The comfort level of every Board will vary depending on the industry they operate in. This is because different industries have different levels of risk and potential for growth. These questions are crucial for Boards to consider as they make decisions that will affect the future of their organisation. They need to carefully weigh the potential benefits against the risks and make informed decisions that align with their company's goals and values. Ultimately, every Board must assess their comfort level and make strategic choices to ensure the success and sustainability of their business in the long run.
In order to make decisions about how to use the technology, it is clearly necessary for business leaders to learn more about GenAI and be knowledgeable about its impacts, positive and negative. Not only company executives but Board members need to be up to speed. Why? Asking company executives the right questions will assist in unlocking the technology’s value, while managing the risk.
When it comes to risk and governance, GenAI is definitely not “just another technology.” The fundamental challenge is how to capitalise on artificial intelligence’s power without losing control of it. The capability people find most enthralling about GenAI is its ability to simulate human thinking and behaviour so convincingly. Of course, human thinking and behaviour are not always perfect, predictable or socially acceptable – and the same is true for the technology, itself.
A snapshot of how GenAI is challenging leaders
In the past, leaders said in response to emerging technology, ‘We need another tech strategy’, or ‘We need an AI strategy’, or a GenAI strategy. These days, we have seen an exciting shift in mindset, with leaders wanting to understand how they can drive their business strategy transformation, fuelled by GenAI. They are asking how they can use GenAI to do things differently – cheaper and faster. And also how to do different things, whether that’s creative innovation, developing new business models or designing new products and services. Simply put, leaders want to know how they can better execute their strategic choices so that they can confidently become the business they want to be.
‘No regret’ moves you can make
AI won’t replace you, but an organisation that is using it will. On a closing note, here are some ‘no regret’ moves organisations can make to respond to the rapid advent of Gen AI:
On that note – where do you sit? Are you ready to be a disruptor with Gen AI, or will you risk being disrupted by it?