"Artificial intelligence will demand far more of companies: faster adaptation, more comprehensive reinvention, and continuous evolution rather than periodic adjustment. Yet more than three years after the launch of ChatGPT, only 5% of businesses report extracting significant value from their AI initiatives. If companies struggled with transformation before, the coming years will be harder still. Managing rapid change is becoming the central competency for business leadership."
"Every serious observer agrees that executives need to develop new skills and mindsets to navigate what is coming. Yet there is a paradox at the heart of corporate America's response. In a recent survey of leaders at large organizations, the Center for Creative Leadership found that 82% believed leadership development offers a competitive advantage amid economic uncertainty, and 72% said that cutting development budgets would create significant challenges. Yet 71% expected those budgets to be reduced in the event of any downturn."
About 70% of large-scale corporate transformation efforts fail, a rate that has held for 25 years. Artificial intelligence will require companies to adapt faster, reinvent more comprehensively, and evolve continuously rather than make periodic adjustments. More than three years after ChatGPT's launch, only 5% of businesses report extracting significant value from AI initiatives. Managing rapid change is becoming the central competency for business leadership, and executives must develop new skills and mindsets to respond. Surveys show executives believe leadership development offers a competitive advantage, yet many expect development budgets to be cut because businesses have lost faith in traditional solutions.
Read at Fast Company
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