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What Can AI Do for My Company?
By Joe Galvin, Vistage Chief Research Officer
Two Vistage CEO members share how they gained a significant competitive advantage with artificial intelligence
In March 2023, four months after the public release of ChatGPT (GPT-3.5), 43% of small and midsize business leaders agreed that large language models (LLM) like generative AI presented an opportunity for their businesses.
However, with so much confusion surrounding how to leverage the technology, early adopters are still in the minority. According to a survey of 1,265 CEOs and key executives of small and midsize businesses, only 20% are using generative AI, while 33% are not using or testing the technology. Users are also largely concentrated on the same applications. More than half (51%) of CEOs report using AI for customer engagement functions, such as creating marketing content or enhancing customer service.
Vistage speaker Ross Hartmann, an AI consultant and founder of Kiingo AI in Irvine, California, encourages leaders to think more broadly about how to leverage AI for productivity — if not to reap short-term rewards, then to address a long-term threat.
“It’s true that companies that implement AI today are going to see a massive competitive advantage,” he explains. “But soon it won’t be an advantage; it’ll be a necessity. I’d encourage everyone to answer the question: What can I do to capture this competitive advantage and move one step closer to AI today?”