Helping CEOs Conquer Their AI Fears

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00:00You know, I've spent a lot of time with CEOs recently, and there's one question that keeps

00:05coming up. How do I make sense of all this AI stuff? How do I make sure that my company is

00:11doing the right things with AI? How do I make sure that I'm not falling behind? And most importantly,

00:17what should I be worried about? And how do I sleep at night? So let me share with you a framework

00:23that I've developed over the last several months of working with CEOs that helps them think about

00:28this in a very structured way. So there are three things that you need to think about.

00:33The first is what aspects of your business could be transformed by generative AI. The second is,

00:39what are the implications for your industry from a competitive point of view? And then the third

00:45is what are the societal and ethical considerations that you need to be aware of? And so let's take

00:51each one of those one by one. The first is what aspects of your business could be transformed

00:57by generative AI. And here we're talking about things like product development, marketing,

01:04sales, customer service, operations, human resources. In every function of every company,

01:11there is the potential for generative AI to transform how things get done. And the key thing here is to

01:17think about what are the adjacent possibilities? What are the new things that we could do that we could

01:22not do before? Or that would take a human being 100 hours to do and now can be done in 10 minutes?

01:29That's the kind of adjacent thinking that you need to be doing in every part of your organization.

01:35The next is, what are the implications for your industry from a competitive point of view?

01:40And here we have to think about both offense and defense. On the one hand, are there ways in which you

01:47could use generative AI to create new products or services that you couldn't offer before? Or even if

01:53it's in an entirely different industry, are there new adjacent markets that you could move into? Because

01:59remember, AI is not going to preserve competitive advantage. In fact, it's quite the opposite. AI will

02:06obliterate competitive advantage. So you have to think about how can I use this to drive offense in my

02:12business? But then also think about the implications from a defensive point of view. What are the

02:17the things that people do in my industry today that will be commoditized tomorrow? And if I don't

02:23start investing in AI today, will my cost base be higher than my competitors? Will I be at a

02:29disadvantage? And so you need to think about both the offensive and defensive implications of AI on your

02:35industry. And then the third is to think about the societal and ethical implications of AI. And this is

02:42really important because ultimately, as a CEO, you're responsible for the good of society.

02:47You're responsible for making sure that your company is a good corporate citizen. And so you need to

02:52think about what are the ethical considerations of AI that I need to be aware of? Is my company doing

02:58the right thing from a fairness, accountability and transparency perspective with AI? And what are the

03:05societal implications of AI? How could this technology either disrupt the social fabric of our society

03:11or contribute to the betterment of our society? And you need to think about these questions,

03:17not just from a risk mitigation point of view, but also from a growth and opportunity point of view.

03:23Because ultimately, the companies that will win in this new world are the companies that are not just

03:28technically proficient in AI, but are also societally and ethically proficient in AI. And there's a huge

03:35opportunity for companies to step up and lead in this new world. So it's not enough to just think about

03:41AI in terms of technical proficiency. You have to think about it from a business perspective, from a

03:47societal perspective, and from an ethical perspective. Hope that helps. See you in the next video.

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