comprehensive list to help you:
- Ethical AI implementation
- Following regulatory compliances
- Framing AI usage strategies
- Mentoring cross-functional teams
- Nurture innovation to find new business opportunities
How to identify the best Fractional CAIO for your company?
We know that there is no template for choosing the ideal Fractional CAIO. But we have listed three skills essential for the job:
- The first and foremost requirement is an understanding of the AI ecosystem and related technology, such as NPL, ML, predictive analytics, etc.
- Next, come the agile, data-driven decision-making skills, required for framing and executing strategies.
- Although it is not compulsory, industry knowledge is always a plus for the role of a Fractional CAIO.
Job description of a Fractional Chief Artificial Intelligence Officer:
A Fractional CAIO will be responsible for the company’s ethical AI usage. They will determine the best practices and lay down the rules for using AI for growth and innovation. Moreover, the Fractional Chief Artificial Intelligence Officer will oversee data governance and ensure the company is compliant with data, IT and AI regulations. The role also requires the expert to collaborate with different departments in the company to identify opportunities.
Remuneration of a Fractional Chief Artificial Intelligence Officer:
There is no fixed remuneration for a Fractional CAIO. The role has a flexible compensation based on various factors like the scope and complexity of the project, the company’s size, the expertise level of the expert, etc. Since the remuneration is not rigid, Fractional CAIOs are more accessible than in-house, full-time CAIOs.
Appoint a Fractional CAIO in just 8 steps:
Did you know onboarding a high-pedigree Fractional CAIO is not a tough task with COHIRE? It only takes eight comprehensive steps, which are:
Step 1: Tell us about your company’s AI goals
Step 2: We write an all-inclusive job description
Step 3: ATS tracks, monitors and shortlists all applications
Step 4: Our hiring experts assess and shortlist the best applications
Step 5: You interview only the best candidates
Step 6: Learn about the candidate’s industry experience through previous case studies
Step 7: We conduct a background check using reliable references
Step 8: You onboard your Fractional CAIO and unlock the power of AI
Onboard a Fractional CAIO with COHIRE:
The Fractional CAIO is a new entrant in the list of top executive roles, and there is no set guideline for this position. Undoubtedly, it can be difficult to appoint a Fractional CAIO who is the best fit for the company. Here is where COHIRE can help you. From tracking applications to setting interviews and conflict resolution, COHIRE offers end-to-end services, therefore we are your one-stop solution for onboarding a Fractional CAIO.
FAQs:
1. How does a Fractional Artificial Intelligence Officer differ from a full-time one?
A Fractional Artificial Intelligence Officer is associated with the company temporarily for specific projects. However, a full-time CAIO is an in-house role where the expert is present with the company permanently.
2. What does it take to become a Fractional CAIO?
One of the basic requirements for becoming a Fractional CAIO is a well-rounded knowledge of AI ecosystems. However, since it is a C-suite role, other qualities like leadership, communication and collaboration are also essential to take on the role of a Fractional CAIO.