Technology bubbles can pose difficult quandaries for business leaders: They may feel pressure to invest early in an emerging technology to gain an advantage over competitors but don’t want to fall for empty hype. As we enter a period of greater economic uncertainty and layoffs in multiple industries, executives are grappling with questions about where to cut costs and where to invest more.
The rapidly developing field of artificial intelligence and machine learning poses a particular challenge to business decision makers. Investments in proven predictive models are increasingly seen as sound and are expected to drive an increase in spending on AI from $33 billion in 2021 to $64 billion in 2025. But further out on the cutting edge, generative AI is sparking a huge amount of noise and speculation.
Generative AI refers to machine learning models — such as ChatGPT, Bing AI, DALL-E, and Midjourney — that are trained on vast databases of text and images to generate new text and images in response to a prompt. Headlines like “Ten ChatGPT Hacks You Can’t Live Without!” and “You’re Using ChatGPT Wrong! Here’s How to Be Ahead of 99% of ChatGPT Users” have begun to proliferate. Meanwhile, Axios reported that funding is pouring into generative AI, rising from $613 million in 2022 to $2.3 billion in 2023 — money that will only fuel the hype cycle.
Denne historien er fra Summer 2023-utgaven av MIT Sloan Management Review.
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Denne historien er fra Summer 2023-utgaven av MIT Sloan Management Review.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Avoiding Harm in Technology Innovation
To capitalize on emerging technologies while mitigating unanticipated consequences, innovation managers need to establish a systematic review process.
Make a Stronger Business Case for Sustainability
When greener products and processes add costs, managers can shift other levers to maintain profitability.
How to Turn Professional Services Into Products
Product-based business models can help services firms achieve greater scale and profitability. But the transformation can be challenging.
Do You Really Need a Chief AI Officer?
The right answer depends on the strategic importance and maturity of AI in your company.
Where To Next? Opportunity on the Edge
Doing business in regions considered less stable or developed can pay off for companies. But they must invest in working with local communities.
Make Smarter Investments in Resilient Supply Chains
Many companies invest in resilience only after a disruption. Applying the concept of real options can help decision makers fortify supply chain capabilities no matter the crisis.
The Three Traps That Stymie Reinvention
Organizational identity, architecture, and collaboration can be either assets or liabilities to pursuing growth in new sectors.
What Makes Companies Do the Right Thing?
Vaccine makers varied widely in their engagement with global public health efforts to broaden access to COVID-19 immunizations. Ethically motivated leadership was a dominant factor.
Build the Right C-Suite Team for Your Strategy
CEOs can foster a more effective leadership team by understanding when to tap senior executives' competitive instincts and when to encourage collaboration.
A Better Way to Unlock Innovation and Drive Change
A strengths-based approach to building teams can win employee commitment to change and foster an inclusive, agile culture.
