Interview for Executive Digest: Artificial Intelligence is a “game-changer” in business

Posted by The Lisbon MBA on 21 Dec, 2023 4:20 pm

In an interview with Executive Digest, Professor René Bohnsack, academic director of The Lisbon MBA Católica|Nova from CATÓLICA-LISBON, underscored the crucial impact of Artificial Intelligence in transforming the business landscape.

 

Professor René Bohnsack is one of the academic directors of The Lisbon MBA Católica|Nova, also serving as a professor of Strategic Management of Innovation at the same institution. With his award-winning research work published in leading international management and innovation journals, he is an expert in the field of business model innovation, digital transformation, and sustainable innovation.

 

 

In your opinion, how is Artificial Intelligence transforming the business world?

 

In simple terms, Artificial Intelligence is a game changer in business. It’s like electricity in the industrial era – soon, conducting business without relying on AI will be nearly impossible. Companies that don’t embrace this challenge may simply disappear. They will be surpassed in efficiency, analytics, and innovative products on all fronts. AI is not just an upgrade; it is the core of future business models.

 

 

How does the “Strategic Management of Innovation” program help students stay ahead of the digital revolution?

 

I often say that my “Strategic Management of Innovation” course is like a Swiss Army knife for the digital era. It’s not just about knowing the tools; it’s about mastering them to gain strategic advantages in a world where digital and sustainability are the new benchmarks. It’s about “equipping” leaders to make clear and visionary decisions. Companies that don’t continuously innovate in this accelerated world will face difficulties and may eventually disappear.

 

 

What other advantages can these programs bring to future leaders?

 

The programs of The Lisbon MBA go beyond providing professional skills. It’s about changing our students’ perspective on the world and how they see it. I want my students to read the news and find clarity. After my course, they should feel prepared, confident, and enriched to navigate and lead in a VUCA (Volatile, Uncertain, Complex, and Ambiguous) world.

 

 

In the future, how should organizations integrate human collaborators and AI in the decision-making process?

 

After the rise of ChatGPT and related tools, integrating human intelligence with artificial intelligence is imperative. We can think of human intelligence and artificial intelligence as distinct toolsets: Kahneman’s System 1 and 2 for Human Intelligence, but also AI 1, 2, and 3, ranging from mechanical tasks to thinking and even emotions. Humans excel in creativity, emotions, and ethics, while AI excels in optimization, repetitive tasks, and rational decisions. The optimal point? It’s when we combine the two. We have to skillfully blend human intelligence with Artificial Intelligence; humans must remain in the loop. In my workshop “ChatGPT for Business Development,” we delve into exactly that topic.

 

 

How do these relevant topics integrate into The Lisbon MBA, and how can they impact the careers of future managers?

 

At The Lisbon MBA, we ensure the incorporation of highly current topics, such as AI, into our curriculum, covering areas like Data Analytics, AI, Digital Marketing, and business ethics. Our program is shaping leaders for the digital frontier. Take, for example, our alumnus Henrique Prado Ferreira and his AI startup, the winner of Web Summit 2023. It’s about giving our students the tools to unlock their potential.

 

 

The importance of data analysis in decision support is easy to understand. However, data science and new AI tools allow us to go beyond descriptive analysis to predictive and prescriptive analysis. How advanced are these tools today?

 

I like to make a comparison: they are like sports cars, fast and full of potential. But they can also disappear if we don’t know how to handle them. There are still many speculations and stories around this topic, and although they are advanced, relying solely on data science and AI tools for decision-making can be risky. In the future, this might be different, perhaps GPT-5 will solve that problem.

 

 

In your opinion and considering the current context, what is the connection between schools and companies to face current and future challenges in management and the economy?

 

In education, researchers observe and study what is happening in reality, frame that information, and make it accessible to everyone to enable companies to understand a complex reality. Especially in the challenge of dual transformation, more opportunities arise, but there are also more regulations related to sustainability and digital technologies. Thus, educational institutions are extremely important because who else could guide neutrally? In my Digital+Sustainable Innovation Lab at CATÓLICA-LISBON, we conduct exactly that research. We observe, dissect, and frame. Our goal is to make sense of complexity and translate it into viable strategies, especially now, as we face the challenges of dual transformation.

 

 

What qualities should the leader of the future have in this volatile and uncertain world?

 

Indeed, we have just studied over 20 startups and expansion leaders in Europe to see how they are utilizing AI, and we found that what is relevant for companies is knowledge of AI functionalities, refinement capabilities of AI, combinatory capabilities, and reflective abilities. Moreover, leaders must be able to guide their employees in this accelerated world, make them feel secure, heard, and challenge them to continuously improve.

 

Read the full article (original) in Portuguese here.

 

Source: Executive Digest

 

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