Board Directors And C-Suite Executives Need An AI Digital Literacy Jolt

In my role as CEO of SalesChoice, a SaaS company building AI software products and helping our customers to modernize their business practices using AI responsibly, I have been striving to increase board directors and C-level executive’s AI knowledge with my Forbes articles.

Given how fast AI is advancing, I thought I would summarize a series of my recent ChatGPT articles to guide my readers more on the impacts of this type of AI, which is called Generative AI.

Generative artificial intelligence (AI) describes algorithms (such as ChatGPT) that can be used to create new content, including: audio, code, images, text, simulations, and videos. Recent breakthroughs in the field have the potential to drastically change the way we approach content creation and also increase many risks for executives to guide and govern their organizations. Developed by US headquarter OpenAI, and released to the general public in November 2022, ChatGPT is already considered the best and fastest app to ever be deployed, with over a million people signed up to use it in just five days.

A 2022 McKinsey survey found that AI adoption has more than doubled over the past five years, and investment in AI is increasing as well. The market for generative AI is anticipated to increase from USD $11.3 billion in 2023 to USD $51.8 billion by 2028, at a CAGR of 35.6% over the course of the forecast period.

It’s already very clear that generative AI tools like ChatGPT and DALL-E (a tool for AI-generated art) have the potential to change how a range of jobs are performed and also put 20% of all job functions to be replaced by ChatGPT like enablements.

I am personally very concerned about the level of digital literacy of board directors and C levels on AI, but also their depth in ensuring AI Ethics and risk practices are applied in their day to day operations. I predict we will start to see a heightened level of board governance where AI Ethicists or AI Technology Leaders will join boards of directors and increasingly augment technology audit and risk committees. It is also likely future CEO’s will be selected based on their depth of technology knowledge completed with business and financial acumen.

Here are diverse points of view on Generative AI, with a specific focus on OpenAI’s ChatGPT.

AI Ethicist Views On ChatGPT This article reviews diverse AI Ethicist views on ChatGPT.

How Are Educators Reacting To Chat GPT? This article explores some of the views, both positive and the negative aspects of ChatGPT on the education sector.

Microsoft Is Staking Its Future On Generative AI. This article discusses Microsoft Staking its Future on Generative AI and Chatbots.

Chat GPT4 Is 5X Smarter Than Chat GPT3: Tech Icons Launch Petition to Pause. GPT-4 is expected to have a significant impact on many digital areas. Are we really ready as a human civilization to manage all these risks - as our AI legislation guard rails are still very weak.

KPMG Global Study Confirms Trusting AI Remains A Major Employee Confidence Gap. This article discusses KPMG and The University of Queensland global study research of over 17,000 people in 17 countries. A major finding is that only 50 percent of the 17,000 respondents trust AI. Developing corporate purpose for effective AI governance is key to increase employee trust in AI.

Why Is Microsoft’s New Bing ChatBot Raising Ethical Eyebrows? This article explores Microsoft's New Bing ChatBot's bloopers and explores AI Ethical and surveillance capitalism risks.

Meet The Titans: Google And OpenView (Microsoft) Faceoff On Chat Technology Innovation. This article discusses the heat of ChatGPT, the fastest growing app in the history of the web, and how market leaders are facing off.

ChatGPT Is The Fastest Growing App In The History Of Web Applications This article discusses ChatGPT, the fastest growing app in the history of web applications.

AI Ethical Risks In the Music Industry Are Accelerating And We Are Not Ready For What Is Coming Our Way This article reinforces that the AI ethical risks in the music industry are accelerating and we are not ready for what is coming our way.

Conclusion:

I also liked Lukas Egger’s analogy who leads the Innovation Office & Strategic Projects team at SAP Signavio, where he focuses on de-risking new product ideas and establishing best-in-class product discovery practices. His analogy is that we are in the peacock phase of generative AI when everyone is trying to show off their colorful feathers—and not yet showing off new value creation.