Isn’t it Time to Boost Your Company’s Strategies with Gen AI?

/0 Comments/in /by

Two Ways of Infusing AI to Optimize and Accelerate Your Business

Your job as leader is to create value in a sustainable way.  That requirement is about to become impossible if you don’t effectively embrace Gen AI.

Gen AI is the most powerful technology of our lifetime. If you aren’t leveraging it in your business, you are on the fast track to obsolescence. Gen AI is radically changing every industry, every company and nearly job. And that includes your job, CEO.

It’s imperative to get in the game. You simply can’t wait as your competitors will pull ahead of you and create an insurmountable lead.

Consider the findings of recent CEO studies:

  • 99% of companies plan to increase investments in Gen AI. – Accenture
  • 97% believe that Gen AI will transform their business over the next 3 to 5 years. – Accenture
  • 62% of CEOs acknowledged the urgent need to act on Gen AI to maintain a competitive edge, yet 61% find it challenging to initiate this shift. – EY
  • 49% of CEOs say Gen AI will create new revenue streams in the next 3 years. – PwC
  • Executives launching Gen AI in 12 to 18 months expect 15.7% cost savings and 24.7% productivity improvements. – Gartner

How are you infusing Gen AI into your company’s strategy?

Two ways to bolster your company with Gen AI is to optimize your operations and accelerate performance metrics like revenue growth, gross margin, EBIDTA, expense reduction, sales per employee, customer experience, and employee engagement.

To take advantage of Gen AI, you must know its five superpowers. They are:

  1. Generate text, images, audio, code or video.
  2. Synthesize text, images, video, data, code or audio.
  3. Generate ideas and be a thought partner.
  4. Complete tasks as a copilot.
  5. Interact with users.

Here’s what to do. Log into ChatGPT4 or your favorite LLM, copy and paste this text to discover suggestions for optimizing your company’s operations.  You’ll need to fill in a few details below to provide context.

“You’re the knowledgeable advisor to the CEO. Our company is a _______ to the ______ industries. We sell directly to ______ through this (distribution channel). I’m brainstorming ways to use generative AI to optimize my company, making our internal processes more efficient. I want ideas in five categories:

  • Ways to use Gen AI’s capabilities to generate text, images, audio or video.
  • Ways I can use Gen AI’s capabilities to process or synthesize text, image, video, data or audio.
  • Ways I can use Gen AI’s capabilities to generate ideas or be a thought partner.
  • Ways I can use Gen AI’s capabilities to complete tasks as a copilot.
  • Ways I can use Gen AI’s capabilities to interact with users.

Can you brainstorm ideas in each of the following categories for me?”

As you receive suggestions that spark your interest, follow up with prompts to dive deeper and gain more specific information.

Now that you’ve got ideas to optimize your business, ask Gen AI for suggestions to accelerate your company’s performance.

Use this prompt on ChatGPT 4 or your preferred LLM:

“You’re an advisor helping me decide how to incorporate Gen AI into my product (or service), based on the metrics that I want to drive. My company is a (company description) that sells (product description). We have (#) metrics we’re trying to drive: (list metrics)

Can you give me suggestions for Gen AI-powered initiatives that I can implement into my product (or service) to drive these metrics? Can you brainstorm ideas in each of the following categories for me?”

  • Ways to use Gen AI’s capabilities to generate text, images, audio or video.
  • Ways I can use Gen AI’s capabilities to process or synthesize text, image, video, data or audio.
  • Ways I can use Gen AI’s capabilities to generate ideas or be a thought partner.
  • Ways I can use Gen AI’s capabilities to complete tasks as a copilot.
  • Ways I can use Gen AI’s capabilities to interact with users.

Optimizing your operations and accelerating the performance of your products, services or company are two use cases that Gen AI is particularly well-suited for. These are classic examples of what I call Everyday AI.

Use these two prompts to get in the Gen AI game and begin creating the massive value that is your company’s right to create.

One other important fact. When you augment your business with Gen AI, you increase your company’s valuation.  CB Insights, the business analytics platform that provides market intelligence on private companies, just reported the following valuation premiums for venture-backed companies that are AI-augmented vs. those which are not AI-augmented in 2023.

  • Seed stage – 21% premium
  • Series A – 39% premium
  • Series B – 59% premium

Firms that are established and have a strong commercial presence will also increase their valuations as they lean towards becoming AI-driven. Gen AI makes every company a technology company.

It’s time to get in the Gen AI game? You can’t sit on the sidelines. If you aren’t sure where to start, shoot me a message.

The Starting Gun Has Fired…

/0 Comments/in /by

There will be CEOs who are winners and losers. What about you?

The sprint has begun. If you’re not moving, you’re already falling behind.

For CEOs, the time to act is now. Gen AI is on the brink of transforming every industry, every company, and every knowledge worker’s role – including yours, CEO.

Leaders with vision are already on their feet, ensuring their teams and themselves are versed in the essentials of Gen AI.

They recognize the seismic shifts in work, seeing Gen AI not as a threat but as an ally to boost productivity, improve decision-making and elevate the quality of work.

I’m not the only one who sees it this way. Consider these insights:

  • 99% of companies are boosting their Gen AI investments.
  • 97% anticipate Gen AI will transform their business within three to five years.
  • A 20% productivity pickup is expected by automating tasks with Gen AI, says Accenture.
  • According to McKinsey, Gen AI tops the list of CEO priorities in 2024.
  • PwC reports that 84% of leaders believe Gen AI will streamline employee efficiency in 2024.
  • Gartner predicts Gen AI will deliver a 15.7% cost savings and 24.7% boost in team productivity within 12 to 18 months.

The future will herald victors and vanquished. Neglecting Gen AI as a top priority spells defeat. Delaying, failing to properly train, allowing rivals to forge ahead. What’s the price you will pay if you sit on the sidelines?

Last week, I launched a Gen AI series for twenty-five CEOs. Executive AI Bootcamp is a hands-on dive into harnessing Gen AI for productivity, strategy formulation, team enhancement, and leading into the Gen AI era. Despite 80% starting as beginners, they’re on track to becoming Gen AI powerhouses. They recognize the necessity and the immense opportunity to lead through this transformative era.

What will your Gen AI narrative be? Victor or vanquished. Sitting out puts you in peril. What’s your next move?