CEO Today - March 2023

62 1. Generative AI will empower your business with better decision making There is huge hype around Generative AI right now. We’ve seen emerging tools such as ChatGPT, democratising AI into the hands of more and more nontechnologists. A significant business consequence of this is that we’ll begin to see AI more broadly implemented to support better informed decision-making across enterprises – particularly with the imminent launch of ChatGPT Professional. But we shouldn’t get too excited yet. With growing regulationand governance, and a deeper understanding of AI-bias, its use should be tempered with caution around when and for what decisions it is being used and, more importantly, on what data sets. No one wants to end up like the major credit lender that was hauled over the coals a few years ago for its algorithm that was giving men significantly higher credit scores than women due to outdated data. 2. Leading companies will be investing in Greentech Organisations are under increasing pressure to improve their environmental sustainability. With the acute rise in energy costs, both consumers and businesses are looking to reduce costs. For consumers, this might be a hot water bottle and for businesses, this includes things such as running data centres on renewables. With the impending Corporate Sustainability Reporting Directive (CSRD) in the EU, sensible decision makers are starting to prioritise reduced overall energy consumption, making use of tools that instil accuracy and accountability when it comes to achieving sustainability goals. In order to effectively reduce energy costs and carbon emissions, it is imperative that progress can be measured. 3. The Metaverse is coming. But not quite yet The Metaverse – or some version of it – has been hotly anticipated for the past decade, with big brands promising to deliver a world-changing virtual reality experience. Unfortunately, it’s still not materialised and as such, people are losing confidence. However, don’t lose interest yet. Its potential to revolutionise is clear to see, but we’re still searching for that killer app. Only once we find that viral use case will we really engage and change people and hook them into repeated visits and

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