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In recent times, Chief Executive Officers (CEOs) have been optimizing the use of AI. Moreover, AI in business is drastically increasing in demand and is a critical tool. This has also enhanced strategic planning and decision-making strategies.
As said by Sam Altman, the CEO of Open AI, "You are about to enter the greatest golden age of human possibility." Undoubtedly, AI has more possibilities to bring changes in the business world by forecasting the future and the new prospects.
This article outlines how leaders adopting AI are changing the paradigms in implementing strategic management by embracing technology.
Keith, the CEO of Trident, a renowned agricultural research group, found it difficult to find important strategic challenges for his company. At that point, AI in business came into play.
Keith offered to use AI for CEOs. He asked the tool to identify key issues that Trident might face. While the AI highlighted technological advancements and regulatory changes, it also missed company-specific issues such as branch location and profitability.
Various solid AI solutions are available for CEOs to use. These AI solutions include ChatGPT and other far superior features. Even if they do not have access to company-specific data, CEOs can create scenarios and concepts to help them explore new strategic options.
Businesses can utilize AI to identify potential problems. However, predicting the future is a different challenge altogether. Keith raised concerns about whether AI leadership could predict Trident’s service needs. This limitation became evident when AI failed to forecast specific market trends for Trident.
Despite this, AI tools can still help CEOs using AI broaden their thinking. Many web design firms focus on the look and feel of the website. They also offer development services. These services ensure that the site is not only attractive but also functional.
The CEO of Fitzroy Cemetery and Crematorium, Angeline, has successfully been running the govt.-owned business with a strategic planning process. Angeline, as the CEO of a nonprofit, has been able to stay up to date on commercial trends. She also a considerate of the transition from the conventional practices to the relatively innovative sustainable practices. She looked for support from artificial intelligence leaders.
While some suggestions were more thought-provoking than others, the AI helped Angeline’s team think more creatively about the future. By asking the AI for alternative burial solutions, she received a range of ideas, from multi-story buildings for burials to the concept of memorial forests. The creative ideas generated conversations about long-term solutions with CEOs using AI.
Even though AI cannot make perfect forecasts about the future, it is an excellent tool for extending perspectives, coming up with ideas, and identifying trends that business executives may have overlooked. As more AI tools integrate real-time data and company-specific information, their ability to assist with decision-making will only improve.
In conclusion, AI is not a magic bullet for CEOs, but when used effectively, it can enhance strategic planning and provide fresh insights. CEOs using AI, such as Keith and Angeline, to forecast future trends, identify industry blind spots, and consider alternative approaches to business challenges. As artificial intelligence adoption advances, its impact on strategic decision-making will undoubtedly grow.
