A number of industries are likely to be disrupted by generative AI, which is gaining traction at an extremely rapid rate. In my capacity as a consultant working with several organisations, I have seen some early trends emerge that are mostly influenced by the culture, leadership, and change management strategy of an organisation. Let's look at a few instances:
An ostrich:
Some businesses are acting as though generative AI is just another technology that won't directly influence them in a broad sense, neglecting the potential effects it may have. They are concentrating on maintaining their current company strategy as they watch how things develop. These organisations are quite likely to experience disruption.
"The Explorers"
In order to implement AI into their current jobs and business processes, other organisations are actively investigating the sea of new technologies and solutions. However, at the departmental, functional, geographic, or individual level, this is occasionally carried out in a dispersed and non-aligned manner. It's simple to become lost in the intricacy of the quickly changing environment and end up with a profusion of different use cases.
The Constructors:
Some businesses are considering how they may incorporate AI into their line of products, notably technological tool and software providers. If their technology isn't superseded by features in more general or other technologies and tools, then this is crucial for their continued existence.
Using Agile:
A few companies are approaching generative AI from a more comprehensive perspective. The executive suite is driving this from the top down. These organisations are aware that the transformations made possible by AI go well beyond the boundaries of technology. They are aware that in order to integrate AI into a future-state company architecture, they must carefully consider every aspect of their current operating model, product development strategy, and distribution strategy. To facilitate the transition to "the next," a cross-functional team structure is being developed. The organisations with the best chances of success are those that are flexible and nimble.
Starting Off:
Where to start with generative AI, how to assess their organisations for the best AI starting points, and how to update their operating models, processes, and organisational structures to best take advantage of all that generative AI can do for them are some of the major challenges that all organisations must overcome. This necessitates giving considerable thought to the specific needs and objectives of each organisation. Once AI has been incorporated into a company, there are potential to make money off of its advantages and improve cost management.
Like any shift, introducing new organisational structures, responsibilities, and work models can be extremely difficult. The secret to success with AI implementation is managing the transition. Businesses will need to think about the best ways to inform stakeholders about the advantages of AI, train staff on new tools, and get leadership support.
Generative AI has the ability to upend almost every industry, providing both competitive advantage and creative destruction despite – and precisely because of – these obstacles. Organisations that move too slowly risk experiencing an irreparable disruption.
At Revenue Growth Associates, we specialise in guiding businesses through the shifting commercial environment made possible by generative AI. To find out how we can help you stay competitive in the quickly changing technological and commercial scene, get in touch with us right away if you want to properly harness and deploy these innovations.
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