How can businesses leverage generative AI to gain a competitive advantage?

Generative AI is revolutionizing the business landscape, with 75% of CEOs believing that competitive advantage will hinge on who has the most advanced AI capabilities. As companies scramble to integrate this technology, the question on every leader’s mind is: How can businesses leverage generative AI to gain a competitive advantage?

To shed light on this critical topic, we’ve invited three industry experts to share their insights. These experts offer diverse perspectives on harnessing generative AI for business success, addressing key challenges such as data privacy, hallucinations in large language models, and the importance of fostering a culture of AI experimentation.

Join us as we explore their expert advice on navigating the AI revolution, from partnering with established tech firms to encouraging employee experimentation with AI tools. Their insights will help decision-makers and event planners understand how to unlock generative AI’s potential to drive organizations ahead of the competition.

Calum Chace

Calum Chace, a renowned AI thought leader, best-selling author, and global keynote speaker, addresses how businesses can leverage generative AI to gain a competitive advantage. He emphasizes two significant challenges: hallucinations (mistakes) in large language models and data privacy concerns.

According to Chace, “The data issue is soluble. The hallucination issue is harder.” He notes that companies are cautious about deploying generative AI due to these challenges. However, large companies are collaborating with tech giants like Microsoft to develop firm-wide applications.

Chace recommends a two-pronged approach for businesses:

1. Partner with established tech firms to develop custom AI applications.
2. Encourage employees to experiment with large language models in low-risk scenarios, such as drafting emails and reports.

Key takeaway: “It’s important that we all get familiar with how to use these large language models. They’re going to be an increasingly important part of all of our lives,” Chace advises. By fostering a culture of AI experimentation and adoption, businesses can position themselves at the forefront of this technological revolution, potentially gaining a significant competitive edge.

As we continue to explore this critical topic, other industry experts will share their insights on harnessing the power of generative AI for business success.

Dror Gill

Dror Gill, a Generative AI Evangelist and winner of the 2021 Technology and Engineering Emmy® Award, offers unique insights on how businesses can leverage generative AI to gain a competitive advantage. His perspective focuses on two key areas: productivity enhancement and innovation acceleration.

Businesses can leverage generative AI to boost productivity and do more with less, according to Gill. He emphasizes the technology’s ability to dramatically speed up content creation across various formats:

“AI boosts productivity and enables businesses to do more with less. For example, they can generate content much faster, blog posts, social media, content, emails, and any type of document. When the rate of content production is accelerated, costs are reduced, and businesses gain a competitive edge.”

Beyond content creation, Gill highlights generative AI’s potential to drive innovation within organizations. He explains that AI can serve as a powerful ideation tool:

“Businesses can also utilize generative AI to help with innovation. AI can provide ideas for new business directions, for new products, and for new features of existing products. This gives the businesses the ability to rapidly explore new directions, iterate on their strategies, and ultimately increase revenues and compete in new markets.”

By harnessing generative AI for both productivity and innovation, businesses can gain a significant competitive advantage. Gill’s insights complement previous perspectives by emphasizing the practical applications of AI in content creation and ideation processes, offering actionable strategies for businesses to implement these technologies effectively.

As we continue to explore the potential of generative AI in business, our next speaker will provide additional insights on navigating this transformative technology landscape.

Amit Joshi

Amit Joshi, a professor at IMD with extensive expertise in marketing management, strategy, digital media, and data analytics, offers a unique perspective on how businesses can leverage generative AI to gain a competitive advantage. He emphasizes the importance of strategic implementation and data quality.

Businesses can leverage generative AI for competitive advantage by focusing on problem identification, data quality, and infrastructure optimization. Joshi states, “Understand the problem you’re solving. Not all problems require Gen AI. Some problems could be solved with simpler tools.”

Joshi highlights that the key differentiator in using generative AI lies not in the models themselves, but in how businesses utilize their data and infrastructure:

1. Data quality: Ensure your data is clean and well-organized.
2. Infrastructure: Optimize your technical infrastructure to support AI implementation.
3. Processes: Establish well-defined processes for AI integration.

He emphasizes, “Your point of differentiation when using Gen AI is going to be how good is your data when you’re using Gen AI? How good is your infrastructure? How clean is your data? How well set are your processes?” This focus on organizational readiness complements previous speakers’ insights on AI experimentation and innovation.

To drive real competitive advantage with generative AI, Joshi advises businesses to “make sure that your own house is in order first.” This approach ensures that companies can effectively implement AI at scale, maximizing its potential for creating sustainable competitive advantages.

As we continue to explore the strategic implementation of generative AI in business, our next speaker will provide additional insights on navigating this transformative technology landscape.