Generative AI: Will ChatGPT Help or Hurt Us?

What is it? How could it boost productivity? What are its challenges, limitations and risks? Should we ban it, slow it down or go faster? What does it mean for workers?

Some have expressed doomsday scenarios of rogue artificial general intelligence. Others have suggested that ChatGPT could impact 300 million full-time jobs.

In the midst of the cacophony, how should organisations think through the good and bad of AI and the potential impact on human workers?

Are You Ready for Disruption? 

How do you turn disruption Into innovation? In PwC’s Annual Global CEO Survey, 62% expressed concern about the impact of disruption in their industry. Disruption is coming from all directions — from the Internet of Things, blockchain cryptography, AI/ machine learning, data analytics, decentralised computing to changes in consumer behaviour.

According to an Accenture study of 1,000 large enterprises, big companies struggle with innovation. The biggest barrier is not a lack of vision but because, by definition, big companies are mature. Organisational structures and processes are in place to guide the company towards efficiency. Seasoned managers steer their employees from pursuing the art of discovery and towards engaging in the science of delivery. Employees are taught to seek efficiencies, leverage existing assets, and listen to their best customers. Such practices and policies ensure that executives can consistently deliver positive earnings to Wall Street, but they also minimise the types and scale of innovation that can be pursued successfully within an organisation. No company ever created transformational growth by doing what they do a tiny bit better and a tiny bit cheaper.

The biggest barrier is not a lack of vision but because, by definition, big companies are mature. Organisational structures and processes are in place to guide the company towards efficiency. Seasoned managers steer their employees from pursuing the art of discovery and towards engaging in the science of delivery. Employees are taught to seek efficiencies, leverage existing assets, and listen to their best customers. Such practices and policies ensure that executives can consistently deliver positive earnings to Wall Street, but they also minimise the types and scale of innovation that can be pursued successfully within an organisation. No company ever created transformational growth by doing what they do a tiny bit better and a tiny bit cheaper.

Exponential Disruption: Is Your Organisation Ready For the Era of Human-Machine Innovation 

Disruption is a great term, as long as it’s being applied to your competitors and not your firm. Exponential technologies are creating disruption. The convergence of exponential technologies is expected to disrupt almost every sector and business. Changing trends are forcing leaders to take a hard look at their business models and core competencies. New entrants are threatening to displace “cash cows” and prominent brands. How is your company positioned to take advantage of the multi-billion dollar opportunity that beckons? Or is your business at risk from the advances in technology? If your company is not embracing technological and business model changes, it may be in danger of becoming obsolete.

The Future of Innovation & Jobs 

The new marketplace for industries like manufacturing, energy, gas and oil, and construction is a far cry from that in decades past. The perfect storm of problems has been brewing, as novel challenges cut into revenue and force corporations to scramble to find fresh opportunities. Obstacles to growth come in many forms. For example, the Bureau of Labor Statistics noted that there has been a gradual slide in worker productivity, not over just the last few quarters, but over the last decade. However, just as some industries are struggling, there is little doubt that the tech sector is going strong—and that it is shaking up other verticals to create value and opportunities for expansion and growth. While it is not likely that a single solution can bring about significant change in the industrial sector, the appropriate application of advanced technologies, data analytics, machine learning and robotics can result in a greater optimisation of business workflows and processes, enhanced safety, improved research and development, and the creation of new revenue streams. The silver lining is that innovation also ushers in new types of jobs that didn’t exist before. Innovation coupled with continuous lifetime learning and retraining creates a flexible and adaptable labor force.