Why AI Isn’t Enough To Beat The Competition

HBR IdeaCast

Harvard Business Review

Leadership, Entrepreneurship, Communication, Marketing, Business, Business/management, Management, Business/marketing, Business/entrepreneurship, Innovation, Hbr, Strategy, Economics, Finance, Teams, Harvard

4.4 • 1.9K Ratings

🗓️ 8 October 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Many companies are investing heavily in artificial intelligence right now, hoping to improve both efficiency and innovation. But, as with any technology that sees widespread adoption, AI itself won't be enough to build a long-term advantage over competitors, says Jay Barney, professor at the University of Utah's Eccles School of Business. Yes, leaders need to deploy these new tools, especially those that use GenAI, to stay relevant. But they also need to think about how AI can be applied to their business' differentiating competencies and offerings to truly add value. Barney is the coauthor, along with Martin Reeves of Boston Consulting Group, of the HBR article "AI Won't Give You a New Sustainable Advantage."

Transcript

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0:00.0	Streamline your document management with Foxit PDF editor, AI-powered features for
0:06.2	smarter, faster workflows. Visit Foxit.com today and see the difference.
0:22.0	Organizational psychologist Adam Grant helps you make your life at work not suck in the new season of his podcast, Work Life.
0:22.9	You'll hear fascinating stories from business experts
0:25.6	and global leaders that will help you succeed in your job
0:28.6	and succeed as a leader.
0:30.3	Listen to Work Life with Adam Grant,
0:32.4	wherever you get your podcasts. Welcome to the H.B.R. IdaCass from Harvard Business Review. I'm Allison Beard.
0:56.0	It's pretty basic business strategy.
1:05.0	Find something that your company can do better than any others out there, focus your investments, and reap the rewards of competitive advantage.
1:12.0	For anyone leading an organization right now, the rewards of competitive advantage.
1:12.8	For anyone leading an organization right now, the big question is how generative artificial
1:17.6	intelligence might change the game.
1:20.1	Those who are quick to incorporate it into their business operations are certainly finding gains in terms of efficiency and even creativity,
1:27.0	while those not using it yet are probably falling behind.
1:30.0	But today's guest notes that early adoption of widely available new technology rarely
1:35.1	yield sustained momentum.
1:37.6	Instead, long-term success with Gen-AI will depend on applying it to existing advantages. He's here to talk more about that.
1:44.8	Jay Barney is a professor at the University of Utah's Ekel School of Business.
1:48.9	With Martin Reeves of Boston Consulting Group, he co-authored the HPR article, AI Won't Give You a New Sustainable
1:56.2	Advantage.
1:57.2	Hi Jay, welcome to the show.
	...

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