the health strategist
institute for strategic health transformation
& digital technology
Joaquim Cardoso MSc.
Chief Research and Strategy Officer (CRSO),
Chief Editor and Senior Advisor
October 26, 2023
One page summary
What is the message?
Generative AI is being hailed as a transformative technology, and many business leaders and board members believe that their understanding of it is extensive.
However, this article questions the validity of such high levels of expertise among board members and suggests that a more humble approach may be necessary.
What are the key points?
Board Members’ Perceived Expertise:
A recent survey by Alteryx involving 300 board members revealed that 76% of respondents from companies using generative AI believed their boards had significant knowledge of the technology.
Shockingly, 28% considered their boards to be “experts,” while 39% saw them as “advanced” in generative AI knowledge.
Only 11% admitted to being “beginners.”
Discrepancy in Expertise:
The author expresses skepticism about the high level of expertise attributed to these board members, suggesting that not even computer scientists may fully comprehend the underlying technology. This raises questions about whether board members are truly well-informed.
Differing Perspectives:
Among board members in companies using generative AI, 70% believed their knowledge was sufficient for informed strategic decisions. In contrast, 83% of board members in non-adopting companies admitted their knowledge was inadequate.
Sources of Expertise:
Board members relied on various sources to gain generative AI knowledge, including internal sources like the Chief Technology Officer and external resources like industry experts and academics.
Focus on Security:
Both adopting and non-adopting companies identified security as a significant concern with generative AI. Improved security operations ranked as a potential benefit, and security concerns were second only to job displacement.
Challenges and Mitigation Approaches:
Clear guidelines and policies were identified as the primary approach to mitigating generative AI challenges.
However, the importance placed on data processing and cleaning and diverse datasets is questioned.
Perceived Benefits:
Surprisingly, many board members claimed their companies had already realized several benefits from generative AI, such as increased innovation, improved customer service, and enhanced product functionality. The rapid achievement of these benefits is viewed as remarkable considering the complexity of generative AI technology.
Complexity and Legal Concerns:
The article highlights the complexity of generative AI, emphasizing its unknown decision-making processes and potential legal issues. It refers to concerns expressed by Sam Altman, CEO of OpenAI, who cautioned against relying on such technology for important tasks.
Statistics and Examples
- 76% of survey respondents were from companies using generative AI.
- 28% of board members in these companies considered themselves “experts” in generative AI.
- 70% of board members from adopting companies believed their knowledge was sufficient for strategic decisions.
- 83% of board members from non-adopting companies admitted their knowledge was insufficient.
- 46% claimed their board had made generative AI its top priority.
- 57% of generative AI users reported increased innovation.
- 43% claimed their companies had achieved improved security through generative AI.
Conclusion
The article questions the expertise and confidence of board members regarding generative AI and suggests a need for more humility and ongoing learning in this rapidly evolving field.
DEEP DIVE
This summary was written based on the article “Are Boards Kidding Themselves About Generative AI?”, published by Forbes and written by Tom Davenport, on October 5, 2023.
To read the original publication, access https://www.forbes.com/sites/tomdavenport/2023/10/05/are-boards-kidding-themselves-about-generative-ai/?sh=2b0343074d4f
