The Australian Financial Review – How Executives Are Using AI

Had a bit of a chat with The Australian Financial Review about how executives are using AI. Now that AI has jumped the firewall to get inside organisations via Microsoft AI Copilot and other vendors, it is time for organisations to have policies on how AI is allowed to be used.

One great use I see AI already being used for is the creation of board packs. GenAI is an incredible blessing to the executive ranks when it comes to preparing board papers. The monthly cadence of preparing the board pack is an important but time consuming process for most senior leadership teams. One senior leader I was speaking to gleefully reported he had reduced the time it took to prepare board reports from several days to a couple of hours. Of course what is critical is ensuring that the GenAI output is accurate. The rough stats are that internal GenAI solutions are 90% accurate. That is a fantastic time saving for a first draft but there needs to be the review work done to ensure the result is 100% accurate.

Here are my bits from the article:

“Nick Abrahams, global leader of digital transformation at law firm Norton Rose Fulbright, warned that while generative AI could save executives time, they needed to be “incredibly careful” with how they used it.

“There is a fascinating court case now where a member of the band the Fugees is bringing an application to say his conviction should be overturned because his original trial lawyer used gen AI to create his closing arguments,” Mr Abrahams said. “I think this is just the start of gen AI-related legal issues.”

Mr Abrahams said organisations that had initially banned the use of ChatGPT would now have to develop policies for generative AI. This was because it had “jumped the firewall” and was now available inside organisations either via Microsoft’s Copilot product or projects such as KPMG’s KymChat.

“Most companies are proceeding cautiously and using the gen AI for internal uses only such as creation of marketing content or enhancing internal policy compliance,” he said.”

Thanks Tess Bennett

Follow the link to read the full article: https://www.afr.com/technology/why-execs-don-t-trust-ai-with-big-decisions-yet-20231201-p5eob2

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