Three Things Companies Can Do to Win with Generative AI in 2024

November 20, 2023

This recent Master Class on generative AI featured Elliott Parker, CEO of High Alpha Innovation, and it opened with a poll: is your organization experimenting with generative AI at the appropriate pace? Nearly half of webcast participants (48 percent) said they believed their organizations were.

Parker said that AI for most companies is “a pretty ambiguous situation. The future is uncertain…and so I think it’s helpful to have a framework for understanding what to do about it.” He recommended the so-called OODA framework: Observe, Orient, Decide, and Act. He defined generative AI as AI that is capable of creating text, images, and new content. It is improving exponentially, Parker said, and large companies have advantages they can leverage.

He called generative AI a “classically disruptive technology” — something that makes things that were previously difficult or expensive accessible or affordable to the masses, including software coding. “It’s going to create massive opportunities,” Parker said.

Among webcast participants, 70 percent said they were already using generative AI to optimize existing operations or improve the customer experience; just 20 percent said they were using it to build new businesses.

Parker said it’s natural to worry about the impact of generative AI, but he said he is an optimistic about its impact on work and society. He repeated a favorite quote: “Pessimists sound smart; optimists make money.”

Parker said to explore possibilities with generative AI, it’s worth running experiments that are “fast, cheap, and weird”:

• Fast: Days, not months.

• Cheap: Capped expenditures/Leveraged where possible.

• Weird: Challenging existing beliefs.

He wrapped up with this slide on three recommendations of what large companies should be doing in 2024, with regard to generative AI. And he tied that back to the OODA loop.

To watch the webcast, click “play” above. You can also download Parker’s slides in PDF or PowerPoint form below.

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