Discover more from The AI MEMO
Why Your C-Suite Wants To Talk About Generative AI (To You)
Leading The Proactive Business Strategy Refresh Triggered By The Generative AI Promise
On September 12, Ted Shelton (Management Consulting Leader, AI & Automation) joined me on “What’s the BUZZ?” and shared how you can keep your business relevant with generative AI. AI does not only augment our capability but it mimics our cognitive functions, presenting both unprecedented opportunities and challenges. How can business remain relevant amidst this change? Here is what we’ve talked about…
C-level Executives Want To Talk About AI
ChatGPT has rapidly become a game-changer in the realm of generative AI. Surprisingly, even OpenAI didn't foresee its instantaneous impact across various sectors. Consequently, C-level executives everywhere are now being asked about their approach to generative AI, marking an unusual instance where business leaders are keenly curious about the technology itself. This has also led to them evaluating the potential threats and opportunities that AI presents to their business operations. In broader terms, whenever there's a significant environmental shift, businesses must reevaluate their strategies. Ted refers to this situation as strategy decay. Examples include the geopolitical impacts on trade or the rise of the internet causing a decline in print media. AI represents another such pivotal moment, compelling businesses to reexamine their value proposition in the new environment.
How Businesses Benefit From AI Across Departments And Sectors
Generative AI offers numerous advantages to businesses, including the ability to perform human-level cognitive tasks at a fraction of the cost. This has especially resonated with the software industry, as generative AI can produce software swiftly and affordably. This change presents both opportunities and challenges, requiring companies to reevaluate their competitive strategies. Like all new technologies, it may take some time for businesses to fully grasp the depth of transformation that generative AI can bring. Still, many industries are already benefiting from its capabilities. Software developers, for instance, have been early adopters, with 92% in the U.S. incorporating generative AI into their work, aiding in tasks from auto-completion to code generation. Beyond software, generative AI proves invaluable in industries like legal and healthcare, where vast amounts of data need to be synthesized and comprehended efficiently.
» The other category is where massive amounts of information need to be summarized and comprehended more easily by individuals. So I see that those use cases […] more generally where there's large amounts of documents that I need to be able to say: ‘What is in this set of documents? Help summarize, help me draw connections between them.’ «
— Ted Shelton
Drive Your AI Strategy With Tangible Examples For The C-Suite
Experiencing generative AI tools first-hand can be an eye-opener, especially for seasoned leaders. The ability to interact with an AI, comparable in capability to an intern yet with instant access to global knowledge, is a game-changer. Such experiences are crucial for top executives, offering insights into the potential of the technology. Workshops introducing these tools are especially effective when they present real-world applications of AI. For instance, a healthcare company found value in presentations from university professors who demonstrated how generative AI was revolutionizing the medical field. These concrete examples, backed by credible sources, are more influential than generic sales pitches. They not only inform but also initiate discussions on strategy and potential disruptions due to AI advancements.
Generative AI has experienced an unforeseen surge in interest across various sectors. C-Suite executives are being asked to evolve their business strategy and vision and to capitalize on the opportunity that this technology brings. Generative AI allows tasks of human-level complexity to be performed efficiently — and to do so in a more accessible way than previous AI innovations. Hence, the C-Suite is more likely to experiment with publicly available tools (such as OpenAI’s ChatGPT) themselves. From software development to data-heavy sectors like healthcare and legal, companies are leveraging AI's potential to synthesize and comprehend vast amounts of data. Direct experiences with these AI tools, especially when presented with concrete real-world applications, play a pivotal role in enlightening top executives and setting the stage for strategic discussions around potential disruptions and opportunities presented by AI.
How do you envision AI impacting your industry and role in the next three years?
Develop your AI leadership skills
Join my bi-weekly live stream and podcast for leaders and hands-on practitioners. Each episode features a different guest who shares their AI journey and actionable insights. Learn from your peers how you can lead artificial intelligence, generative AI & automation in business with confidence.
Join us live
September 28 - Steve Wilson, Project Lead, OWASP & Chief Product Officer, Contrast Security, will join to discuss the most common vulnerabilities of LLM-based applications and how to mitigate them.
October 12 - Matt Lewis, Chief AI Officer, will discuss how you can grow your role as a Chief AI Officer.
October 24 - Harpreet Sahota, Developer Relations Experts, will join when we talk about augmenting off-the-shelf LLMs with new data.
November 07 - Tobias Zwingmann, AI Advisor & Author, will share which open source technology you need to build your own generative AI application.
Watch the latest episodes or listen to the podcast
Find me here
September 28 - Moderator of WowDAO Worldwide AI & Web3 Summit, AI Hackathon Winner Ceremony.
October 11 - Put Generative AI to Work, Unveiling Tomorrow's Possibilities – Insights from 30 AI Visionaries on the Future of Generative AI in Business.
Follow me on LinkedIn for daily posts about how you can lead AI in business with confidence. Activate notifications (🔔) and never miss an update.
Together, let’s turn hype into outcome. 👍🏻
Thanks for reading The AI MEMO! Subscribe to receive new posts.