Generative AI allows CEOs to dream big

Much can be said about technology-enabled business transformation, but for CEOs, one truth stands out: Generative AI allows companies to unlock value in ways that were almost unimaginable a few years ago. Generative AI has the potential to augment even the most intricate and unstructured avenues of value creation. But the application, speed and pace of change are decisions that ultimately lie with the CEO.

Generative AI is a whole new game

For years AI tools have helped companies everywhere automate processes, solve complex tasks, structure huge amounts of data, as well as inform operational and strategic decisions.

But with Generative AI, it is a different story. Generative AI is much more than the evolution of a chatbot: In the future, it can be the compressed digital representation of your entire enterprise, capturing knowledge and communicating it through natural language.

In fact, a few years from now, Generative AI capabilities could enable the use of digital bots that operate throughout your enterprise in a supportive role. Such bots could be given goals instead of commands, they can develop plans and execute tasks. In other words, the blueprints of your organisation, its complex ways of working and years of institutional knowledge could potentially be at your fingertips, accessible through sophisticated AI models.

Set the vision, tell the story and invest well

Creating this level of value through Generative AI requires today’s CEOs to reimagine ways of working and the role of human contributions to the workplace.

At the same time, organisations competing in a marketplace where every company has access to the same Generative AI tools will still rely on human capabilities, such as curiosity, empathy and creativity to create differentiation. It will be the role of the CEO and the executive team to find that “differentiation” by envisioning unique ways for humans and AI to interact.

Start now to accelerate change

To capture value and realise the full potential of Generative AI, we believe that CEOs play a vital role in three significant areas: setting the vision, communicating it and making the right investments to accelerate the journey.

• First, CEOs’ most unique role in Generative AI is to develop and articulate a clear vision – an opportunity for a radically enhanced, augmented and eventually automated business model that can bring value to employees, customers and other stakeholders.
• Second, a powerful AI narrative that is rooted in trust starts with envisioning a positive future where AI enables the human experience and the values of the people it serves – from how humans create, connect and make decisions to how they consume, learn and grow. CEOs must emphasise how employees and customers can flourish with machines, rather than work against them.
• Finally, the CEO’s path to enterprise adoption should give teams resources and freedom to experiment, with commitments to hard investments. A Generative AI-fuelled enterprise requires digital and AI capabilities such as technology infrastructure, data management and change management. Upskilling is needed, and so are cultural changes and restructuring to adapt to new ways of thinking and working.

Now is the time for bold CEOs to drive value and competitive advantage through Generative AI.

If you are interested in learning more about radical business transformation, explore the full article here or follow the Deloitte AI Institute.