With the accelerating evolution of artificial intelligence (AI) and broad availability of tools and applications, it is easy to get swept up in the hype of everything AI can offer — so how can organizations strategically integrate AI to drive their business? Darden Professor Tim Laseter and Arnie Katz (MBA ’09), Chief Technology Officer at GoFundMe, recently discussed how GoFundMe has leveraged AI to enhance their business, how technology leaders can determine the real potential for AI within their own organizations, and how AI is changing the way we live, learn and do business. Here are five key takeaways from that conversation.
1. Don’t Get Caught Up in the Hype
There is a lot of hype around AI in today’s business climate. In looking at the Gartner Hype Cycle for new technologies, people develop a peak of inflated expectations followed by a trough of disillusionment. To avoid becoming disillusioned, take a step back and instead figure out what the real business case is for AI at your organization.
Exercise caution not to over-invest and make strategic, calibrated investments in the technology. There is a need for a nuanced approach, given the varying impact of AI on different industries and companies.
Generative AI (GenAI) is giving organizations the opportunity to improve the customer experience. GoFundMe leverages GenAI to help customers tell compelling stories for their fundraisers on the platform to help level the playing field for those who may struggle with writing, to improve fundraising efforts.
2. Boost Efficiency and Job Performance
GenAI presents an opportunity to improve efficiency and job performance. While a learning curve exists to using the technology, there are significant long-term benefits to adopting and starting to use the tool now. At a minimum, start to experiment with GenAI and learn how it’s used now to help with tasks.
GenAI will continue to evolve in the future and as it becomes better, it will contribute to increase efficiency and job performance. Experimentation now is critical to maximizing the benefits of GenAI in the future. Start by getting comfortable using it and then start thinking about the applicable uses of the tools to make your job more efficient.
At GoFundMe, they provided OpenAI ChatGPT licenses to the call center team, allowing them to experiment with the tool and use it to innovate in their jobs for two months. When leadership checked in after those two months, they found a lot of innovation around using it to provide a better customer experience.
3. Put Your Customer’s Problems Front and Center
When implementing AI into your organization, or any new technology, start with your customer’s pain points. Pick a pain point and look for the technology that exists to potentially help with it. Ask yourself questions like, “What impact may it have?”, “What is the level of effort needed to have that impact?”, “What is your confidence level in successfully being able to implement the technology or use it?” Once you’ve answered these questions, determine if it’s worth it to move forward.
In the case of GoFundMe and leveraging GenAI to help customers better tell their stories, the tool demonstrated clear capability of being able to help after experimenting with it and is something that’s feasible to implement and improve the customer experience.
4. The Evolving Roles of Chief Technology and Product Officers
There have been significant changes in the roles of the Chief Technology and Product Officers. The velocity of change has increased dramatically, necessitating more frequent roadmap adjustments and faster development of new features. Leaders in these roles must advocate for testing hypotheses quickly and focus on learning — rather than being right — in order to encourage innovation and creativity in their organizations.
5. Bring Passion and Test Hypotheses
Having passion in your job and bringing that passion out in other team members is vital to achieving success. Encourage your team to experiment with new ideas frequently and support them when they hit roadblocks. If an idea fails, help them adopt a mindset that the failure was in the idea and not in their execution. Without testing ideas, you don’t have progress.
Darden Executive Education & Lifelong Learning’s Driving Ethical Innovation in the Age of AI program is designed for busy senior executives who need to better understand the impact of disruptive technologies, the ethical considerations around AI and how to leverage emerging tech to drive innovation ahead of the competition. This intensive 2.5-day program is hosted in the heart of the Washington, D.C. metro area — the crossroads of business and policy. Learn more today.
