Despite business sentiment reaching record lows, the business community has demonstrated a desire to help lead the way. Now faced with a new technological frontier, New Zealand will again be looking to businesses to take charge.
A long-term focus is needed to take advantage of the transformational technologies now at our fingertips. In 2023, one has towered above all others — the emergence of AI.
Following the launch of ChatGPT, we have seen AI rapidly reach the top of the list of strategic topics for leadership teams and boards, alongside sustainability and climate, diversity and inclusion, and overall business performance.
For some, AI, especially GenAI represents an existential threat, to others it’s a new frontier. Irrespective of where you sit on the topic, it is clearly a strategic issue that cannot be ignored.
With ChatGPT, the business world really began to understand how increasingly capable, applicable, and disruptive AI can be. It may shape up to be one of the most transformational technologies of our time.
Its limitations are unlikely to be technical; it’s much more likely that we (humanity) will impose a set of constraints and controls that will ensure it is working in service of us, and towards our greater good.
Business and government will need to address fundamental questions like how will we allow it to advance? Will we wait for other nations to lead the way, or will we take matters into our own hands?
Our approach to AI has been cautious, especially compared to our global peers. There has been some focus on technical requirements or short-term trends, but the task now is to seek a greater understanding of the transformative potential of AI.
Whenever we find ourselves at a tipping point like this, it’s critical to encourage high levels of engagement at the upper levels of organisations. C-suites need to adopt a curious and open mindset when it comes to increasing their AI fluency.
Commitment at the top has a way of cascading down through an organisation, with opportunities emerging at every level, so it is essential the C-suite has a clear view on how to identify, evaluate and where appropriate, accelerate these opportunities.
Businesses featured in this year’s Top 200, along with other leadership roles, will be among those New Zealand looks to for leading this charge and drawing inspiration and guidance from our international peers.
These businesses should keep an eye on global markets with the recognition that remaining integrated in international technology, trends, and supply chains is a critical area of focus. Amid global uncertainty, it’s more important than ever for our business community to keep an eye outward on any shifting focus and stay well-connected beyond our shores.
Though the country has its sights on what comes next, it’s important also to acknowledge the businesses at the forefront of our economy that have been adaptable and strong. The Deloitte Top 200 gives us an opportunity to celebrate them, their resilience, and their agility to succeed as they create a lasting impact that will contribute to a better future for their communities.
The finalists in the Deloitte Top 200 awards have all shown unmatched leadership in the face of difficult times.
Huge congratulations to all our 2023 winners and finalists who continue to power the country forward. We can hope that with a commitment to our economy, a few bold, strategic choices, and long-term goals in mind, they are able to approach the technological opportunity in front of us with the passion to lead New Zealand into an uncharted, but exciting future.
Mike Horne is CEO of Deloitte
