Strategic thinking has long been viewed as essential for leaders of organizations. The ability to anticipate and plan for the future, to think critically and creatively about complex problems, and make effective decisions in the face of uncertainty and change, is more necessary now than ever. These capabilities will be dramatically augmented and magnified by artificial intelligence systems such as ChatGPT.
With the ability to process large amounts of data, identify patterns, and make predictions, AI will provide fresh insights and perspectives that were previously unavailable to company executives. This will enable them to make more informed and accurate decisions – and to anticipate and plan for the future more effectively. But it won’t replace the human element in strategic thinking, which remains critical.
Currently, AI can analyze vast data, spot trends, make forecasts, and help leaders identify and mitigate business risks. Soon, it will also simulate different scenarios and provide leaders with various options and recommendations for which path to take. In the near future, I expect to see symbiotic relationships between executives and AI systems, in which they both work together to enhance decision-making, problem-solving, and strategy development.
WHAT CAN CHATGPT DO?
ChatGPT has a plethora of use cases across the board including.
- Solving mathematical questions
- Producing proof of concepts
- Writing long-form content like essays and reports
WHAT CHATGPT DOES NOT DO?
ChatGPT can be a great place to start, but it won’t solve all of your problems.
- It cannot think or make decisions independently.
- It does not distinguish or understand emotions and may respond inappropriately in certain situations.
- ChatGPT cannot understand the entire context of a conversation; it can only generate responses based on the input it receives at any given time.
- Even though ChatGPT has been trained on a large amount of data, it is still inaccurate and may occasionally respond with incorrect or illogical responses in certain situations.
BENEFITS OF CHATGPT
Businesses can speed up response times and enhance customer service by using ChatGPT, which can handle a high volume of interactions accurately and quickly. In fact, the more you interact, the more ChatGPT can pick up on your tone and develop into an AI assistant.
ChatGPT can increase productivity by freeing up staff time for more complex and imaginative tasks by automating routine tasks like responding to frequently asked questions and creating a transcript from your most recent presentation.
ChatGPT can handle a high volume of interactions at the same time, making it an ideal tool for small businesses to large corporations.
I WANT TO CREATE MY STRATEGY, SHOULD I USE CHATGPT?
No. This is because:
- Chat GPT will find it difficult to develop a thorough understanding of your environment because markets, rivals, suppliers, and a host of other factors have vastly different values and contributions to the success of your company.
- An expert must compile, analyze, prioritize, and act on the data discovered during an internal SWOT or PESTLE analysis of your strengths and weaknesses. This is something ChatGPT cannot do.
- ChatGPT is unable to develop a corporate, functional, or departmental strategy for your business due to a lack of situational understanding.
- It won’t help you think strategically about how to use the information mentioned above to generate a clear path forward.
The goal is to use the tool as a support mechanism that provides leaders with basic-level strategic advisory services. It should be noted that the answers given will not be specific to the person who asked the question, but it can be useful for brainstorming ideas.
H. Pierson Advisory Team