The C-Suite’s Hottest New Job

For all the hype about Artificial Intelligence (AI) revolutionizing the world, its impact on the boardroom has so far been minimal. Until very recently, many corporations would have found the idea of appointing a Chief Metaverse or Chief AI Officer laughable, yet the latter is quickly becoming the C-suite’s hottest new role.

Despite not even existing just a few years ago, these new C-Level positions are being filled not just at bleeding-edge startups but in more established enterprises, too. According to Foundry’s AI Priorities Study 2023, 11% of midsize to large organizations have already designated an individual for the chief artificial intelligence officer (CAIO) role, and another 21% of organizations are actively seeking one.

But simply appointing a new member of C-Suite is no guarantee you’ll solve the challenges or reap the opportunities presented by AI or Web3. A well placed hire to get AI embedded in your company’s DNA can be the ticket to a fast, innovative approach.

As Teresa Carlson, General Catalyst, Venture, Partner, and Advisor, and previously, the former Worldwide Public Sector executive for Amazon Web Services, told me, “In the US government CAIO roles will serve as a critical leadership position as they transition the use of AI in mission critical capabilities. A relevant example is the US intelligence community just named John Beiler as the chief artificial intelligence officer at the office of the Director of National Intelligence. His role will be to direct the deployment of AI and machine learning along with covering privacy, protections, and civil liberties that of course must be taken into account when the IC develops algorithms. The IC community will need a consolidated view across all agencies on an AI strategy which the CIO will play a critical role.”

The much harder (though ultimately far more valuable) task is to understand how these roles contribute to your organization’s core strategy, what kind of work they actually entail, and how new technologies transform the dynamics and responsibilities within the boardroom. That may require a new, dedicated CxO; equally, it might be far better to evolve an existing role. So rather than rushing to fill a new boardroom chair, businesses would do better to take a breath and work out precisely what they want to achieve – and who’s best to do it.

Who’s in charge?

On the face of it, creating one of these new ‘Chief’ job roles makes sense. Who better to champion and oversee the transformative capabilities of AI/metaverse than someone with a dedicated seat at the top table?But hang on a second. Let’s say your organization is an insurance firm – one of the many industries that are profoundly affected by AI. What’s the value in appointing a data scientist to the C-Suite if they don’t know the difference between an underwriter and a broker, say?

The key lesson is: don’t be dazzled by people who know how AI works. Never forget that you will always know your own business better than they do – and that’s what matters most.

There’s a very good argument that the best person to take on responsibility for AI initiatives already sits in the boardroom; for example, the Chief Marketing Officer (if that’s where AI is going to have the most meaningful, transformative and strategic impact on your business). By the same token, it might be the Chief Technology Officer, given this role requires a thorough understanding of both tech and business priorities. It could even be the CEO.

Recent history gives us examples of how new job titles are often subsumed into other, more traditional C-Suite roles. We only have to look at the Chief Cloud Officer (CCO) role, a position that was crucial as we transitioned into the cloud computing era, but which eventually just came to be a standard part of the CTO or CIO’s responsibilities. The same fate could feasibly fall on the CAIO and CMO, although events like CAIO Summit 2023 are working to make them indispensable.

On the other hand, having a dedicated CxO may well be the best option. Lan Guan agrees. As Chief AI Officer at Accenture
ACN
and an exceptional female leader at a huge multinational IT company with over 730,000 employees, she told me she believes every business should have a CAIO. “Artificial intelligence doesn’t happen in a vacuum,” she says. “It needs evangelists and champions. Above all, it needs leaders. We weren’t alone in seeing the enormous potential of generative combined with classical AI to transform the enterprise, but that wouldn’t have happened nearly as fast or as well without creating a dedicated role”

No matter how advanced, technology is always a tool that works best when applied to clearly defined and well-understood problems. It is always the servant of wider organizational goals rather than your business’ master. That’s why the best people to oversee AI and Metaverse initiatives might well be those who are already in charge.

The New C-Suite

I know from personal experience just how impactful an effective Chief Metaverse or Artificial Intelligence Officer can be in transforming a business. But real success depends not on the role itself, but how well enterprises understand the changes within the traditional boardroom dynamic that they entail.

Because these new technologies have a virtually unlimited range of applications since they touch on so many aspects of business operations, the person in charge of AI or Metaverse needs to be something of a Renaissance (Wo)man. Not only do they need to build teams with a wide range of technical and vertical skill sets; they also need to navigate the complex organisational politics of having such a wide-roving brief.

For example, will this person have responsibility for internal investments and external partnerships? How much control do they get over setting and spending budgets? Who reports to them, and to whom do they report? How does this reshape the chain of command?

These are just some of the questions to consider when fitting new technology into existing corporate structures. They are also key considerations when selecting who will be in charge.

A Peek Into the Inbox

Following President Biden’s executive order on AI, many federal agencies are now required to name a CAIO, responsible for promoting AI and managing its risks and rewards. If the government installs CAIOs, we can be sure that major businesses will follow suit.

But what will these people actually do? At the Federal level, CAIOs will “spearhead internal policy decisions, regulations and workforce recruitment to implement and utilize AI tools effectively.” In the corporate world, however, whoever’s in charge of AI and Metaverse initiatives will have a much more varied and indeed challenging set of responsibilities.

Cathy Hackl, known to many as the ‘godmother of the metaverse’ and a former Chief Metaverse Officer, explains how hard it is to pin down these roles. “Every day is different, and you never know what challenges are going to land in your inbox,” she tells me. “The only thing that never really changes is that my role requires me to be an evangelist and educator. I spend a lot of my time travelling, presenting and speaking – both at industry events and internally at my company.

“I work across practically every line of business, so it’s a big challenge to be thoroughly on top of the detail about each department. I need to ensure I understand what their goals are, and they need to know how new technology can help accomplish them. But there’s also a lot of roll-your-sleeves-up, down-and-dirty work with the technology itself, whether it’s designing virtual components or shepherding implementation projects.”

If that sounds like a lot to have on your plate, it barely scratches the surface of the challenges ahead. Take ethics, for example. As the Women Leaders in Data and AI’s Executive Champion Award 2023, this is a particularly strong focus for me.

The overarching challenge is how to integrate AI in the corporate world, drive innovation, and try not to slow down any implementation timelines, all while being completely ethical, transparent, and honest.

Whose role is it to predict unforeseen risks that any implementation could contain, and to handle change management? Who’s responsible for making sure that no one is disadvantaged by new technologies – so often designed and built by white men – and guard against unwitting discrimination? It may be that the most valuable CxO for your business’ reputation is actually a Chief Ethics Officer rather than a Head of Metaverse.

None of this is to deny that the roles I mentioned at the beginning of this article have enormous potential value, and could be transformative for your organization. It is to point out that there’s a huge amount of preparatory work to do before you order those new business cards. In any technological revolution, one of the most difficult things to resist is the urge to jump on the bandwagon so as not to be left behind. My advice? Let fools rush in and make their own mistakes. This opportunity is far too precious to waste; so, take your time to think about what you want to achieve rather than what you’re going to name the role.