What every CEO should know about generative AI (summarized McKinsey's report by ChatGPT vs BARD -Google AI-)

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1. ChatGPT Summary:

The article explains that generative AI is a rapidly advancing technology that can generate new content in various forms such as text, images, video, audio, and computer code.

It can perform several functions in organizations, including classifying, editing, summarizing, answering questions, and drafting new content.

The technology is powered by foundation models, which are expansive neural networks trained on vast quantities of unstructured data.

With proper guardrails in place, generative AI can unlock novel use cases for businesses and improve existing ones.

The article provides a primer on generative AI technology and offers four example cases of how companies can participate in generative AI to improve organizational effectiveness. It also discusses the CEO’s vital role in positioning an organization for success with generative AI.

2. Bard Summary:

Generative AI is a type of AI that can create new content, such as text, images, and music. It is still in its early stages of development, but it has the potential to revolutionize many industries.

For CEOs, generative AI can be used to:

• Create new products and services:?Generative AI can be used to generate new ideas for products and services. It can also be used to create prototypes of new products and services, which can help CEOs to test new ideas and to get feedback from customers.
• Improve customer service:?Generative AI can be used to create chatbots that can answer customer questions and resolve customer issues. This can free up human customer service representatives to focus on more complex tasks.
• Automate tasks:?Generative AI can be used to automate tasks that are currently done by humans. This can free up employees to focus on more strategic and creative work.
• Improve decision-making:?Generative AI can be used to analyze large amounts of data and to identify patterns and trends that would be difficult to identify by humans. This information can be used to help CEOs to make better decisions.

Overall, generative AI has the potential to be a powerful tool for CEOs who are looking to improve their businesses. However, it is important to note that generative AI is still in its early stages of development, and there are a number of challenges that need to be addressed before it can be widely adopted by businesses. These challenges include the need for better data sets, the need for more powerful computing resources, and the need for better algorithms.