Artificial Intelligence (AI) has been a buzzword across various sectors of the world for the last decade and is currently one of the most discussed topics. In business of any kind, education, research, and even policy-making, AI has already occupied a prominent position. However, Artificial Intelligence has also become a cause of concern for CEOs and other senior executives. They fear that AI may replace them. But in reality, is AI taking someone’s place, or is it creating new opportunities? The concept and perspective on AI will determine the answer.
In this article, I will explain whether CEOs will adopt AI or not, as well as explore the advantages and challenges of adopting it. Therefore, it is necessary to know whether CEOs will adopt Traditional or Generative AI. Traditional AI (often referred to as Weak AI) refers to systems designed to respond to a particular set of inputs with the aim of performing a specific task intelligently. Generative AI (sometimes called Gen AI), on the other hand, is a next-generation form of artificial intelligence that can create new and original content—such as text, images, video, audio, or software code—in response to a user’s prompt or request. Generative AI, a branch of artificial intelligence, is one of the new technologies that has the potential to revolutionise entire sectors. While CEOs’ readiness to embrace it is debatable, some may decide to adopt generative AI.
CEOs’ Implementation and Preparedness for Generative AI: To boost automation and efficiency, more than half of companies are already implementing generative AI, according to a recent Deloitte/Fortune CEO survey (Fall 2024). CEOs from the Fortune 500, Global 500, as well as a few public and private CEOs from the global Fortune community, were among those surveyed. The survey received responses from 141 CEOs across over 20 industries. However, many CEOs find themselves ill-prepared to successfully incorporate AI into their business operations, despite the hype surrounding the technology. The perceived risk and difficulty of AI technologies are key challenges. Due to past experiences with the rapid adoption of technology that led to fragmented systems and unforeseen problems, executives often view generative AI as too risky or difficult to scale.
Competitive Advantage of Generative AI
Generative AI enables content generation, unstructured data mining, translation of marketing materials for global markets, examination of customer agreements for regulatory compliance, and more. CEOs are increasingly using generative AI to unleash previously untapped value across their companies. Generative AI uses machine learning to produce fresh knowledge and content. It increases productivity and drives expansion by eliminating much of the repetitive work. Alongside reducing the need for staff without affecting production, it also frees up employees’ time for more valuable tasks. There are several areas (e.g., Sales, Marketing, HR and Recruitment, Product Development, and Customer Service) where generative AI will have a significant impact and competitive advantage.
Traditionally, sales teams have relied on interpersonal communication, but this has changed significantly in recent years. Online research and self-service are preferred by more customers over speaking with salespeople directly. Generative AI fills the gap by enhancing lead qualification and providing salespeople with pertinent support resources. Sales bots now qualify web visitors before transferring them to sales agents. Generative AI also has a profound impact on marketing. Using previous data, it can match preferences, anticipate consumer needs, and tailor the customer experience, bringing businesses closer to their clients. AI customises interactions to increase consumer engagement by analysing customer data. In addition to personalising content through chatbots, AI also helps create more targeted marketing strategies. AI can generate product descriptions, blog posts, email newsletters, and other content for target clients, saving both time and money.
CEOs face numerous challenges in hiring and HR management, both domestically and internationally. With more companies vying for top talent, the employment market has become increasingly competitive. For example, in Bangladesh, the job market is highly competitive. As every job vacancy is publicised globally, it is more difficult to sort through resumes and identify the most qualified candidates. It is now harder than ever to find the best talent. In addition to eliminating bias, a well-trained AI model can create job descriptions more quickly than HR specialists. AI also removes the need to manually review hundreds of resumes, matching qualified candidates to specific positions more effectively than traditional keyword searches.
Generative AI can also play a crucial role in Product Development and Management. Businesses are using AI to generate new products, starting with an analysis of consumer needs. AI can pre-validate product viability through market and customer research. AI technologies are perfect for quick prototyping, which shortens the time to market. Companies can use AI models for various tasks, such as creating branding components and designing products quickly. Generative AI also has an impact on Customer Service. AI-powered chatbots are becoming the first line of customer support, providing instant assistance and efficiently managing queries and transactions. Large datasets can be analysed using generative AI to identify consumer preferences and offer valuable insights that can improve decision-making and enhance the customer experience.
AI researchers and analysts have advised CEOs to take strategic steps in adopting AI and leveraging the competitive advantages of Generative AI. One key strategy is AI ecosystem collaboration. It is essential to choose appropriate AI ecosystems and large language models (LLMs). CEOs should treat their company’s data as a valuable asset and use it to negotiate with AI partners and vendors. This involves selecting LLMs that meet the specific needs of the business and industry. By fostering a collaborative ecosystem, companies can stay ahead of AI advancements and ensure they are using the best available technology.
Adopting AI requires not just an increase in technology investment but also the acquisition of the appropriate technology infrastructure. To align hardware procurement with business objectives, CEOs should work closely with their CIOs and CTOs. Additionally, CEOs should create opportunities to develop existing employees into AI talent and hire new employees with specialised AI expertise. Training programmes should not be limited to technical skills alone but should also foster the ability to understand and use AI effectively.
The writer is a seasoned banker
and Certified Digital Finance
Practitioner (CDFP).
ahabib46@gmail.com
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