Almost all businesses know they need, or want to look at AI, but quite what form that takes is open to interpretation. Some are investing in a Chief AI Officer (CAIO) to join their C-suite, but not many. Why? Well there aren't very many, and those that are out there are employed and on very high salaries.
The alternative is to engage a Fractional CAIO.
There is a growing trend in the hiring or fractional Chief AI Officers, especially among startups and scale-ups. It is a practical and strategic solution for businesses looking to adopt AI without the commitment of a full-time role. This addresses the immediate need for AI expertise and also provides longer term benefits through cost savings, shared innovation, and strategic flexibility.
The demand for CAIOs has tripled in the past 5 years with 15% of enterprises now employing one and 24% are looking for one.
So, if you aren't an enterprise and need a CAIO, which route will you take?
Compete over salaries and benefits
Ask your CTO to pick it up
Ignore it until it becomes more established and salaries come down
The average salary for a UK CAIO ranges from £150,000 to £300,000 and can go much higher. There is already a severe shortage of CAIOs and competition is fierce. Entering a salary war is pretty much reserved for the enterprises and cash rich.
If you have a CTO already, asking them to pick up the additional of a CAIO is most likely not practical. Even those who work in the AI industry have trouble keeping abreast of all the developments that are emerging on a daily or weekly basis. A fractional CAIO will work alongside your CTO as a complimentary role.
Ignoring it is not an option either, companies who embrace AI will lead the markets over the coming years. Those who don't will fall behind. There are many articles available that discuss this, the core themes are being outpaced by your competitors, weakened decision making, talent drain as your brightest leave and a reduced ability to innovate.
Fractional CAIOs allow you to tap into this knowledge without the need to commit fully, pay huge salaries or hoping for the best. You can gain access to the same knowledge and experience, and the fractional CAIO will work with your existing Senior Leadership Team and C-suite to help accelerate the process.
Even taking a subscription at a high engagement level will work out to be far more cost effective than a full time dedicated resource, and you get access to not just one CAIO, but a pool of CAIOs who share knowledge and common ground.
If you are wanting to drive ahead with AI, this is a route you should give serious consideration to.
CAIO.Solutions is here to help you. Your one stop shop for fractional CAIO services.
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