Josh Weiner
The prevailing narrative around artificial intelligence often centers on its capacity for efficiency, streamlining existing processes and cutting costs. Yet, a growing consensus among top business leaders suggests that this focus, while appealing, risks missing the technology’s true transformative power. Executives are increasingly vocal about the need to move beyond simply optimizing current operations, instead urging a fundamental reinvention of business models and leadership roles. This shift in perspective gained significant traction at the recent Fortune Leaders Forum in Macau, where Fortune Global 500 executives, founders, and policymakers grappled with the complex interplay of AI breakthroughs, geopolitical tensions, and demographic shifts.
Malina Ngai, Group CEO of the 185-year-old health and beauty retailer AS Watson, articulated this concern pointedly, noting that the biggest risk lies in using AI merely to “improve today’s processes,” which essentially yields “a better version of yesterday.” Her sentiment reflects a broader understanding that bolting AI onto outdated workflows limits its potential. ServiceNow’s Asia managing director, Melissa Ries, highlighted a stark statistic: while roughly 60% of companies have adopted AI agents, only a meager 5% have actually redesigned their workflows to fully leverage the technology. For Ngai, the objective is not just faster operations, but a complete rethinking of how customer service is delivered, with AS Watson measuring success not in reduced costs, but in an improved “customer love score” as AI frees up staff to focus on more meaningful interactions. Similarly, Feroz Sheikh, CIO and CDO at Syngenta Group, described an evolution away from monolithic systems towards modular components, allowing for more adaptive supply chains and technology stacks in a rapidly changing environment.
The conversation invariably turns to the human element, particularly the evolving “talent equation.” Christina Zhu, President and CEO of Walmart China, emphasized that AI makes humans “more important, not less so.” She explained how AI assists merchandisers in product selection, but crucial insights into “unmet needs” still require deep human understanding, something data alone cannot provide. Walmart China’s robust 20.7% growth last quarter, significantly outpacing Walmart U.S.’s 2.6% growth, is attributed by Zhu to this potent combination of data, AI, and human decision-making. HP’s Asia head, Michael Boyle, echoed this, stressing the importance of building systems that integrate human talent with machine automation rather than simply re-engineering existing processes with AI.
This new dynamic redefines the very nature of leadership. When knowledge and experience become increasingly commoditized by readily available high-quality analysis, a leader’s judgment emerges as the paramount quality. IMD professor Tim Quigley and BCG’s Greater China chair Carol Liao both underscored the new “premium” placed on making high-quality decisions. Ries from ServiceNow identified judgment as the new “scarce resource” in an era where intelligence itself is automated. Design agency IDEO, known for seeking “T-shaped” individuals with deep expertise in one area, now observes the rise of the “comb-shaped person”—an individual possessing depth across multiple disciplines, capable of fluidly moving between them. Yuxiang Zhou, founder and CEO of Black Lake Technologies, a Chinese tech company developing AI agents for manufacturing, even uses AI agents to train his sales teams, reporting superior results compared to human managers in blind tests. For Zhou, the distinction between good and great leadership in the future hinges on how leaders define their relationship with artificial intelligence.
The implications extend beyond corporate strategy into broader societal considerations. President Donald Trump recently advocated against resisting AI data center development, arguing that slowing their progress would empower China and leave communities behind. This stance, however, contrasts with public sentiment; an Annenberg Public Policy Center poll indicated that 61% of Americans, including 54% of Republicans, oppose a new data center in their own communities. Meanwhile, companies like Giffgaff, led by CEO Kate Dohaney, are intentionally leveraging AI to enable employees to work more strategically, rather than as a tool for workforce reduction. Dohaney clarified that her focus is on training people to “do more, strategically, across the business,” not on implementing cuts. This approach highlights a deliberate choice by some leaders to harness AI for human empowerment and strategic advancement, moving decisively past the efficiency trap.
