Good morning. CFOs and CEOs are strategic partners—with many working more closely together than ever before—so understanding a chief executive's perspective on emerging tech is vital for a finance chief to optimize decision-making.
A recent online Yale CEO Summit brought together top Fortune 500 CEOs to talk about how they’re reinventing their businesses around AI, clean energy, and other emerging technologies. In a new Fortune opinion piece, Jeffrey Sonnenfeld, a professor and the founder and president of the Yale Chief Executive Leadership Institute, and Steven Tian, director of research at the institute, shared viewpoints of some leading chief executives.
“Clearly, the insights shared with us by 200 top CEOs suggest that some of the most transformative uses of AI are taking place in plain sight at some of the world’s largest companies,” Sonnenfeld and Tian write. “These experienced non-tech titans embody the wisdom of Louis Pasteur regarding innovation in the field of practice, ‘Chance favors the mind that is prepared.’”
For example, Chipotle CEO Brian Niccol is focusing on using automation and AI to address employees’ pain points in prep work, such as frying chips and preparing avocados. Take, for instance, the fast-casual chain’s Chippy, a robot, which makes tortilla chips. Niccol views these robots as complementary to humans, not as replacements. “One of our biggest challenges is getting prep done on time for opening every day, especially if someone calls off in the morning and the team is short a person,” Niccol told the group.
And Niccol knows what he's talking about. “Wrapping a burrito is an art,” he recently told Fortune in an interview. His behind-the-counter experiences gave him a deeper appreciation for the team members who prepare and serve meals, which helped generate $2.7 billion in first-quarter revenue for the company as it grew to over 3,300 locations in 48 states.
At the Yale CEO summit, the financial services industry also was represented. Brian Moynihan, CEO of Bank of America, discussed the firm's proprietary “Erica,” a voice-activated banking assistant that's had more than 2 billion customer interactions.
“First, we had to build a language which was recognized for banking, and then build a structure which works in a controlled, regulated environment, which is what financial services is,” Moynihan told the group. “Then, we had to think about how we could deliver our product to 60 million customers, keeping in mind that those customers would be asking specific questions related to a transaction in one of 60 million accounts, as a part of 110 different systems and types of transactions.” That’s no small feat.
For more fresh takes on tech from top CEOs, including Mary Barra of General Motors and her thoughts on electric vehicles, please read the complete report here.
Sheryl Estrada
sheryl.estrada@fortune.com
