Today, many businesses are reacting to generative AI in a vacuum. But individual innovations should not be approached with a narrow, short-term focus, because midsize companies chasing every new trend will find themselves overcommitted and there is no preparation when this trend goes away. Instead, zoom out. How does this new innovation build on existing technology, and what can we expect it to build on in the future? A broader, long-term view will bring much-needed perspective at a time when many have been swept up in the attention AI has garnered.
What do the internet, smartphones, social media, metaverse, and generative AI have in common?
Answer: they are all part of the same, ongoing movie of innovation.
We’ve seen this movie before, and if the Fasting & Anger series generate double-digit sequels (movie number 10 is coming), we should expect the same from technology.
Somehow, we keep forgetting, but this current AI hype cycle isn’t the first, and it certainly won’t be the last. Innovation is exciting, but it’s also ongoing. When we started searching the internet, along came smartphones. As the metaverse captured our attention, generative AI arrived. while we all continue to navigate ethics and safety, if this is truly generative AI’s smartphone moment, then another innovation will have its own generative AI moment. This is no coincidence; it’s a never-ending pattern. Rinse and repeat.
How can leaders make sense of all this? Those in midsize companies face this obstacle from a unique perspective. The number size and agility allow them to move faster to understand the capabilities of generative AI and how to optimize them for maximum organizational benefit. However, midsize companies have their limitations when it comes to resources and how much they can scale. To overcome these challenges, Research suggests that midsize companies rely on an ecosystem of partners to compete with large enterprises in the fast-paced world of AI. Gaining access to the right talent, data, and ideas is critical.
But at this point, disruptive generative AI shouldn’t be surprising. Midsize companies are not immune to groundbreaking technology; it is something they should look forward to. The only questions are what’s next, what to do with it, and how they’re going to use it.
Constant change is the expected, and almost impossible to keep up with. But I believe that leaders in the middle of the market can understand this latest AI craze by creating a culture of adaptability. Here are three things they should keep in mind as they seek to accomplish this:
Avoid a Narrow, Short-Term Focus
Today, many businesses are reacting to generative AI in a vacuum. But individual innovations should not be approached with a narrow, short-term focus, because midsize companies chasing every new trend will find themselves overcommitted and there is no preparation when this trend goes away. Instead, zoom out. How does this new innovation build on existing technology, and what can we expect it to build on in the future? A broader, long-term view will bring much-needed perspective at a time when many have been swept up in the attention AI has garnered.
Adaptable = Robustness
When we talk about future proofing for the next big disruption, that starts with adaptability, because midsize organizations that have a lot of tools in the face of ongoing change are also resilient. It’s not about tying everything to a particular disruptive moment; it’s about being an organization that thrives in the face of adversity because you become flexible enough that it doesn’t overwhelm you. The rate of change is rapid, with The speed of AI growth is now outpacing Moore’s Law. Midsize companies that are architected to change and are ready to pivot enjoy these moments because they provide a competitive advantage. Middle market leaders who connect adaptability with resilience not only gain this advantage, but their organizations also avoid surprises and are built to last. It may sound simple but going back to the basics of business can provide a lot of value in these instances.
There is Another ChatGPT
As revolutionary as it is now, more innovation is coming that will make generative AI seemingly obsolete. Don’t ask yourself how you can change your business today to maximize the capabilities of ChatGPT. Instead, ask yourself how you can build the foundation now so that your business can quickly adjust for every other ChatGPT (and new version of it) that comes. It may feel like these innovations burst onto the scene, but they have been in development for years. It’s impossible to predict the future (not even AI can do that, although it’s tried), but those midsize companies that pay attention can anticipate the next big thing. By means of understanding the long historical context of innovation cyclesleaders must recognize that this journey has no finish line and is likely to repeat itself.
In today’s tech landscape, experiencing déjà vu every time there’s buzz around a new technology is a normal (maybe even healthy) response. Remembering the continuous cycle of new developments that we have witnessed over the years will hopefully bring the leaders of the middle market calm and clarity. Through a big-picture focus and emphasis on future-proofing for the next disruptions with a culture of adaptability, midsize organizations can overcome any challenges that may come their way. It’s a crazy time, but we’ve seen this movie before. And the series is not over yet.
