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How Should Corporate Boards Be Thinking About Generative AI?

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Randy Bean is the author of Fail Fast, Learn Faster: Lessons in Data-Driven Leadership in an Age of Disruption, Big Data, and AI, and a contributor to Harvard Business Review, Forbes, and MIT Sloan Management Review.

The emergence of Generative AI presents corporate boards of directors with a present-day challenge. Will Generative AI disrupt companies and entire industries? Some estimates have indicated that Generative AI will automate over 40 percent of business tasks and create business value worth more than $400 billion. The public version of Chat GPT, an application of Generative AI, created over 100 million users in a few weeks of its release. The potential impact extends to job displacement.

The limitations of board understanding may not be unique to the current experience of boards with Generative AI. A recent Wall Street Journal article was headlined,, noting that “Just 12% of S&P 500 companies have board directors with relevant cyber credentials”, referencing a November 2022 WSJshowing that just 86 of 4,621 board directors in S&P 500 companies had relevant experience in cybersecurity.

To this end, Gupta outlines a series of steps that companies undertake to prepare corporate boards for a Generative AI future. These steps include:

 

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