The C-suite is becoming crowded as technology continues to create new oversight needs. Many companies already have a Chief Technology Officer (CTO), Chief Information Officer (CIO), Chief Information Security Officer (CISO), Chief Digital Officer (CDO), and/or Chief Data Officer (also a CDO, and yes, a little confusing). Now, a new face in the C-suite is the Chief Artificial Intelligence Officer (CAIO).
While some may be wary of adding another seat at the table, a CAIO is one role that is necessary at the executive level. Generative AI’s arrival in the fall of 2022 changed how organizations could use AI. The ability for AI to move into roles once thought to be the domain of humans only, such as written and visual content creation, has changed how we think about our business models.
While the evolution of AI has created concern for many, others see the opportunities it can deliver. For example, the sheer amount of data companies are creating can be analyzed far more quickly and accurately with the help of AI, enabling better decision-making.
And if you’re questioning whether you need a CAIO, back in March, POTUS mandated that all federal agencies must have a CAIO and governance board with established concrete safeguards for American’s rights by the end of the year.
According to a recent Spencer Stuart article, “11% of medium to large organizations already have a designated CAIO or equivalent in the role, and 21% of organizations are actively looking to hire one.”
The article provides two scenarios for creating the CAIO role in your organization. The first is to have the CAIO report directly to the CEO. In this structure, the CAIO can more easily collaborate with other departments to better leverage AI initiatives throughout the company and find efficiencies in financial and human resource needs.
The second scenario would place the CAIO under another organizational leader, such as the CIO or CISO. In this structure, the CAIO is more embedded in the technology organization and more closely aligned with the work of the data scientists, engineers, and architects.
Another model could be to add the responsibilities to an existing technology leader already in the C-suite. Regardless of the scenario that works for your organization, it’s important to make sure that the person’s skill set goes beyond a strong technical understanding of AI. They should clearly understand the company’s business goals and culture so they can provide the vision for AI in the future. They also need to understand and be the guardians of how the company approaches AI’s legal and ethical aspects, from strategy to implementation.
It may sound like recruiting a CAIO is a unicorn hunt. However, in any new role, the key is to find the right blend of hard and soft skills and personality traits that fit the needs the organization has defined for the role. It’s a pretty safe bet that everyone in the role today will be the first person to hold the title, so there is no playbook. The person could be internal, from a company that has already embraced AI, or from an AI lab where they have been developing the technology over the past couple of years.
Some of the traits and skills that should be considered when recruiting a CAIO, according to Spencer Stuart, include:
- Passionate about leveraging AI
- Drive Innovation & Efficiency
- Influential
- Collaborative
- Adaptable
- Forward Thinking
- AI Understanding
- Business Impact & Acumen
- Communication Skills
- Leadership Skills
- Ethical & Legal Knowledge
- Strategy & Vision
As we’ve already seen, AI advancements will happen faster and faster. What we thought was great three months ago is already outdated. Getting started sooner rather than later is the most important step today. Define your company’s vision for AI and invest the time and energy to identify the right leader to achieve that vision.
If you are considering recruiting a chief artificial intelligence officer, send us a note for guidance and support, and one of our executive recruiters will respond accordingly.