Investment in artificial intelligence (AI) throughout 2025 has not only driven the equity market’s ebullient performance, but it has also offered a significant positive contribution to the year’s GDP growth.

According to Nationwide Economics’ calculations, business investment in software, IT equipment and structures that consists significantly of artificial intelligence and data centers was responsible for an outsized 30 percent of GDP growth in Q2 2025 and 20 percent of the economy’s expansion in Q1. These large contributions are striking but not surprising given that capital expenditures by the hyperscalers (large cloud computing service companies) represented more than 50 percent of their operating cash flow in Q2, an all-time high.

In another sign of widespread enthusiasm, AI stocks are largely responsible for the double-digit, year-to-date return for the S&P 500® Index and equity analysts are broadly very optimistic about the sector going forward. While there has been some volatility most recently, a popular ETF for AI stocks is up a very enthusiastic 30 percent year-to-date.

How this impacts the economic outlook
Investment in artificial intelligence (AI) and data centers today accounts for a significant share of U.S. economic growth, corporate spending plans and equity market performance. While impressive, this also means that the economy’s topline growth and the stock market gains are very reliant on the persistence of enthusiasm about this emerging technology. Looking ahead, how large the return on AI investment turns out to be could have profound impacts on productivity growth and the broad economy in 2026.

“The world is in the next industrial revolution. It’s happening now, and it’s powered by artificial intelligence that is transforming how all of us work,” said Nationwide CEO Kirt Walker. “Our modern mutual structure, which combines the long-term vision of a mutual and the agility of a public company, allows Nationwide to capitalize on this revolution. We’re using new tools to drive deep partnerships, manage risk more proactively, innovate with agility and engage our communities – focusing on the benefits for our customers.”

The technology and AI acceleration work will benefit customers and business partners in two ways: making it easier for them to do business with Nationwide through deeper, more customized solutions while also maintaining the company’s reputation to protect their data in today’s high-risk digital security world.

Nationwide’s investment focuses on three priorities:

• Human-machine collaboration: Nationwide empowers employees to leverage AI in their everyday work. The company’s goal is to have 90 percent of employees actively using everyday AI platforms by next year. These tools are embedded across workflows to help employees focus on higher-value work.
• AI tools helping customers solve problems: This investment will enable a better customer experience with the use of new tools, powered by trusted data. Access to everyday AI has and will continue to support customer service and growth. The company has already scaled six AI initiatives and identified 18 flagship use cases across its businesses. These include telematics-based driver risk scoring and AI-powered claims summarization.
• Evolving our operating model: Nationwide will establish an operating model that fuels agility in decision making, improves productivity and speed and facilitates always on service to customers. This includes training, support and reskilling for employees to thrive in an AI-driven economy.

Since 2015, Nationwide has invested $5B in technology modernization. The company has two purpose-driven teams exploring AI capabilities: a Blue Team and a Red Team. The Blue Team creates and tests the benefits of AI such as added efficiency, customer service opportunities and new use cases to help its businesses support customers. The Red Team considers compliance, risks and vulnerabilities. 

“We have been advancing artificial intelligence capabilities for more than 15 years, and we believe that AI should be people-connected and machine-enabled,” said Nationwide Chief Technology Officer Jim Fowler. “This investment will help Nationwide deliver on its promise to harness AI thoughtfully and boldly, empowering employees to use AI productively and responsibly.” 

Read more about the Nationwide technology team’s work on the Nationwide Newsroom.

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Today’s hacker groups aren’t just exploiting software vulnerabilities — they’re capitalizing on the rapid adoption of artificial intelligence (AI) and other emerging technologies to target people.  

Their goal? To manipulate individuals, bypass security protocols and gain access to sensitive systems and data. And once they’re in, they move quickly — escalating privileges, extracting data and sometimes locking down entire networks with ransomware. 

If you use a phone, check email or log into company systems, you play a critical role in keeping your organization secure.  

These threats aren’t just technical, they’re psychological. Attackers use impersonation, urgency and emotional pressure to gain trust and slip past defenses. 

They might pose as a colleague, vendor or leader, asking for help in a way that feels familiar or time sensitive. These requests can seem harmless, but they’re often designed to catch you off guard. 

That’s why awareness and instinct are powerful tools. You don’t need to be a cybersecurity expert to make a difference. Slowing down, asking questions and following procedures can stop an attack before it starts. 

Warning signs to watch for: 

1. Unnecessary sense of urgency: “I need this right now or I’ll be in a lot of trouble” Urgency is a classic manipulation tactic. Real emergencies are rare. If someone’s rushing you, pause and verify. 

2. Requests to bypass normal procedures: “Can you bypass the approval process just this once?” Legitimate requests follow legitimate channels. If someone asks you to break protocol, that’s a red flag.  

3. Too much personal information: “I’m calling from a coffee shop near the office because my laptop died and I spilled coffee on my phone.” Scammers often over-share to build trust. These details are designed to sound relatable, but they’re often fabricated. 

4. Emotional manipulation: “This is a direct request from our CEO. I was put on point to see this through. Can you help me out?” Using urgency and emotion is a manipulation tactic used to get compliance through pressure, fear, or loyalty. Sometimes hacker groups go even further -- using deepfake audio and video to impersonate executives and make fraudulent requests appear legitimate. These AI-generated fakes mimic voices and faces with alarming realism, turning trust into a vulnerability. 

5. Information fishing: “What system do you use for that? Who usually handles these requests?” These questions might seem harmless, but they’re often a way to quietly gather intel. 

Tips to stay safe 

• Slow down: Hackers rely on urgency. Take a breath and verify.
• Trust your instincts: If something feels off, it probably is.
• Stick to procedures: They exist to protect you and the organization.
• Report suspicious behavior: Even if it turns out to be nothing, it helps build awareness and resilience.
• Talk about it: Share what you learn with your team. Security is a shared responsibility.
• Stay informed: For more details, visit Nationwide’s Cyber Resource Center, which offers insights, best practices and education to safeguard your digital information.  

Security isn’t just a system, it’s a mindset. By staying informed, alert and intentional in your actions, you can help protect your company’s most sensitive information. Asking questions, following procedures and practicing good cyber hygiene will help build a safer, more resilient organization. 

To learn more about Nationwide’s technology organization, visit the Nationwide Technology & Innovation newsroom page. 

This August, I had the privilege of helping bring together more than 300 technology and business leaders from across Ohio to explore the evolving role of the modern Chief Information Officer. I was the 2025 Chair of the CIO Tomorrow conference, an event that brings together current and future technology leaders to help drive the growth and success of the Buckeye state’s technology industry. The event was a powerful reminder that our region’s success is deeply intertwined with how we embrace innovation, foster collaboration and invest in the digital future.

At Nationwide, we’re proud to call Columbus home. As one of the largest financial services and insurance providers in the country, our success is directly tied to the health and vibrancy of this region and state. That’s why we’re committed to helping shape Columbus and Ohio into national leaders in technology, talent and transformation.

Opportunities for our region

This year’s conference was a testament to both how far we’ve come and how much opportunity lies ahead. We heard from thought leaders on the front lines of AI, cybersecurity, digital transformation, innovation, business strategy, leadership, talent management and culture. We explored how CIOs are no longer just technologists, but strategic business leaders, educators and change agents.

One of the most energizing moments for me was seeing how aligned we are as a community — across industries and sectors — in our desire to build a future that’s innovative and user-driven. I believe that alignment is a positive offshoot of business leaders setting the example as stewards of our community and encouraging multi-organizational initiatives that move our region forward, such as public-private partnerships.

Central Ohio, and Ohio at large, is seeing tremendous growth in the technology industry. Tech is one of the fastest-growing sectors in the state, with more than 6,000 tech graduates annually (according to JobsOhio), an emerging hub for data centers, significant manufacturing facility investments from major tech companies, and government initiatives supporting tech across the state. Ohio really is the heart of it all!

Every day at Nationwide, we are making investments in the future through our people, platforms and partnerships. We’re leveraging AI and machine learning to enhance customer experiences, modernize our infrastructure to drive agility, and upskill our teams to lead in a rapidly changing world.

But we’re also focused on something deeper: building trust. Our customers expect effortless, personal and reassuring interactions — and we know that delivering those experiences starts with innovative, secure and ethical technology.

Shaping the future – together

The CIO Tomorrow conference made one thing clear: the future of Central Ohio will be shaped by the decisions we make today. It’s up to all of us — business leaders, technologists, educators and policymakers — to ensure we’re investing in the right capabilities, cultivating the right talent, and creating the right environment for innovation to thrive.

Let’s continue to lead with purpose, collaborate with intention, and build a future that reflects the best of who we are and who we aspire to be.

To learn more about Nationwide’s technology organization, visit the Nationwide Technology & Innovation newsroom page.  

When technology advances at a rapid pace, a key concern is whether it will be used ethically and in a way that positively advances society. Today, the technology many are both excited and concerned about is artificial intelligence (AI). 

In January, I had the pleasure to attend The American College Forum on Ethical Leadership in Financial Services. It brought together 12 executives and academics to discuss ethics in technology and financial services. Here are three important takeaways from the forum that I think all executives should keep in mind, especially as advances in AI progress.  

Takeaway 1: The Importance of Ethical Decision Making in AI Integration 
Ethical decision-making is critical for the integration of AI within organizations. To build trust, establish ethical governance structures and document best practices to shape how your associates integrate AI into their work. This ethical decision making is foundational to Nationwide’s culture. While we focus on innovation for our customers and partners, it’s our ethics that ensure we stay true to our “On your side” promise. 

By prioritizing ethical decision making, organizations can foster trust and ensure that AI technologies are used responsibly. This approach not only enhances business outcomes but can also help ensure alignment with long-term strategic goals. 

Takeaway 2: Creating an AI-Ready Workforce 
Preparing an AI-ready workforce is crucial for staying competitive. Workers recognize the potential for AI even if their bosses don’t. In a recent McKinsey & Co. study, a survey of business leaders and their associates found that employees are three times more likely to be using AI than what their C-suite leaders expect. At the same time, these employees report that they are not receiving the formal AI training from their employers that would allow them to become more efficient in their jobs.  

At Nationwide, we provide comprehensive training on both digital skills and soft competencies, ensuring that associates are equipped to leverage AI effectively. We firmly believe that AI will not replace workers, but those who use AI will outperform those who do not. 

Nationwide’s approach to training highlights the need for continuous education and skill development. By empowering employees with the tools and knowledge to use AI, organizations can drive innovation and maintain a competitive edge. 

Takeaway 3: Balancing Speed and Safety in AI Deployment 
While rapid adoption of AI can provide competitive advantages, it is essential to have governance models that manage associated risks. Balancing speed and safety in AI deployment requires robust governance frameworks. The importance of proactive risk management and the need for clear guidelines to ensure responsible AI use is absolutely critical. 

The AI tools we leverage at Nationwide are used alongside a set of clear guidelines to mitigate potential issues. This balance is key to achieving sustainable growth and maintaining trust with stakeholders. 

To learn more about The American College Forum on Ethical Leadership in Financial Services and its findings, read its report here. 

To learn more about Nationwide’s technology organization, visit the Nationwide Technology & Innovation newsroom page.  

I recently had the privilege of speaking at a technology conference where the rapid advancements in artificial intelligence (AI) were a central theme.  

As Nationwide’s chief innovation and digital officer, I try to attend at least one conference each year as the collective industry experience and talent of those who attend is invaluable. This conference was equally worthwhile, and I left with a greater appreciation of how generative AI is poised to revolutionize the insurance and financial services sectors. 

Experimentation to Impact 
Across our industry, there is a focus on efficiency, personalization and creating a superhuman workforce powered by AI. While decision-making AI is not here yet, the automation and completing rethinking of workflows through AI is increasingly becoming a reality. Workflows are moving from being deterministic to probabilistic. 

Nationwide has always been at the forefront of insurance and financial services technological innovation and has a history of investing in robust infrastructure and strategic AI capabilities. However, the industry is moving at lightspeed, and the transition from proof-of-concept (POC) experiments to scalable, impactful solutions is happening faster than ever.  

At the conference, I discussed how Nationwide is moving from experimenting with AI solutions to creating impactful new tools for our associates. For example, an AI solution for our personal lines associates called Claims Log Notes automatically processes and summarizes the details in our customers’ insurance claims. The tool not only eliminates the need for our member customers to repeatedly recount claim information that they have previously provided, but also standardizes how claim histories are interpreted, reducing inconsistencies and delays.  

Sales Sidekick is another AI-powered, Nationwide-created instrument that is making business easier for our financial advisor partners and end customers. When financial advisors call us with questions about our annuity products, the tool instantly retrieves details that previously required up to 30-minutes of associate research time. Now those inquiries are routinely completed in less than five minutes, enabling Nationwide Financial associates to spend more time providing individualized customer service and support to the financial professionals who work with us.  

Across the conference, attendees were equally excited about AI’s potential for future customer solutions, such as personalized financial advice based on a customer’s specific situation or portfolio. Conference speakers imagined a day soon when a financial advisor will be able to quickly analyze a client’s portfolio and find potential opportunities for greater growth, safe havens from risk or any number of solutions that will help a client meet their particular, individual goals. 

Enhanced security and risk management is another area where conference speakers suggested AI has the potential to make an impact. The technology's ability to assess risks, prevent fraud and analyze vast amounts of data will help financial institutions make better decisions and identify trends.  

Leveraging AI for Our Members 
Nationwide's journey with AI is not new. We've been leveraging predictive AI for more than a decade and are excited about the potential that AI offers. Initially focused on experimentation, we have now adopted a structured, strategic approach that prioritizes solutions that have a direct impact on the customer experience. 

Today, we are entering a crucial phase at Nationwide: shifting from technology-led experimentation to business-led transformation. 

This evolution is an opportunity to reimagine what our end-to-end businesses could look like with the power of AI. From advanced data insights to enhanced fraud detection and hyper-personalized experiences, AI is enabling us to rethink what is possible, and how we can accelerate value at scale across our lines of business. 

At the same time, a core tenant of our AI philosophy is human involvement and decision making. Despite past advancements and expected future developments, we believe in maintaining a human in the loop for decision-making. Nationwide associates view AI as a partner that enhances their work and allows them to focus on providing extraordinary care to our customers. Our AI Accelerator Program, AI Hackathons and Everyday AI initiatives are designed to keep our associates up-to-date on the latest advancements in AI technology so we can continue to innovate to support our members. 

Nationwide is committed to leveraging these advancements to enhance our operations, empower our workforce and provide exceptional service to our customers. The journey is ongoing, and we are excited to see where it leads. 

To learn more about Nationwide’s technology organization, visit the Nationwide Technology & Innovation newsroom page. 

The escalating wave of digital fraud, which saw reported losses surge to a record $16.6 billion in 2024 – a 33% increase from the previous year according to the FBI’s most recent Annual Internet Crime Report – is a growing concern for cybersecurity leaders. Bad actors have turned to “social engineering” as a primary weapon. 

Carnegie Mellon University’s Information Security Office explains that social engineering is “the tactic of manipulating, influencing or deceiving a victim to gain control over a computer system, or to steal personal and financial information. It uses psychological manipulation to trick users into making security mistakes or giving away sensitive information.” 

While large corporations often make headlines as victims of cyber-attacks, small businesses, including insurance agencies and financial firms, are increasingly targeted. Understanding social engineering and implementing robust security measures is crucial for protecting your business. 

Four Social Engineering Trends & Proactive Steps to Take Today  

1. Phishing: This technique attempts to trick individuals into providing sensitive information, such as usernames, passwords, or credit card details. They often do this by pretending to be a trusted person or company in emails, text messages, or websites. 

• To combat phishing, be cautious of unsolicited emails or messages asking for personal information. Look for signs of phishing, such as generic greetings, language that conveys a sense of urgency, unexpected attachments, and suspicious links. 

2. Smishing: Short for "SMS phishing," this technique involves sending fraudulent text messages that appear to be from legitimate sources, often urging recipients to click on malicious links or provide personal information.  

• Train your teams to be skeptical of unexpected texts. If you receive a text message from an unknown number or a message that seems suspicious, don't click on any links or provide personal information. Verify the sender's identity through a trusted source. 

3. Vishing: A combination of "voice" and "phishing," vishing attacks leverage voice technology to impersonate trusted individuals or organizations. Attackers may use caller ID spoofing to make it appear as though they are calling from a legitimate number. Additionally, generative AI (Gen AI) technologies can create highly convincing deepfakes of voices, making it even easier for attackers to deceive victims. These AI-generated voice deepfakes can mimic the tone, pitch, and speech patterns of real individuals, further complicating the identification of fraudulent calls. 

• Combat vishing by verifying the caller. If you receive a call requesting sensitive information, ask for the caller's name, department, and a callback number. Verify this information through your company's official channels before sharing any details.  
• To combat deepfakes, stay informed about the latest deepfake technologies and use tools designed to detect manipulated media. Implement a zero-trust mindset, verifying the authenticity of audio, video, and images before acting on them. 

4. Business Email Account Takeover: Also known as Business Email Compromise (BEC), this scam targets businesses by compromising legitimate email accounts through social engineering or computer intrusion. Attackers send emails that appear to come from known sources, making legitimate requests like updating payment information or transferring funds. Common signs of BEC scams include urgent requests, slight changes in email addresses, unexpected requests, spoofed email addresses, personal mailboxes, and end-of-day requests.  

• To combat these types of attacks, always verify the identity of the person making the request. Defend against BEC by double-checking all email requests for sensitive information—paying close attention to the common signs attackers might use in attempt to gain access. Verify requests by contacting the sender directly through a known phone number or in-person. Additionally, monitor unusual email activity, such as unexpected login attempts or changes in email settings, and report any suspicious activity to your IT department immediately.  

General Tips 
As with anything, an ounce of prevention is often worth a pound of cure. If you’re not already, incorporate this general guidance: 

• Stay informed: Keep up with the latest social engineering tactics and share them with your team. For more details, visit Nationwide’s Cyber Resource Center, which offers insights, best practices, and education to safeguard your digital information. 
• Encourage Reporting: Foster an environment where employees feel confident reporting any unusual activities. Early reporting can help address potential issues quickly and effectively. 
• Use Strong Passwords: Encourage the use of strong, unique passwords for all accounts and change them regularly. Avoid easily guessable information like birthdays or common words. Enable Multi-Factor Authentication (MFA) for added security, using methods like authenticator apps, biometrics, email codes, or security questions. 

By staying informed about emerging trends and implementing proactive measures, you and your teams can significantly enhance cybersecurity and protect against evolving social engineering threats. Awareness and vigilance are crucial in defending against the sophisticated tactics employed by cybercriminals.

To learn more about technology advancements at Nationwide, visit the Nationwide Technology & Innovation newsroom page.  

At Nationwide, there has always been a focus on employing the latest advances in technology to be a modern mutual company that strives to be the most trusted, caring and customer-focused protection company. Executive Vice President and Chief Technology Officer Jim Fowler oversees all of Nationwide’s technology strategy and management and recently answered questions about the technology he sees advancing in 2025.  

To learn more about technology advancements at Nationwide, visit the Nationwide Technology & Innovation newsroom page.  

If you think about insurance products, they have always been virtual and built from data and math for the purposes of assessing and pricing risk, so it should not come as a surprise that Nationwide has been using artificial intelligence & machine learning (AI/ML) for more than a decade. In an era where this technology is now accessible to everybody—not just a data scientist—it is in the early stages of transforming the workplace. Nationwide’s Chief Advanced Analytics Officer Shannon Terry explores Nationwide’s early adoption of AI/ML, its evolution, and the innovative ways the company is integrating the technology.   

To learn more about technology advancements at Nationwide, visit the Nationwide Technology & Innovation newsroom page.  

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Carrel, Senior Vice President and Chief Technology Officer for Nationwide Financial, recently sat down for an interview with the LEAD I.T. podcast to discuss his experiences in leadership over the last nearly 30 years. He discussed how his personal experiences, both successes and personal tragedies, shaped his mission to lead with empathy and resilience. His story offers practical takeaways that can help build trust, foster deeper team connections, and drive teams towards success. 

Listen here. 

We live in a digital world where cyber-attacks are a constant threat. With Generative Artificial Intelligence (Gen AI or AI) becoming increasingly more sophisticated, bad actors have more tools at their disposal, making it faster and easier to execute an attack.  

Because of this, Nationwide is working with our partners to leverage Gen AI to combat cyber threats – utilizing its capabilities in detection, containment, and recovery to safeguard against malicious attacks. 

The Forefront of Cyber Defense: AI-Driven Detection  
The battle against cyber threats begins with robust protection and detection capabilities. While traditional prevention methods are essential, they are not infallible. Gen AI steps in to fill the gaps – offering a significant advantage in identifying evolving threats; and in some situations, automatically containing the threats before they cause damage.  

Research done by IBM revealed that organizations integrating AI into their security systems can outpace those without it, detecting and containing breaches a remarkable 108 days sooner. This advanced technology offers a significant time advantage in the critical fight against cyber threats. 

At Nationwide, we’ve found that AI’s ability to swiftly process large amounts of data ensures rapid threat identification, which is crucial in our risk-laden cyber environment. Through AI-based threat hunting, incident summaries are generated instantly, and responses are automated, allowing security agents to discern complex data patterns and potential threats with unparalleled efficiency. 

Containment: The AI Shield in Action  
When a cyber-attack strikes, immediate containment is imperative. AI systems are at the forefront, analyzing data in real-time to pinpoint patterns and anomalies indicative of cyber threats. The moment malicious activity is detected, it initiates targeted containment measures, often before human analysts are alerted. The financial benefits are tangible; organizations that integrate AI and automation extensively report significant cost savings in data breach incidents. On average, AI reduces the time to identify and contain breaches by over three months, mitigating financial losses. 

 AI-Powered Recovery: Restoring Security Post-Breach Post-incident 
AI’s role is critical in response and recovery efforts. AI-powered systems rapidly assess the incident’s scope, impact, and root causes, offering vital insights to accelerate investigation and remediation. During an attack, AI’s precision and speed minimize potential damage, executing automatic risk mitigation actions. In the aftermath, AI aids in recovery by identifying compromised systems, recommending corrective measures, and reinforcing systems against future threats. 

Nationwide, a company dedicated to protection, places the utmost importance on the security of customer data. Whether in our hands or those of our partners, customer data protection remains a top priority.  

There’s no denying that generative artificial intelligence (AI) is changing the world as we know it. It can create content in seconds, as well as generate innovative ideas, helping us quickly and efficiently meet customer needs while potentially providing a better experience. It’s also dominated the news cycle since widespread consumer adoption began to accelerate about a year ago. Most recently, I was fascinated by news of the recent shakeup at OpenAI involving their CEO. 

As the generative AI revolution continues to seep into more facets of our everyday lives, it’s natural for business leaders to view it with curiosity and maybe even a little trepidation. Many are beginning to consider how they can best utilize it while maximizing the advantages it offers and minimizing the risks. In fact, according to a survey from my company, Nationwide, more than 7 in 10 mid-market business owners and 30% of small business owners are considering using AI technology to help make strategic business decisions. 

However, there remains a gap between the potential and the reality of generative AI adoption for many business leaders. Reasons for this may include lack of resources, resistance to change, mistrust of this new technology or even concerns about sharing proprietary information with the world (for those with this last fear, there are platforms that offer enterprise security). 

While the benefits of generative AI do not come without risks, as business leaders, we need to begin experimenting with it to remain competitive. My own company shares that viewpoint. We have been investing in technology and data analytics infrastructure for well over a decade and we’re now developing ways to securely leverage generative AI to augment the work of our team. 

Whether you’re leading a Fortune 100 company or a sole proprietor, there are so many ways you can make generative AI work for you. Here are a few tips to help business leaders think about and test generative AI in smart, safe ways, based on my experience. 

1. It starts at the top. 

Generative AI can help businesses unlock new possibilities, enhance creativity and differentiate themselves from competitors—but it has to start with the C-suite. Business leaders need to be advocates, setting up governance and structure for these powerful new tools to be used effectively and ethically. 

For example, we established a committee of leaders from various areas of the company to lead our AI engagement and balance innovation with responsible development. Investing in the right tools and the right training for employees will also be critical for long-term success. 

2. Keep humans in the loop. 

Generative AI can help businesses achieve a “bionic business model” by leveraging the best of both worlds: the speed, scale and efficiency of machines, with the empathy, judgment and intuition of humans. In fact, according to recent data from Insight, nearly three-quarters of business leaders believe AI implementation will improve their employees’ productivity. 

However, generative AI will not replace human intelligence; it will complement it. To work effectively, it requires a human-in-the-loop approach, where people and machines collaborate to ensure quality, accuracy and ethics. 

For example, one way we’re implementing the bionic model is by enabling our call center employees to automatically pull up specific product information needed to answer client questions quickly and efficiently. Some AI applications can synthesize meeting discussions for you in real time, recognizing participant voices to quickly identify action items and assign them to the correct person after the meeting. That makes it much easier for a team to track follow up actions and share relevant information with others. 

By allowing your employees to harness the power of generative AI, you’re giving them a virtual assistant to automate tedious or time-consuming tasks—helping your people focus on delivering a better customer experience or developing innovative new ideas to grow your business. 

3. Iteration is key. 

Generative AI is not a one-size-fits-all solution, but a customizable and adaptable one. It is an evolving technology that requires constant learning and improvement. Businesses should experiment with different models, data sources, parameters and outputs to find the best fit for their specific uses and goals, monitoring and measuring the performance and impact on their business outcomes. 

Business owners should also stay updated on the latest developments and trends in generative AI. According to my company’s survey, 53% of mid-market business owners are already familiar with ChatGPT, and 67% trust it to provide advice related to their business operations. And a McKinsey survey found that 22% of respondents are already using generative AI regularly in their work. 

As more generative AI advancements are rolled out, business leaders should continue seeking feedback from customers, employees and partners on how to improve its applications. They should also be open to collaborating with other businesses and experts in the field to share best practices and learn from others. 

Generative AI is poised to help businesses of all sizes address some of the most pressing challenges and opportunities they face in today’s competitive landscape. If used appropriately, it can help businesses provide more value and better service to their customers. The time is now to empower your team to begin thoughtfully testing AI and learning how it can make your business more efficient and effective. One thing is for sure: It’s likely your competitors are doing the same. 

 Originally published on Forbes Advisor. 

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