AI Transformation – CEO glory or CEO graveyard
By Prashant Bharadwaj, Alvence & Harsh Dhand, Google Research
2023 marked a groundbreaking year for Generative AI, which became a key topic of discussion in most company boardrooms. A significant portion of analysts now believe generative AI possesses transformative potential akin to the Industrial Revolution. OpenAI’s ChatGPT shattered records, becoming the fastest application to reach 100 million monthly active users in just 6 weeks. This dwarfs the 3 years it took WhatsApp to achieve similar user demand. Google responded with the launch of Gemini, its powerful AI, sparking a wave of competition as other technology players rushed to join the generative AI race. This surge in interest is fueled by the potential of generative AI to revolutionize workflows.
A short snapshot of rapid progress in Generative AI technology in the last 18 months:
Yet, despite all the promise, recent surveys seem to show that adoption of AI tools and solutions in businesses remains low. The pathway to Generative AI adoption remains fraught with hurdles, from infrastructure to skill gaps. Factors like data privacy, potential copyright infringement, algorithmic biases, and technical limitations of Generative AI (e.g. Hallucinations, Multi-turn interactions) seem to create fear, uncertainty, and doubt in the minds of business executives and deter them from writing big cheques for AI transformation.
So, how can CEOs and business leaders lead their organizations on a successful AI transformation journey and avoid ending up in the executive graveyard?
In our view, CEOs and business leaders need to think about AI transformation differently, shifting focus from one big leap to a series of incremental and coherent steps at pace. We term this approach as “transform at pace”, a concept that the first author Prashant Bharadwaj has refined over two decades of helping companies navigate fast-changing technology and markets.
For more information on “transform at pace”, please visit the Contact Us page.
