From language model ChatGPT to text-to-image model Stable Diffusion, businesses are using generative AI tools for a variety of functions: be it writing marketing copy, coding or plugging gaps in medical imaging data.
Indeed, ChatGPT notched 100 million monthly active users just two months after its launch, setting the record for the fastest-growing consumer application in history. OpenAI then debuted GPT-4, which accepts image inputs and boasts enhanced processing capabilities compared to its predecessor.
While many organisations may jump on the GPT-4 bandwagon and try to reap the tremendous benefits generative AI has to offer, leaders need to understand that GPT-4 in itself does not build the organisation's digital strategy. Companies must consider whether their existing technological infrastructure can support the adoption of generative AI, how it fits into their strategy to meet their business goals and, more importantly, how it may challenge their current business model.
In addition, generative AI can expose businesses to potential risks, both internally and externally. As INSEAD Affiliate Professor of Strategy Chengyi Lin states in this podcast, firms must first understand the technology and how it can help them achieve their unique aims. They should aim to integrate generative AI into their wider digital transformation strategy, rather than incorporating it piecemeal.
Backed by years of research and teaching focused on the strategic impact of digital technologies, Lin is well-placed to explain the buzz around generative AI. Besides advising global conglomerates on their digital strategies, he’s also led the school’s creation of its online programmes. In this podcast, he outlines the implications of the technology across various sectors and offers key strategies to help CEOs, managers and entrepreneurs implement it more successfully across their organisations.
Edited by:Rachel Eva Lim
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