Today, many companies are addressing generative AI on their own. But midsize companies chasing each new trend will find themselves overly committed and ill-prepared when the trend fades, so they should approach individual innovations with a narrow, short-term focus. Not. Instead, zoom out. How does this current innovation build on the technologies already in place, and what can we expect to build in the future? A broader, longer-term perspective now offers a much-needed perspective.
What do the internet, smartphones, social media, the metaverse, and generative AI have in common?
Answer: They are all part of the same ongoing innovation movie.
I have seen this movie before. Fast & Furious The series can make double-figure sequels (movie number 10 coming soon). You can expect the same from technology.
For some reason, we keep forgetting, this current AI hype cycle is not the first, and certainly not the last. Innovation is exciting, but it’s ongoing. Smartphones came along just as we started to understand the Internet. Generative AI came along when the metaverse took center stage. We’re still addressing both ethical and safety concerns, but if this really is the smartphone moment of generative AI, another innovation has its own generative AI moment. It’s no coincidence. It’s a never-ending pattern. Rinse and repeat.
How can leaders make sense of all this? Midsize businesses face this obstacle from a unique perspective. Its scale and agility allow it to be mobilized more quickly to understand the capabilities of generative AI and how to optimize them to maximize organizational benefits. However, midsize businesses have limitations when it comes to resources and how much they can scale. To meet these challenges, research suggests that midsize companies will rely on an ecosystem of partners to compete with large companies in the fast-paced world of AI. Access to the right people, data, and ideas is critical.
But at this point, generative AI disruption has come as no shock. Midsize businesses are also immune to breakthrough technology. That’s what they should expect. The only question is what the next one is, what it does, and how they use it.
Constant change is expected and it is almost impossible to keep up. But I believe middle-market leaders can make sense of this latest AI boom by building a culture of adaptability. Here are three things they should keep in mind as they aim to achieve it.
Avoid a narrow, short-term focus
Today, many companies are addressing generative AI on their own. But midsize companies chasing each new trend will find themselves overly committed and ill-prepared when the trend fades, so they should approach individual innovations with a narrow, short-term focus. Not. Instead, zoom out. How does this current innovation build on the technologies already in place, and what can we expect to build in the future? A broader, longer-term perspective now offers a much-needed perspective.
Adaptability = Resilience
When we talk about future-proofing for the next big mess, it starts with adaptability. Versatile midsize organizations are also resilient in the face of ongoing change. It’s not about tying everything into a specific destructive moment. It’s about being an organization that thrives in the face of disruption. Because you will be very flexible and not confused.The rate of change is accelerating and the pace of AI growth is now beyond Moore’s Law. Designed to transform and ready to pivot, midsize businesses can enjoy these moments because they provide a competitive advantage. Middle-market leaders who combine adaptability with resilience not only benefit from this benefit, their organizations are resilient to the unexpected and built to last. Getting back to business basics can be of great value in moments like this.
There is another ChatGPT
It may be revolutionary now, but there are more innovations going on that will make generative AI look obsolete. You don’t have to ask yourself how it would change your business today to take full advantage of ChatGPT’s capabilities. Instead, ask yourself how you will lay the groundwork for the future so your business can quickly adapt to whatever ChatGPT (and its newer versions) comes along. While these innovations may seem like they came out of the blue, they’ve been in development for years. It’s impossible to predict the future (even AI can’t do it, but it tries), but midsize companies that pay attention can predict the next big thing. By understanding the long historical context of innovation cycles, leaders should recognize that this journey is goalless and likely to repeat itself.
In today’s tech world, experiencing a sense of déjà vu whenever a new technology comes up is a normal (perhaps healthy) reaction. We hope that recalling the continuous cycle of innovative breakthroughs we have witnessed over the years can bring some calm and clarity to mid-market leaders. By focusing on the big picture and looking ahead to prepare for the next disruption with a culture of adaptability, midsize organizations can tackle any challenge they may face. . It’s a crazy time, but I’ve seen this movie before. And the series isn’t over yet.
