Nitin Rakesh, the CEO and Managing Director of Mphasis, coauthored the book “Transformation in Times of Crisis.” He emphasizes the importance of having a challenge network to provide CEOs with different perspectives and help them navigate blind spots. The pressures and expectations of the CEO role can lead to a sense of isolation and difficulty accessing new ideas. CEOs are inundated with vast amounts of data, making it challenging to discern what is relevant and important strategically. They also struggle with time constraints that hinder immersive strategic thinking.
As generative AI (GenAI) gains attention in the business world, it offers a potential solution for CEOs facing challenges. GenAI can serve as a challenge network by providing diverse perspectives from vast datasets, challenging assumptions, and uncovering hidden opportunities. By utilizing GenAI, CEOs can tap into expert insights, generate creative solutions, and identify actionable insights to enhance decision-making processes. CEO can start by using apps like ChatGPT powered by large language models to ask for analysis, insights, and tips. They can also provide the AI with specific company context to generate contrarian views and valuable ideas.
GenAI can also help CEOs take calculated risks by exploring “what-if” scenarios, modeling the impact of decisions, and identifying potential threats and opportunities. By simulating different strategies and outcomes, CEOs can make data-driven decisions with confidence. This technology can also improve collaboration, communication, and knowledge-sharing within leadership teams, ensuring alignment and informed decision-making. CEOs can integrate their strategy assistant with corporate systems, create a digital twin of the company, and gradually scale up decision scenarios while addressing the potential for errors.
In conclusion, CEOs can leverage GenAI to enhance their decision-making processes, break free of mental models, and navigate information overload with greater precision. By utilizing AI thoughtfully and setting clear objectives, CEOs can harness technology to augment human potential and drive innovation. Forbes Technology Council invites world-class CIOs, CTOs, and technology executives to explore the transformative potential of GenAI in shaping the future of business leadership.
