Visionary Leaders Will Leverage Generative AI and ChatGPT to Drive Growth in Hyper-Competitive Markets Across the Global Economy

Generative AI tools such as ChatGPT are driving a tidal wave of transformation that will remake business and society on a truly global scale. Just last week, OpenAI announced that has added plug-ins for ChatGPT, a move that will dramatically increase the chatbot’s utility and scope. “Plugins are tools designed specifically for language models with safety as a core principle, and help ChatGPT access up-to-date information, run computations, or use third-party services,” according to OpenAI.

OpenAI’s decision to support plugins for ChatGPT is more than a game changer – it’s revolutionary. Indeed, ChatGPT is “the iPhone moment” of AI as eloquently described by Nvidia Co-Founder, President and CEO Jensen Huang.

The adoption rate helps bear this out. Consider this – it took two years for Twitter to get to one million users, roughly 10 months for Facebook, about two and-a-half months for Spotify, and a month for Instagram. For OpenAI’s ChatGPT? Just five days to reach one million users following its launch in late November, according to IT World Canada and Gartner.

As a visionary technology leader, are you preparing yourself and your organization to compete successfully in markets where AI processes and solutions will provide competitive advantages that make the difference between winning and losing?

At a meta-strategic level, Generative AI will quickly challenge technology leaders to look closely at its potential impact on infrastructure, cybersecurity, business and IT processes, workforce, customer service and product development. For instance, a whopping 80% of workers will have their jobs impacted by GPT models such as ChatGPT, according to a new study published by OpenAI and the University of Pennsylvania.

Each of these areas will be transformed significantly by the rapid adoption of Generative AI tools. As a business technology leader, are you ready to realign your priorities, readjust your budgets and expand your horizons to stay ahead of the curve?

At the enterprise level, AI language tools will be used to achieve significantly higher levels of efficiency, productivity, growth and profitability. The C-suite and board will seek your guidance and advice as a business technology leader for leveraging these powerful new tools and solutions.

The business and market potential for Generative AI and ChatGPT platforms is limitless. For example, Presight AI, a data analytics firm owned by Abu Dhabi’s G42 Group, recently announced plans to raise $496 million from an initial public offering (IPO) and subsequently list its shares on the Abu Dhabi Securities Exchange’s first market, according to Bloomberg. The company’s shares skyrocketed over 170% on its first day of trading.

Our venture capital unit, HMG Ventures, is a venture capital unit that’s designed to connect CIOs, CTOs, CISOs and other technology executives with innovative early-stage technology companies from Silicon Valley to Tel Aviv. HMG Ventures, which has invested in several AI-driven enterprise technology start-ups, provides technology executives with a window into hot emerging technology companies that can help move the needle for their businesses while also offering these executives unparalleled personal investment opportunities. One early-stage investment in an enterprise-level AI-powered service management provider has generated a 60X return.

To learn more about HMG Ventures, contact me at hunterm@hmgstrategy.com.

Over the weekend, I asked ChatGPT to explain how the roles of technology executives will be transformed by generative AI tools. Here’s how it replied:

Generative AI tools have the potential to transform the roles of technology executives in several ways. Here are a few examples:

Automation of tasks: With the help of generative AI tools, technology executives can automate repetitive tasks, such as data entry and analysis, which will enable them to focus on higher-level strategic tasks.

Data analysis and insights: Generative AI tools can analyze large amounts of data and provide valuable insights for technology executives. This will enable them to make data-driven decisions and improve their organization’s performance.

Innovation: Generative AI tools can help technology executives come up with new and innovative ideas. By using natural language processing and machine learning algorithms, these tools can provide creative suggestions and solutions to complex problems.

Improved customer service: Chatbots and virtual assistants powered by generative AI tools can help technology executives improve their customer service. These tools can provide instant responses to customers’ queries and concerns, leading to higher customer satisfaction rates.

Overall, generative AI tools have the potential to enhance the capabilities of technology executives and improve their performance. However, it’s important to note that these tools are not meant to replace human intelligence or decision-making. Technology executives will still need to use their experience, expertise, and judgment to make the best decisions for their organization.

My entire career has been focused on helping technology leaders to identify and leverage the latest trends and developments in our industry to help their companies to win and to enable them to accelerate their career ascent. From my perspective, Generative AI will be even more transformational than cloud computing. It may be the most important new technology development since the birth of the Internet. We live in exciting times. The speed of technological change is both amazing and unsettling. Let’s make sure that we’re prepared to take the maximum advantage of these remarkable new technologies.

As Reid Hoffman, Co-Founder and Executive Chairman of LinkedIn noted on Twitter, “You might not think that AI tools like ChatGPT are central to your job or business today – and you might be right. But will you still be right a year from now? Skate to where the puck is headed.”