Monday, December 11, 2023

g-f(2)1701 From Threat to Triumph: Maximizing Competitive Edge with Generative AI

 

genioux Fact post by Fernando MachucaChatGPTand Bing Chatbot 


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Introduction:


Generative AI, with its potential to revolutionize industries, poses both a threat and an opportunity. Scott Cook, Andrei Hagiu, and Julian Wright, in their Harvard Business Review (HBR) article, explore how businesses can turn generative AI from an existential threat into a competitive advantage. The authors delve into the strategic incorporation of generative AI and provide insights into leveraging its capabilities across three distinct levels.


Lighthouse of the Big Picture of the Digital Age


genioux GK Nugget:


"Generative AI, by making product and service improvement more accessible, has the power to disrupt and potentially commoditize businesses. The key lies in transforming this threat into an advantage through strategic implementation." — Fernando Machuca and ChatGPT



genioux Foundational Fact:


Companies adopting generative AI can progress through three levels: 1) Adopting publicly available tools, 2) Customizing tools with internal data, and 3) Creating automatic and continuous data feedback loops. Each level offers an increasing degree of competitive advantage.



10 Most Relevant genioux Facts:


Lighthouse of the Big Picture of the Digital Age


  1. Level 1 Adoption: Implementing publicly available tools like ChatGPT and Bard enhances internal communication, generates ideas, and improves efficiency across various industries.
  2. Temporary Advantage: Gaining an edge by leveraging AI tools better or faster than competitors is a short-term advantage, with the tools soon becoming standard.
  3. Level 2 Customization: Building customized AI tools using proprietary data enhances customer experience and adds personalized capabilities, such as in enterprise software and financial services.
  4. Feedback Loop Importance: Level 3 involves creating automatic data feedback loops, allowing continuous improvement and compounding competitive advantage, as demonstrated by Chegg's personalized learning assistant.
  5. Continuous Learning: Companies can benefit from level 3 implementation across diverse industries, such as video game publishers, streaming services, and professional services firms.
  6. Implementation Considerations: Moving through the levels requires increased expenditures, technical expertise, and adjustments to products, services, and internal processes.
  7. Data Security: Concerns about sharing internal data with publicly available AI tools are addressed by generative AI providers, ensuring secure and private usage.
  8. Customer Feedback: Obtaining reliable customer feedback is essential for level 3 implementation, with the challenge of ensuring a natural and high-quality feedback loop.
  9. Customization Accessibility: Customization using proprietary data becomes increasingly accessible, with companies able to obtain generative AI capability from providers like OpenAI and Microsoft.
  10. Strategic Adoption: Businesses, regardless of size, should consider adopting generative AI at level 1, with larger firms having the resources for levels 2 and 3.


Lighthouse of the Big Picture of the Digital Age


Conclusion:


The widespread adoption of generative AI technologies suggests that companies with access to unique and continuously replenished customer data are best positioned for durable competitive advantage. Proper execution, strategic integration, and proactive leadership are crucial for realizing the full potential of generative AI in shaping the future of business.



REFERENCE

The GK Article


Scott Cook, Andrei Hagiu, and Julian Wright, Turn Generative AI from an Existential Threat into a Competitive Advantage, Harvard Business ReviewFrom the Magazine (January–February 2024)


Scott Cook 


Scott Cook is an American businessman who co-founded Intuit, a financial software giant known for products like QuickBooks, TurboTax, and Mint¹². Born in 1952, Cook holds a bachelor's degree in economics and mathematics from the University of Southern California and an MBA from Harvard Business School¹. 


He started his career at Procter & Gamble, where he learned about product development, market research, and marketing. He then took a job in strategic consulting at Bain & Company¹. Inspired by the emerging personal computer market, Cook launched Quicken and named his company Intuit in 1983¹. 


He served as president and CEO of Intuit from April 1983 to April 1994, and was Intuit's chairman from February 1993 to July 1998¹. He remains the chairman of the executive committee of Intuit³, and owns about 2.5% of Intuit's shares⁴.


Cook is also a director of eBay and Procter & Gamble¹. He and his wife, Signe Ostby, established the Center for Brand and Product Management at the University of Wisconsin–Madison School of Business¹. They are also trustees of their family foundation, Valhalla, which funds early childhood development, K12 education, medical research and talent, environmental innovation, data literacy, and collaborative philanthropy¹..


Source: Conversation with Bing, 12/11/2023

(1) Scott Cook - Wikipedia. https://en.wikipedia.org/wiki/Scott_Cook.

(2) Scott Cook - Forbes. https://www.forbes.com/profile/scott-cook/.

(3) Scott Cook - CHM. https://www.computerhistory.org/profile/scott-cook/.

(4) Bloomberg Billionaires Index - Scott Cook. https://www.bloomberg.com/billionaires/profiles/scott-d-cook/.

(5) en.wikipedia.org. https://en.wikipedia.org/wiki/Scott_Cook.


Lighthouse of the Big Picture of the Digital Age


Andrei Hagiu


Andrei Hagiu is an Associate Professor of Information Systems at Boston University's Questrom School of Business¹². Prior to his current role, he served as an Associate Professor in the Strategy group at Harvard Business School and in the Technological Innovation, Entrepreneurship, and Strategic Management group at MIT Sloan¹². 


Hagiu holds a PhD in economics from Princeton University¹. His research and teaching are entirely focused on platform businesses such as Airbnb, Alibaba, Amazon.com, Google, Grab, Facebook, iPhone, PlayStation, Uber, Upwork, etc., and their unique strategic challenges¹. He uses the insights from his research to advise and angel invest in startups attempting to build platforms and marketplaces, and to consult with large companies seeking to turn their products into platforms¹. 


Hagiu is a leading expert on platform strategy and business models². He has taught platform strategy courses at Harvard Business School and the MIT Sloan School of Management². He is also known for his significant contributions to the field through numerous publications².


Source: Conversation with Bing, 12/11/2023

(1) About me — Andrei Hagiu. https://andreihagiu.com/bio/.

(2) Andrei Hagiu | Questrom School of Business - Boston University. https://www.bu.edu/questrom/profile/andrei-hagiu/.

(3) Andrei Hagiu | Insights@Questrom. https://insights.bu.edu/author/ahagiu/.

(4) undefined. http://www.andreihagiu.com.



Julian Wright


Julian Wright is the Lim Chong Yah Professor of Economics at the National University of Singapore¹. He is a leading expert in the field of economics, with a particular focus on platform strategy and business models¹. His research and teaching revolve around platform businesses and their unique strategic challenges¹. Wright uses his research insights to advise startups attempting to build platforms and marketplaces, as well as consulting with large companies seeking to transform their products into platforms¹. His significant contributions to the field have been recognized through numerous publications¹. His work is shaping the future of economics in the digital age¹..


Source: Conversation with Bing, 12/11/2023

(1) Julian Wright - Wikipedia. https://en.wikipedia.org/wiki/Julian_Wright.



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Source: Conversation with Bing, 11/27/2023

(1) g-f New World - Genioux.com Corporation. https://gnxc.com/g-f-new-world.

(2) g-f(2)959 THE NEW WORLD (2/23/2022), geniouxfacts, The "g-f story" of .... https://blog.geniouxfacts.com/2022/02/g-f2959-new-world-2232022-geniouxfacts.html.

(3) g-f(2)942 THE NEW WORLD (2/16/2022), The Story of the New World in a “g .... https://blog.geniouxfacts.com/2022/02/g-f2942-new-world-2162022-story-of-new.html.

(4) "g-f GK": The Radiance of Limitless Understanding - gnxc.com. https://gnxc.com/g-f-gk.



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Source: Conversation with Bing, 11/27/2023

(1) “genioux facts”:. https://www.geniouxfacts.com/.

(2) “genioux facts”: The online program on "MASTERING THE BIG PICTURE OF .... https://blog.geniouxfacts.com/.

(3) “genioux facts”: The online program on "MASTERING THE BIG PICTURE OF .... https://blog.geniouxfacts.com/p/about.html.

(4) genioux facts (g-f) - Genioux.com Corporation. https://gnxc.com/genioux-facts-g-f.

(5) “genioux facts”: The online program on "MASTERING THE BIG PICTURE OF .... https://blog.geniouxfacts.com/2023/10/g-f21409-genioux-revolution-new-era-of.html.



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g-f(2)1698 Weekly genioux Foundational Fact (12/10/2023)


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g-f(2)1696 The 10 Most Read genioux Fact Posts of the Week (12/10/2023)


Source: Conversation with Bing, 11/27/2023

(1) “genioux facts”: The online program on "MASTERING THE BIG PICTURE OF .... https://blog.geniouxfacts.com/2023/09/g-f21310-genioux-ai-powered-chatbot.html.

(2) genioux facts (g-f) - Genioux.com Corporation. https://gnxc.com/genioux-facts-g-f.

(3) “genioux facts”: The online program on "MASTERING THE BIG PICTURE OF .... https://blog.geniouxfacts.com/.

(4) “genioux facts”: The online program on "MASTERING THE BIG PICTURE OF .... https://blog.geniouxfacts.com/p/about.html.



The categorization and citation of the genioux Fact post


g-f(2)1697 The 10 Most Read genioux Fact Posts of the Month (12/10/2023)


Categorization


This genioux Fact post is classified as Bombshell Knowledge which means: The game-changer that reshapes your perspective, leaving you exclaiming, "Wow, I had no idea!"



Type: Bombshell Knowledge, Free Speech


g-f(2)1701: The Juice of Golden Knowledge


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References


genioux facts”: The online program on "MASTERING THE BIG PICTURE OF THE DIGITAL AGE”, g-f(2)1701, Fernando MachucaChatGPTand Bing Chatbot, December 11, 2023, Genioux.com Corporation.


The genioux facts program has established a robust foundation of over 1700 Big Picture of the Digital Age posts [g-f(2)1 - g-f(2)1700].

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