Forbes recently published an article called “Generative AI Unleased: Charting The Enterprise Future” and I thought I’d summarize some good takeaways from that article about a simple 6-step roadmap that you can follow today:
- High-Impact Use Case Identification
- Focus on 2-3 use cases where the benefits and risks of generative AI are clear.
- Ensure these use cases align closely with business KPIs and objectives.
- Pilot Project Launch
- Initiate controlled pilot projects centered on the identified use cases.
- Aim to showcase AI capabilities and their value.
- Rigorously measure and document outcomes.
- Policy and Governance Development
- Establish comprehensive responsible AI policies covering areas like development, testing, monitoring, ethics, and legal compliance.
- Implement strong data governance protocols, emphasizing IP protection, bias reduction, and informed consent.
- Workforce Training
- Offer extensive training sessions, including workshops and e-learning modules.
- Focus on effective interaction with AI tools to foster human-AI collaboration.
- Highlight human skills that can complement AI functionalities.
- Gradual Enterprise Integration
- After validating the value through pilot projects, start integrating AI capabilities more broadly within the enterprise.
- Ensure seamless compatibility with existing legacy systems during each phase of expansion.
- Continuous Monitoring and Improvement
- Regularly track model performance and gather user feedback after deployment.
- Address emerging issues and refine model accuracy based on real-world interactions
KPMG CEO Survey about AI Priority
KPMG Released a survey highlighting that generative AI is a top priority for CEOs.
Here are some takeaways (with my commentary in bold text).
- A majority (57%) are directing more funds towards new technology acquisition than workforce skill development (43%)
- This was surprising to me; I think in certain contexts, focusing funds on workforce skill development will pay off more quickly, especially since the use of LLMs isn’t that hard to train on, and you can get faster returns
- Key benefits CEOs associate with generative AI include enhanced profitability, new market opportunities, heightened innovation, and improved fraud and cyberattack response.
- Agreed on the profitability. AI at work will help improve productivity/ save costs/ save time, which contributes to the bottom line.
- 81% of CEOs are concerned about the absence of industry-specific generative AI regulations, believing it could impede their organization’s success.
- This is a top-of-mind issue across the board. Regulations (and questions about how data will be used regarding privacy, security, etc.) are a big driver affecting adoption.
- 21% of CEOs anticipate ROI from generative AI in one to three years, while 62% expect it in three to five years.
- This was another surprising finding to me. The majority thinking it’ll take 3 to 5 years is way too long in my opinion. At the micro-level (i.e., individual productivity), you can get an ROI in months if not weeks. See the HBS working paper I discussed a couple of weeks ago here.
You can read more about the full results on KPMG’s website here.
A Couple of Quick Updates
Two quick updates about what I’ve been up to.
First, I’ve been invited to speak at the UMass Amherst Isenberg School of Management to discuss using AI in Business. I’ll be part of a panel that will talk about how AI is changing business models going forward. I’ll give you a summary of some takeaways in the next newsletter update.
Second, I published a new book called “This Book is One Page Long.” The idea for the book started as a joke to answer a common question that I usually get: “How short can a short book be?” (I get that question a lot because I publish short books for busy leaders).
The book is listed at $0.99 and all proceeds are donated.
Click here if you’d like to check it out.
One Prompt You Can Use at Work Today
Here’s a practical ChatGPT Prompt you can use at work:
Translate this text and let me know what language it’s written in. Also help me understand the tone of voice in the text: [paste text here]
For example,
Translate this text and let me know what language it’s written in. Also help me understand the tone of voice in the text: 看到这样的行为真的令人沮丧，尤其是我们大家都在努力维护公司合作和包容的价值观。我相信您会迅速解决这个问题，并确保我们的团队始终保持一个积极和有利于成长的氛围。感谢您的理解和关注
If you would like to see more of those prompts, check out my free book called: ChatGPT for Better Business Communication.
You can grab it for free by clicking the link and subscribing to the newsletter
This post originally appeared on “AI for Leaders.” If you’d like to receive updates about AI that will help you become a smarter leader in 5 minutes a week, click here to subscribe.
