The Director’s Playbook for Generative AI
The big picture: So much has been written about generative AI (GenAI), it seems like a constant buzz inspiring both wonder and fear. But the value proposition is alluring. After witnessing OpenAI’s ChatGPT in action, Bill Gates said, “I knew I had just seen the most important advance in technology since the graphical user interface.”
Between the lines: The opportunities for using GenAI to enhance customer experiences, increase process efficiencies, innovate products and services, and improve productivity are immense.
Yes, but: There are risks and limitations. The risks of disinformation and misinformation span an ever-expanding list of potential, egregious abuses fueling alarm and cries for regulation.
Our point of view: Armed with a baseline understanding, directors should consider the following questions when engaging CEOs and their teams in strategic conversations regarding GenAI:
- What is the business opportunity in deploying GenAI?
- What are the legal, regulatory and ethical issues we need to address?
- How are we sourcing and managing the data used by our GenAI model(s)?
- Do we have the talent we need to implement GenAI?
- Do we have a governance framework that enables experimentation?
- What monitoring mechanisms do we have in place?
- How do we set accountability in a GenAI model?
- How do we manage the risks?
- What are the change management issues?