Connect with us

Bussiness

Should business leaders fear artificial intelligence? As a CEO, here’s why I am not afraid

Published

7 months ago

on

Should business leaders fear artificial intelligence? As a CEO, here’s why I am not afraid

As CEO of Barge Design Solutions, I see AI as more than just a tool – it’s a valuable thought partner, actively contributing to idea generation and evaluation.

Bob Higgins
 |  Guest Columnist

play

  • Bob Higgins is CEO and president of Barge Design Solutions

As artificial intelligence (AI) becomes increasingly present in business and our daily lives, a pressing question arises: Is AI a friend or a foe?

As a business leader, my optimism for AI and its positive potential far outweighs any apprehension. As echoed by 80% of executives nationwide in a Gartner survey, the prevailing sentiment is that automation, especially AI, is a potent tool for diverse business decisions, with one-third of organizations strategically integrating AI across multiple units.

This collective outlook indicates increasing acceptance and confidence in AI’s transformative power in business.

For some, AI sparks worries around job displacements or security threats. While valid and reasonable, this echoes similar past worries when new technology or innovative breakthroughs emerged.

AI is a complement to the workplace, not a replacement

It’s all about perspective. Instead of dwelling on what AI might replace, let’s identify the capabilities it does not have — the uniquely human attributes of creativity, collaboration, and nuanced decision-making. This viewpoint shift reveals AI as a complementary tool that can enhance and amplify human capabilities.

By leveraging AI as a thought partner, you can start with 20% to 80% of what you need and refine it from there. MIT refers to this as collective intelligence, or “how people and computers can be connected so that—collectively—they act more intelligently than any person, group, or computer has ever done before.”

Recognizing that we are in the early stages of AI, business leaders should act as way finders, bridging the gap between abundant AI information and strategic understanding. This involves using AI in various applications to enhance operations, streamline workflows, and drive innovation.

Business leaders must lead by example in embracing AI, starting with low-risk use cases, continually assessing progress, and learning by doing. At Barge, we demonstrate this internally and invite other businesses to join us. We have recently collaborated with Vanderbilt University to introduce a course on Coursera, “Generative AI for Leaders.” This comprehensive program equips executives with practical AI skills, including agenda architecting, proposal proficiency, brainstorming, HR dynamics, leadership transitions, and more.

Here’s how businesses can unlock a new era of productivity 

McKinsey predicts that generative AI could drive labor productivity growth of 0.1% to 0.6% through 2040, depending on technology adoption rates and redeploying worker time to other activities. Effective use of AI streamlines meeting preparation, distills complex data for presentations, analyzes market trends, and enables personalized customer experiences, freeing executives’ time for more impactful purposes.

This fosters a productive work environment where employees can prioritize uniquely human aspects of their roles, such as creativity and innovation.

Business leaders should recognize AI as a valuable strategic collaborator. As we advance, AI can serve as an indispensable resource, providing personalized support, refining ideas, and effectively functioning as a personalized board of directors and mentor.

Embrace AI as an ally for value creation

As with past groundbreaking ideas, it’s no surprise that people tread carefully when it comes to embracing AI.

However, I see AI as more than just a tool – it’s a valuable thought partner, actively contributing to idea generation and evaluation. I encourage fellow business leaders to set an example by leveraging AI as a strategic ally in their organizations as well.

It’s apparent that when used correctly, generative AI is no foe but an ally to be embraced. It provides us with the opportunity to enhance decision-making processes, streamline operations, boost productivity, and, ultimately, allow teams to dedicate their time and expertise to the irreplaceable work that only humans can undertake.

Bob Higgins is CEO and president of Barge Design Solutions

Related Topics:
Continue Reading