In recent days, I’ve had the pleasure of speaking with top executives from enterprise giants like Mastercard, Citi, Verizon, Intuit and Wayfair. Their verdict is unanimous: Generative AI, the technology that can generate conversation mimicking humans at an unprecedented level, is the most powerful trend this year.

Late last year, OpenAI’s GPT-4 entered the market, and now, similar offerings are emerging from companies like Microsoft and Google. Executive board rooms are buzzing with discussions about ChatGPT, as leaders recognize the transformative potential of this technology. Generative AI could single-handedly add about 7% to economic output within the next decade, according to Goldman Sachs.

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Are these enterprise leaders prepared for the rapid changes ahead? How should they respond, and who will be disrupted? The urgency is palpable, even for the most security-conscious and regulated companies where change typically unfolds slowly. These organizations are now scrambling to launch proofs of concept.