Mark Cummings
Generative artificial intelligence (GenAI) has tremendous potential societal benefits. How to apply it to realize those benefits is unclear. The technology itself is evolving rapidly, becoming more and more powerful. This puts organizational leadership in a vulnerable spot. How can business, nonprofit or government organization leaders capture the benefits of this dramatic technological innovation while minimizing the risks?
At this time last year, any company that mentioned AI in its quarterly report saw its stock rise. Those days are over. Now organizations are struggling to show financial returns on those early investments. There are still rewards for AI investment, but this is now more discriminatory.
In the near future, organizations that have announced AI initiatives in previous quarters will see negative repercussions if they don’t report benefits from them in the current quarter. Companies that report damage from AI investments will see even worse repercussions.
This means that today’s leaders need to know how to navigate AI. They don’t need to fully understand how the technology works; they just need to know the risks inherent in applying it and how to implement an innovation ecosystem to capture real benefits. To this end, they should use the GenAI taxonomy and innovation ecosystem funnel method while practicing good communication.
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