Despite VC deal levels plummeting to pre-COVID levels in 2023, some 33% of deployed capital in 2023 went to AI companies (and 10% of all deployed capital was attributed to OpenAI and Anthropic's combined $17 billion in funding). Source.  

It's not only AI companies which are expanding on the new technologies. Data shows that countless organisations are building out an AI-skilled workforce. That includes the decision to appoint or hire a chief artificial intelligence officer (CAIO).

Oakstone FinTech Divisional Director Dan Hammond says, "Seasoned AI experts are instrumental in driving research and development, implementing ethical considerations, and facilitating effective communication between technical and non-technical stakeholders. In essence, the demand for senior leadership in AI arises a somewhat non-negotiable need to optimise AI's potential while ensuring responsible and seamless integration within organisational frameworks."

The Chief Artificial Intelligence Officer role is fast becoming a new fixture in the C-suite, responsible for setting the AI agenda. New research from Foundry finds that 11% of midsize to large organisations have already designated individuals in the role, and another 21% of organisations are actively seeking one. 

 

What is a Chief Artificial Intelligence Officer?

A Chief AI Officer is a senior IT executive who is responsible for setting a company's overall AI strategy, including the design, development, and implementation of artificial intelligence technologies. A typical candidate is someone who has a proven track record of leading successful AI programs and a vision for transforming the organisation with AI. Candidates for the CAIO role are typically mandated to modernise processes with AI, ensuring that AI is used with ethics and governance in mind and in building an AI-first culture.

Oakstone spoke to Dr. Andrea Isoni, a Chief AI Officer and Director at AI Technologies. "The role encompasses four aspects: technology, training/adoption, governance and regulation and return on investment. In essence, the role is based on the business objectives, defining and structuring an AI solution and the governance around it that maximises the return for the company (or minimises the cost of governance and workforce training). In essence, a CAIO is responsible for digital transformation."

 

Where does the CAIO fit into the C-suite?

As AI continues to play a crucial role in shaping business operations and competitiveness, the prominence of the CAIO role within the C-suite is likely to increase, reflecting the strategic importance of AI in driving organisational success.

Oakstone spoke to Guillaume Laporte, Chief AI Officer of Foundever, an omnichannel contact centre solution for better customer experience. "In my case, I report directly to the CEO, Laurent Uberti. The CAIO and CEO work together to align the company's business strategy with its technical capabilities. The CAIO provides technical expertise and guidance to the CEO, while the CEO provides business direction and vision to the CAIO."

 

The Evolution of CAIO

The evolution of strategic leadership, cross-functional collaboration, ethical/ responsible AI and focus on value creation directly reflects businesses embracing AI and capitalising on its possibilities. 

"The demand for AI leadership comes from AI adoption. The more it raises, the more CAIOs will be necessary." Isoni says. The role of a Chief AI Officer (CAIO) has evolved significantly over recent years as artificial intelligence (AI) technologies have become more integrated into business operations. Laporte says, "I believe that the role of the CAIO will become increasingly business-focused, facilitating interactions with various teams within the organisation and with external stakeholders. The CAIO will need to have a deep understanding of the business and be able to communicate effectively with non-technical stakeholders." 

 

AI Impact

As artificial intelligence continues its rapid evolution, its impact on various industries becomes increasingly profound. 

"I believe that AI will significantly impact the job market. AI will enable smaller teams to create larger and more impactful businesses, reducing the reliance on venture capital funding for survival and growth." Laporte adds. "Additionally, AI will automate many routine tasks, freeing up employees to focus on higher-value work and creating new job opportunities in areas such as AI training, AI ethics and governance," Laporte says.

"AI is reshaping roles in fintech by automating routine financial tasks. Whilst some will always want to be tied to their roots, the increasing demand for AI development and maintenance roles fostering collaboration between humans and AI will only continue to rise," says Dan Hammond Smith, "There is a huge emphasis on data analysis and insights, requiring continuous upskilling for technological changes, driving innovation in financial products and services, which in turn highlights the importance of risk management and cybersecurity."

 

What should companies seek in a CAIO?

With 21% of companies looking to add a chief AI officer to their IT leadership team, it's becoming clear that the rising interest in AI is translating into a greater desire for leadership around the complexities of AI in the enterprise. 

Whilst companies will seek different skills to reflect their needs, the professionals in the field suggest companies should seek the following:

"Companies should look for people with experience in digital transformation projects enabled by AI and a good sense of business strategy to ensure ROI," Dr Andrea Isoni said.

"Companies should look for a CAIO with business and technical experience, not just AI/data science expertise. This will enable the CAIO to drive deep transformation within the company, communicate effectively with clients and partners, and work closely with other teams such as legal, security, and audit." – Guillaume Laporte.

About our contributors

Guillaume Laport (CAIO, Foundever)

Based in Barcelona and a native of Switzerland, Guillaume co-founded and led Mindsay, a conversational AI solution used to automate customer-facing processes. In 2022, Mindsay was acquired by Laiye, an AI-powered platform that creates a digital workforce intended to complement the human workforce in order to give companies a competitive edge. Following the acquisition, Guillaume served as General Manager of Chatbot International at Laiye, where he continued to build on his skill set of scaling AI SaaS. Guillaume is currently CAIO at Foundever.

Dr. Andrea Isoni (CAIO, AI Innovation)

Founder and Director of AI Technologies, Andrea Isoni, is at the forefront of AI innovation with revolutionary work on the Brain-Computer Interface and machine learning. As an emerging leader in the field of AI, Andrea has travelled the world to attend prominent events such as Social Media Week New York, Social Media Week London, Hack 2021 and 2022 Saudi Arabia, DTX22 London and IDC CIO Summit Dubai, to name a few.

Dan Hammond Smith (Divisional Director, Oakstone International)

Beginning his career in 2008 working with Investment Banks and Asset Managers, Dan has evolved his portfolio, much like his clients and contacts, into emerging Fintech’s, Hedgefund’s and specialist software companies looking to scale up globally.

As the Director of Oakstone’s Technology Division, Dan takes great pride in building and supporting a collaborative and dedicated team of Technology Specialists. He is focused on not only fulfilling the needs of his clients but also working consultatively and ethically with candidates and contacts alike.

Find out more about Oakstone’s AI recruitment experience.