The conversations we should be having about generative AI
9 October 2024
Businesses often focus AI conversations on pains, use cases and compliance, but there is untapped potential in shifting the conversation to how AI can transform customer experiences and business models. By balancing immediate business needs with a forward-looking approach, companies can unlock new value with generative AI.
Broadening the scope: the purpose of AI conversations
Generative AI is reshaping industries, offering unprecedented capabilities to solve problems and drive innovation. But often, the conversations we are having about AI focus narrowly on business pains, immediate use cases and compliance challenges.
While these conversations are important, they can limit creativity and imagination, and so, we might miss out on the full range of opportunities that AI brings.
We believe there is a need for a broader, more visionary conversation: one that emphasises not just bottom-line efficiency but also top-line growth by focusing on customer needs, partner challenges and market transformation.
Business pains are often the starting point for AI conversations
A common starting point for AI conversations is to identify business pains. This is natural – businesses want to know how new technologies can alleviate inefficiencies, reduce costs or automate repetitive tasks. This approach typically focuses on improving the bottom line, which is essential, but it can also limit imagination.
In the case of AI, the classic Ford metaphor applies: if you ask people what they want, they may only ask for incremental improvements, e.g. a faster horse but not a car. So, if we focus solely on alleviating pain points, we might miss the bigger picture of what AI can truly enable.
That is why, as necessary as a conversation to identify business pains is, it is not the only conversation we should be having. The transformative potential of AI lies beyond just solving today’s challenges – it is about envisioning what is possible tomorrow.
The use case dilemma: specificity vs breadth
When it comes to AI, another conversation we often encounter is around use cases. “What can AI do for us?” This leads to either very broad examples or overly specific examples – both of which can be limiting.
On the one hand, we hear: “AI can process text,” which is true but not particularly insightful. On the other hand, we hear: “AI can summarise emails,” which is clear but might lead some to ask: “Is this really revolutionary?”
The challenge is to balance specificity with breadth, being detailed enough to understand real applications and broad enough to capture the full potential of AI. The key is to imagine use cases that are both immediately useful and strategically transformative, encouraging businesses to think not just about efficiency but also about long-term value creation.
Compliance, legality and security. Important issues, but not the core!
Many businesses front-load the conversation around AI’s compliance, legality and security. And understandably so, as these are critical issues. However, a too heavy focus solely on these issues can distract from the broader conversation about what AI enables.
It is not helpful to ask: “Is AI legal or safe?” in the abstract. The answer is contextual, much like asking: “Is electricity safe?” It depends on how you use it. AI, like any technology, can be used ethically or unethically, compliantly or non-compliantly.
The real conversation should start by focusing on the purpose: “What are we trying to achieve with AI?” Only then can we assess compliance and security in a meaningful way. Of course, companies should be having these conversations on compliance and security but not at the expense of exploring the potential of AI to innovate and transform.
The conversations we should be having are ultimately about imagination
So what conversations should we be having?
We propose shifting the focus from internal business pains to external opportunities. Instead of just asking: “What is broken in our business?”, we should be asking: “What are our customers’ needs? How can we solve their biggest problems?” This is where AI can shine, driving top-line growth by enabling businesses to better serve their customers, enhance partnerships and rethink market positioning.
In many industries, this means exploring business model transformation – rethinking how value is delivered, where competitive advantage lies and what new opportunities AI can create. While it may not require immediate transformation for every business today, the direction is clear: the potential of AI goes far beyond process improvement.
Ultimately, it is about imagination. AI is a tool that allows businesses to envision new possibilities, unlock new value streams and rethink their role in the market. The real revolution is not in summarising emails but in imagining what is possible when we use AI to its full potential.
By balancing both/and thinking – addressing both immediate business needs and long-term opportunities – companies can ensure that they not only keep up with AI but lead the way in shaping its future.
More on AI?
We are at the early stages of AI’s transformative potential on business, society and the future as a whole. But can we imagine where we are heading, and do we even dare? This is the challenge we want to overcome.
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