[Insights Article] Embracing AI in Succession Planning
Founded in China in 2020, the Inno-Future Young Entrepreneurs’ Alliance is a youth leader community focused on embracing technology and continuous learning. The alliance gathers China’s youth leaders, including the next generations of high-net-worth families, young entrepreneurs, and leaders from technology start-ups, to promote science and technology research and explore opportunities in the technology industry.
Speaking at the alliance’s recent event, Lioner executives shared insights on technology from a business succession perspective. While embracing artificial intelligence (AI) and other latest technologies as an emerging trend, it is also critical to preserve traditional, proven business practice and family value to ensure smooth business succession. Good communication across generations plays a vital role in succession planning. As an experienced consultant, Lioner understands the opportunities and challenges facing different enterprises and families and can guide and facilitate the planning process and streamline communications along the way.
The field of AI has dominated the headlines in recent months, following a series of great breakthroughs. We are also seeing companies increasingly adopt AI, with McKinsey’s Global Survey on AI showing that AI adoption has more than doubled since 2017, and the level of investment in this area has increased alongside. Companies are leveraging AI to improve their business performance and bottom-line, which may have a long-lasting impact in the field of business succession.
The wealth management industry, for example, is exploring numerous ways of using AI. One area is to use AI in business succession planning. Business owners can use AI to analyze data from employee performance to leadership capability, develop succession plans and help automate some processes. Other areas it can be used include knowledge management, leadership development and financing planning. However, we understand that succession planning is a complex business which can involve emotions, and so it is most important to choose a professional partner that you trust with this significant task.