How to harness AI's power for your strategy

Burning questions, thoughtful insights, and more news

Bill Rice
March 14, 2023

We’ve got to talk about AI.

Following the release of ChatGPT late last year, AI’s intrigue and popularity have skyrocketed.

The future of AI is now being heavily debated, but no matter which side you’re on, you’re going to need to know how to best use it in your strategy.

Here’s what’s on the agenda:

Burning questions on the future of AI
How to use AI in your strategy
What does it mean to be a CEO?
Briefly — our quick news roundup
Up & coming

Burning questions on the future of AI

Aleksander Mądry is an AI expert who recently testified to Congress at the hearing, “Advances in AI: Are We Ready for a Tech Revolution?”

Here were some of his biggest concerns:

AI exposes people to “interactions that go against our intuition,” which could lead to people blindly accepting the info they receive without doing their own research
Nobody’s paying attention to the AI “supply chain” — who is responsible for auditing these tools and addressing problems?

Mądry says the government needs to start asking questions about the algorithms companies are using to make sure AI remains aligned with society’s goals.

But AI isn’t new — what’s all the fuss about?

AI is evolving, and according to this tech report, interest is growing exponentially, especially with generative AI that helps with writing and creative projects.

How to use AI in your business

As with any tool, AI should of course be used thoughtfully and strategically.

That being said, those using it on the ground are more than excited about the prospects.

VentureBeat shared their best practices for scaling AI, which I’ve summed up for you here:

Ask yourself, is AI the best way? Don’t use AI just to use it — make sure you’re using it to answer a specific question
Data, data, and more data: AI can pull data you didn’t even realize you had, so learning how to execute this extraction and use the data should be top priority
Beware of security breaches: More data = more opportunity for security breaches — make ethics a priority from the start

AI is powerful and easy to initially implement, but it could mean a major transformation in your company. Are you ready for it?

I’ll keep you posted on the developments. In the meantime, tell me how you’re currently using AI.

The journey to CEO

Whether you are navigating the latest AI tools or offering your team guidance following the collapse of Silicon Valley Bank, the role of CEO is not for the faint of heart.

McKinsey & Company published a thoughtful piece highlighting what it means to be a CEO, and the mindset you need to have to get there.

Here’s the best advice:

Motivations vs. expectations: Doing it for money or power is unsustainable — you need to have a vision and passion for your work
Balance your big-picture perspective and delivering daily results
Have humility — understand what you’re capable of vs. what’s needed
Learn from the journey

Successful leaders of all levels shine especially during periods of change and challenge. Do you have what it takes?

Briefly

Credit Karma launched a Net Worth tool, designed to help users track their net worth and monitor changes so they can better plan for the future
The CFPB is reviewing Regulation Z’s Mortgage Loan Originator Rules and requesting comments on whether the rules should be continued as-is, amended, or rescinded
Amazon and Better.com have partnered to offer employees Equity Unlocker, which allows Amazon employees to use vested equity as collateral for a down payment on a home
The worst of the mortgage industry layoffs may be over, reports National Mortgage News — “I think that mortgage banks, if they can, should hold on to people, because volume will eventually grow," said Melissa Cohn, regional vice president at William Raveis Mortgage
Everyone is leaving Twitter — Guy Kawasaki is asking why they aren’t all going to LinkedIn

Up & coming

We’re all talking about Silicon Valley Bank this week.

The collapse comes right as we are on the cusp of another Fed rate hike, which experts say is ill-advised considering the circumstances.

The collapse and fallout are still fresh, so I’ll keep you posted in the coming weeks on the impact.

Make sure you also check out today’s freshly released CPI data.