By: Ed Valdez and Angus Robertson
It’s hard to think of another digital trend that has shaken the foundations of conventional wisdom as AI has. Though artificial intelligence has existed in some form since the 1950s, it has taken the emergence – and the related spinal shivers – of Open AI’s ChatGPT product to truly advance the conversation.
Today, the integration of artificial intelligence (AI) into the business landscape has emerged as a non-negotiable strategy for CEOs seeking sustainable growth and innovation. As CEOs determine whether or not they should leverage AI for business impact or pause because generative AI is on Gartner’s Hype Cycle, thought leaders are recognizing the pivotal role that AI trends will play in shaping their organizations' trajectories.
In fact, according to Forbes, companies and consumers will shell out $407 billion on AI technologies by 2027 – fueling a 21 percent net increase in the U.S. gross domestic product by the end of the decade. It’s enough to make almost all CEOs bullish about the possibilities – in fact, Forbes found that 97 percent of business owners believe that technologies like ChatGPT will have a beneficial impact on their business.
But along with these rosy projections come the abject fears of corporate leaders and consumers alike who are concerned about the downsides of AI – things such as the rapid-fire spread of misinformation, an overdependence on technology over humanity, the risks of perpetuating human biases, and, most critically, job losses resulting from workers displaced by nascent technologies.
Angus Robertson and Ed Valdez, CMOs with leading executives-as-a-service firm Chief Outsiders, recently sat down for a CEO Growth Talks session to discuss the most pressing AI trends that will significantly impact companies across various sectors. They were joined by Eddie Bridgers, Area Managing Partner at SeatonHill Partners, a Dallas, TX-based fractional CFO Firm; and Burke Autry, Founder and CEO at Fortium Partners, which connects companies with fractional CIO, CTO, and CISO resources.Together, they ranked the eight most important factors to pay attention to right now:
It's true that several technologies – the World Wide Web, Blockchain, social media, etc. – have followed path on the Gartner Hype Circle, and AI indeed is at the peak of that circle itself. That said, today's hype becomes tomorrow's standard expectations – which is why CEOs must embrace AI trends today, so they are better positioned to lead their organizations into the future.
As AI continues to shape industries, CEOs can harness its capabilities to innovate, make data-driven decisions, and cultivate a workforce that thrives in tandem with AI technologies. By staying ahead of these AI trends, CEOs can navigate the transformative landscape and use artificial intelligence to augment human intelligence that will accelerate business growth, enhance customer experience and leverage emerging technologies in a responsible and transparent way.