Podcast AI - Scenario Planning Using Generative AI
AI Summary
Summary of AI’s Role in Future Planning
- AI is being used to predict potential outcomes of current decisions.
- Traditional scenario planning has evolved into contingency scenario planning (CSP).
- Speed is crucial in decision-making due to frequent disruptions, especially in supply chains.
- Generative AI (Gen AI) is a key tool in rapid and cost-effective scenario planning.
- Gen AI democratizes planning, making it accessible to smaller businesses.
- It can identify hidden patterns and connections in data, aiding in risk assessment.
- Gen AI is creative, helping to overcome biases and generate innovative solutions.
- Fortune 500 companies are already utilizing Gen AI to stay competitive.
- Example: Car manufacturers use Gen AI to adapt to the electric vehicle market.
- AI analyzes internal company factors and external events.
- It runs simulations to create “what if” scenarios.
- AI provides actionable solutions, like suggesting workforce skill updates and partnerships with battery manufacturers.
- Gen AI acts as a thought partner, helping businesses not just survive but thrive.
Discussion Points
- The importance of agility and speed in modern business planning.
- The transformative impact of Gen AI on various industries.
- The potential of Gen AI to help businesses navigate complex challenges.
- The democratization of advanced planning tools through AI.
- The role of AI in identifying risks and generating creative solutions.