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Governance Insights

Embracing Disruption: AI Innovations and Board Digitization

Nth Round


May 14, 2024

Welcome to this week’s issue of Governance Insights!

Today, we're talking about disruptive forces shaping the business world, from groundbreaking AI advancements to the digital transformation of private company boards.

But first…

“OpenAI debuts GPT-4o ‘omni’ model now powering ChatGPT”

OpenAI announced GPT-4o, a new flagship AI model, capable of handling text, speech, and video. This "omni" model allows users to interact with AI more naturally through voice and with real-time response.

This will be integrated into OpenAI's ChatGPT, where users can talk, ask questions with images, and get real-time responses. This will enhance how we use AI in everyday tasks, making it feel more like interacting with a human assistant.

“And this is incredibly important, because we’re looking at the future of interaction between ourselves and machines,” says OpenAI CTO Mira Murati.

Initially, audio features will be available to trusted partners. GPT-4o is accessible in the free tier of ChatGPT and premium plans.

With GPT-4o's launch, OpenAI continues to push the boundaries of AI interaction, promising even more intuitive and powerful capabilities in the years to come.

Speaking of impactful events…

The 2024 Private Company Governance Summit

On Wednesday, May 15, Family Business Magazine hosted the 12th annual Private Company Governance Summit (PCGS). This premier event is the only national conference dedicated solely to governance excellence for privately held and family-owned businesses.

This year’s focus was on the ongoing evolution of the private company board. Attendees explored the most effective strategies to ensure boards meet their companies' evolving needs, especially during disruptive times. The event covered key topics such as board and CEO development, lessons from under-performing boards, and the impact of Generative AI.

We're proud to sponsor this great event as Family Business Magazine consistently delivers valuable education on critical issues facing family businesses and private companies. It was great to gain insights and connect with all the attendees at PCGS 2024.

Weekly Board Topic: Digitizing Governance and Operations

Are you still grappling with spreadsheets and snail-mail for shareholder interactions and corporate governance? You're not alone.

Many businesses struggle with these outdated methods, leading to several challenges:

Scattered Information: Data gets locked away in different places, making informed decision-making difficult.

Leadership Burden: Precious time is wasted managing and consolidating information.

Slow Communication: Processes like proxy voting involve time-consuming, paper-based methods.

These challenges can stifle efficiency and hinder communication, especially as a new generation of tech-savvy board members take on leadership roles.

The solution? Embrace digital tools designed for private businesses. Here's how a digital toolset can revolutionize your operations:

Centralization: Imagine a single, secure platform that houses all your shareholder information. No more data silos, just easy access for efficient decision-making.

Customization: These tools aren't one-size-fits-all. They can be tailored to your unique business structure.

Enhanced Communication: Features like digital proxy voting streamline interactions with shareholders. Eliminate the hassle of multiple mailings per shareholder and boost participation rates.

Beyond Efficiency: Digital solutions offer additional benefits. Securely stored documents make reporting and file management a breeze.

By going digital, boards can unlock a new era of efficiency, streamline communication, and empower a tech-savvy generation of board members. This shift will not only save time and resources but also ensure smooth operations as your family business continues to thrive.