The majority of CEOs believe the most advanced generative AI wins

The IBM Institute for Business Value, in cooperation with Oxford Economics, interviewed 3,000 CEOs from 30+ countries and 24 industries as part of the 28th edition of the IBM C-suite Study series. These conversations, completed from February throughApril 2023, focused on executives’ perspectives on leadership and business; their changing roles and responsibilities; and CEO decision-making today, including key challenges and opportunities, their use of technology, data, and metrics, and their visions for the future. 

Link for the full study here: https://www.ibm.com/thought-leadership/institute-business-value/c-suite-study/ceo

In many ways, one of the most critical decisions CEOs face right now is whether and how to use AI —in their own decision-making and throughout their enterprises. With the public explosion of generative AI tools, the phrase “AI” has become dominant in press accounts as well as quarterly earnings calls, in a way no CEO can afford to ignore. Some companies have seen billions in valuations evaporate after mentioning the threat of AI; others have pointed to AI as the holy grail for their future.

The rush to action is understandable. Three- quarters of CEOs (75%) believe that the enterprise with the most advanced generative AI will win and they say competitive advantage depends upon it. As they race toward AI superiority, 43% of CEOs say their enterprises are already using generative AI to inform strategic decisions, 36% for operational decisions, and 50% are integrating it into their products and services.

Yet CEOs must also weigh this “act-now” pressure against potential dangers such as bias, ethics, and safety. More than half (57%) of CEOs are concerned about the security of data and 48% worry about bias or data accuracy. CEOs wrestle with charging boldly into a still emerging space or acting with greater caution and risk being left behind.

KEY TAKEAWAYS

CEOs are weighing unprecedented urgency and risk.

With a host of new decision-making inputs—from a growing amount of data to a widening pool of increasingly involved stakeholders—it’s no wonder 44% of CEOs regret a public stand they’ve taken over the last three years.

Generative AI changes—well, everything.

Three out of four (75%) CEOs believe the organization with the most advanced generative AI wins. Already, 43% of CEOs are using generative AI to inform strategic decisions.

CEOs feel their organizations are ready for generative AI. Other executives are not as confident.

69% of CEOs see broad benefits of generative AI across the organization but only 29% of their executive teams feel they have the in-house expertise to adopt generative AI.

2 out of 3 CEOs are acting without a clear view of how to help their workforce with the disruption and inevitable transitions AI will bring.

Fewer than one in three CEOs say they have conducted an assessment on the potential impact of generative AI on their workforce, yet are using it already.

A lack of clarity is impeding decision-making and investments.

More than half (56%) of CEOs say they are delaying at least one major investment due to a lack of consistent standards. CEOs face a lack of consistent standards, particularly in emerging areas such as sustainability and data and privacy.

Growth Opportunities in Orthodontics

Today, it's evident that Dental Enterprises embracing the most sophisticated and intelligent Generative AI Model are positioned to dominate the industry in the coming decades. CEOs are gearing up to elevate their organizations, yet, many executives seem unprepared, a phenomenon that is not entirely surprising to me. This lag is a natural part of the adaptation process, and I perceive no inherent issues with the current proactive stance, even in the absence of clear and consistent standards. Challenges such as risks, bias, ethics, and safety can be effectively managed through collaborative efforts with the appropriate investment, team and experts. Actually, numerous opportunities are visible here. Developing an AI System tailored for the orthodontic domain involves several critical phases: Discovery, Specification, Building, Testing, Deployment, and Maintenance. I would say now is the opportune moment to embark on the Discovery Phase, keeping in mind the insightful words of Norway Kaihara, President and CEO of American Honda Motor Co., Inc.

Can we use the technology to help people get things done?

Can we use the technology to help people achieve their potential? That’s what we are trying to

do. Technology should help make our business simpler and easier. 

Ortho.i® - We specialize in integrating AI into the orthodontics and dental field. Our innovative AI services are designed to enhance patient outcomes, streamline practice operations, empower education and unlock new potentials in orthodontic care.