ChatGPT has just been acknowledged as the fastest-growing consumer application in history reaching 100m active users within 2 months. With the release of GPT-4, individuals and organisations have experimented, interacted, and integrated its use across numerous use cases providing a glimpse into the potential of these new technologies and the ramifications for their business.
Perhaps the real question is how organisations effectively utilise and govern for these tools? Some have actively resisted and blocked the use of GPT-4 citing privacy and cyber issues, whilst others have seen its application citing noticeable increases in productivity and in some instance, assisted in strategic decision making. Will we see the digital divide and competition widen as a result or will tools like GPT-4 provide relief to organisations navigating a market of low unemployment?
The pandemic highlighted the vulnerabilities and disruption to business operations without adequate digital and technology. The investments into cybersecurity, digital, and data, as well as the pace of adoption and implementation, saw across the market was unprecedented with technology leaders given the once-in-a-decade platform to drive their technology agendas.
Despite the increased willingness in investing into digital and analytics to enhance the customer experience, many have shied away from investing in the multi-year legacy transformations required to establish a foundation to truly exploit the value of new emerging technologies. Understandably, the majority of these programs have not been delivered on time nor on budget, however with the compounding of technology debt and legacy systems, it does present lingering cybersecurity concerns.
Across industries, digital and technology continue to be a pain point for Boards and Executives, not only in identifying and securing talent but also where does it sit within the overarching strategy; is it merely cost of doing business or is digital and technology a key differentiator? With emerging technologies like GPT-4 evolving at pace and being released to market, is the existing strategy still appropriate to remain competitive?
The questions raised above we believe, sit within the accountability of Technology Executives to provide the thought leadership and articulate the implications across their business. Although cybersecurity and data governance take centre stage at this current juncture, technology leaders must also be aware of emerging technologies and sufficiently navigate and orchestrate the appropriate milestones and interim states of technology with minimal disruption to operations.
With an inflationary environment and recognition that teams will need to “deliver more with less”, the demands and pressures are only increasing for those in technology, with the vast number of threats and opportunities on the horizon. In response, we have observed the creation of new structures, reporting lines, and responsibilities which are not necessarily in line with traditional interpretations of roles such as the Chief Information Officer.
Moving forward, executives responsible for technology must formulate, communicate, and deliver a comprehensive strategy to meet the specific needs of the business. In our experience, it is not sustainable to expect an executive to handle the broad scope of accountabilities alone, particularly at scale. Alternatively, we have partnered with clients to identify a team of leaders with complementary skills, experiences, and cultural fit that can navigate the dynamic developments in technology for the present and future.
Kenrick Lui
Associate Partner, Technology and Digital Transformation