The paradigm has shifted. The rate of change is nearly 200% faster than ever and expected to accelerate by 33% during ’24 – driven by technology advancements, geopolitics, and economics. Nearly half of global CEOs recognize they must transform or risk dying -within the decade. Over the past four years, digitalization, and societal, and environmental changes have rocked the traditional view of ‘work’. These underlying shifts, along with the exponential adoption of AI since the launch (only 15 months ago) of ChatGPT, have caused a true Paradigm Shift.
The Future is Here
While you might see this as positive or negative, you can’t hide. But you do have a choice. Hold back and ‘be changed,’ i.e., risk death or embrace technology, new ways of leading, and co-create the future. In Silicon Valley, we often celebrate the past, learn from successes and failures, and collaborate to build a better future. It’s a ‘Yes AND…’ ie yes, it was great in ‘the old days’ AND just think what we can develop NOW’.
By embracing new ways of doing things, and using AI and other new tools, you will discover unexpected insights, perspectives, and business opportunities. It may not seem easy but it WILL lead to a better future than simply ‘waiting to be changed’.
Co-creating Success with Tech Transformation
No one has the ‘right answer’ or perfect way to navigate through uncertainty in ’24. However by collaborating with others – exploring ways to AI and other tools, adapting work/communication styles, and thinking differently, forward-thinking leaders (such as those in Executive Growth Alliance) are gaining a competitive advantage.
A recent Boston Consulting Group (BCG) study showed that over 90% of Global500 companies are actively using AI within business operations and experiencing a 40% improvement in performance. This is through:
- Boosting productivity by speeding the completion of mundane admin/support tasks
- Use of AI data to enhance decision-making
- Speeding technology development through faster coding/analysis
- Increased innovation and new product development through improved access and analysis of customer behavior information
- Improved efficiency and quality
By using AI to offload tedious, mundane tasks from employees’ jobs, companies can provide human-to-human customer service more effectively, expand sales, define, innovate, and create new solutions.
Time is of Essence
Successfully leveraging AI for business success requires planning – understanding the market and customer future needs, defining short and long-term goals then empowering team members to explore, learn, and collaborate along the journey to reach the goal. For leaders, companies, and people who have taken a ‘wait and see’ approach, rapid integration of AI into all tools and daily lives highlights the importance of taking action NOW – to avoid disruption.
While everyone’s journey will be different depending on culture, goals, and people, the framework companies use for successful transformation in Adobe, Microsoft, CDW, Rosche + delivers results through PEACE:
- Purpose: Define the goal – what does your company, or team need to achieve?
- Exploration: What are the various technologies, tools, and new ways of operating that can accelerate your journey to reach the goal.
- Action: Challenge everyone to try new technologies responsibly.
- Collaboration: Sharing learning from actions, gaining insight from customers, and co-creating new approaches with partners.
- Empowerment: Build a learning, trust-based culture in which people are encouraged to try new approaches, experiment, fail, and share as they co-create the future.
Ready to explore AI-driven transformation for your company? Schedule a consultation to discuss your potential. Follow CEO Jennifer Vessels on LinkedIn for industry insights.