To Be Afraid Or Not To Be Afraid — An AI Reckoning

Business leaders,

You have no doubt heard by now the recent announcements made by Apple. The partnership between OpenAI and iOS will transform the way we navigate our iPhones.?

This will inevitably impact the workforce. Think of how many businesses give iPhones to their employees. They will now have these tools at their disposal. Realize that this reality is already happening.?

If you are a general manager — be prepared to reckon with this change. Utilize the tips below in tandem with a long-term strategy in order to be best positioned for the advancement of AI.

Euphoria & Fear

Everyone by now has heard about AI. They are developing their own opinions on this technology, whether it is well-informed or not.

However, these partnerships are about to be executed. Apple is moving extremely fast incorporating AI into its iOS platform. CEOs in other industries, in turn, are having real concerns. They do not entirely understand its integration, and they do not know its benefits.?

The IT departments will face significant challenges. They will have to address an entirely new set of questions and problems.

AI has the ability to both positively and negatively impact a company’s bottom line. Resource allocation and proper understanding will make the difference.

The CEO Playbook: What You Must Do Today

Every CEO needs to take immediate steps to account for this change and keep pace with the rapid advancement of this technology. Start simple, and then move into more advanced strategies. Here is the road map:

1. Understand AI

Learn about Large Language Models (LLMs), Machine Learning (ML), and the various other terms that are present within the field. Do not worry about the technicalities, but rather understand the direct impact it will have on your business. Can it create additional revenues? Can it lower costs? Can it generate cash through new markets? Can it improve capital utilization? These are the guiding questions that will lead you towards experimentation with AI.?

2. Focus on Procurement

I have not seen many business leaders talk about this aspect, but I view it as a major value proposition. AI will inevitably help you manage your vendors, and understand how much cash is being dedicated to a specific pipeline. It will do this very quickly and very efficiently. This is an area where you can immediately capitalize on current AI capabilities. If you cannot do this internally, figure out which companies can. Outsource the procurement opportunities. Think of it as an investment to lower costs long term. Look at the case study of Amazon, which has already fully implemented AI into its supply chain. There are many other examples. Your company ought to be one of them.

3. Think Long Term

As always, do not lose sight of the overall strategy. Do not mistake the forest for the trees. AI is a tool. It has many applications, but it should not warrant a shift in your overall business direction. You must implement it efficiently and quickly. But, there needs to remain a balance. Consult your other managers, leverage the low-hanging fruit, and make the necessary changes.

Conclusion

AI is here to stay. Your company is here to stay too, but only if you act in a manner that incorporates this new technology. Think back to the 2000s, when the internet became popular. Brick-and-mortar facilities that did not adapt fell by the wayside. Learn from the past and do not repeat the same mistakes.?

Apple’s decision is only the tip of the iceberg. You must be ready to steer the ship, rather than looking on from a sinking vessel.

Yours in service,

Ram Charan