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 five 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:
- Partner with established tech firms to develop custom AI applications.
- 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:
- Data quality: Ensure your data is clean and well-organized.
- Infrastructure: Optimize your technical infrastructure to support AI implementation.
- 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.
Dietmar Dahmen
Dietmar Dahmen, a seasoned expert in digital transformation and innovation, emphasizes the evolving role of generative AI in shaping business strategies. With a rich background in guiding organizations through technological change, Dahmen highlights that businesses can leverage generative AI to gain a competitive advantage by focusing on how they operate rather than just the what or why.
Generative AI not only generates diverse answers but also introduces agentic AI, which actively acts on those answers. This shift means that while the fundamental goals of businesses remain constant, the methods to achieve them are rapidly changing. Dahmen asserts that understanding the “how” is crucial; without clarity on objectives, even advanced AI tools may not yield beneficial outcomes. This perspective complements previous discussions by reinforcing the idea that generative AI’s true value lies in its application to enhance operational processes.
Dahmen provides actionable insights for decision-makers, suggesting that businesses should prioritize integrating generative AI into their workflows to improve efficiency and adaptability. For instance, companies can utilize generative AI to streamline decision-making processes or automate routine tasks, allowing teams to focus on strategic initiatives. By embracing this technology, organizations can not only enhance their internal capabilities but also respond more agilely to market demands.
As we transition to insights from our next speaker, it’s essential to consider how Dahmen’s focus on operational transformation through generative AI aligns with previous discussions on competitive advantages and strategic implementations in various industries.
Mark Greeven
Mark Greeven, Professor of Innovation and Strategy at IMD Business School and expert on Chinese business and digital strategy, outlines three key strategies for businesses to leverage generative AI for competitive advantage:
- Focus on the data advantage: Combine generative AI with unique datasets to create inimitable services.
- Build AI-powered feedback loops: Implement learning and personalization cycles to improve engagement.
- Use AI to enhance core differentiators: Apply AI to amplify existing strengths and address critical weaknesses.
Mark emphasizes that competitive advantage from AI stems from its integration into business models rather than the technology itself. He illustrates this point with the example of Netflix, which uses AI to personalize content, creating a virtuous cycle of improved recommendations and increased engagement.
“The goal isn’t to become an AI company,” Mark states, “It is to become a better version of your company through AI.” This perspective shifts the focus from merely adopting advanced AI to strategically implementing it to enhance existing business strengths. For instance, companies can use AI to accelerate product development if speed-to-market is their advantage, or to personalize customer interactions if service is their forte.
Mark’s insights suggest that successful AI integration requires a deep understanding of a company’s unique strengths and weaknesses. By aligning AI initiatives with core business strategies, companies can create sustainable competitive advantages that are difficult for competitors to replicate.
As we continue to explore the transformative potential of generative AI in business, the next expert may offer additional perspectives on implementing these strategies across different industries or organizational structures.