As companies seek to realize the promise of generative AI, effective collaboration between CEOs and CIOs has become an unheralded, but critical driver of technological transformation.Artificial intelligence is revolutionizing work across almost every industry. Leaders are facing immense pressure to substantiate the value of GenAI and effectively measure outcomes that demonstrate its impact to their people, boards and shareholders. To do so, they are aggressively moving from pilots to transformational programs to unlock new revenue streams, maximize ROI and cement their competitive advantage. KPMGs latest AI & Digital Innovation Quarterly pulse survey found that 79% of business leaders are prioritizing productivity gains, and that more than half are exploring the use of AI agents. Those tools can work independently to perform tasks and adapt in real time. To successfully implement GenAI or AI agents within an organization, it is crucial for the CEO and the CIO to work together to establish a shared vision and strategy to meet business objectives and maximize the return on their investment.The CEO should have a clear understanding of the potential benefits that GenAI can bring and how it aligns with the long-term goals of the organization. The CEO should set the agenda and drive a culture of collaboration, cross-functional strategy and integration because siloed efforts are unlikely to yield the game changing transformation needed for a sustainable, competitive advantage.Related:Responsibilities for GenAI strategies are increasingly being shared across the C-suite as organizations adopt longer-term strategies. CIOs are also deeply involved in developing the strategy, and they have great influence over the technology investments. They also bring technical expertise to the table and provide insights into the feasibility of implementing the technology and the potential risks associated with it. The CIO should have an ecosystem strategy for their AI program that evaluates the compatibility of GenAI solutions with existing systems and considers the potential impact on the organization's IT infrastructure.CIOs must also spearhead efforts to break down functional siloes that can hinder enterprise-wide transformation. It is common for companies to prioritize digital transformation in certain functions over others, resulting in a capability gap that can be noticeable to customers, stakeholders and employees.Effective communication between the CEO and the CIO is crucial for a successful GenAI implementation at scale. Regular touchpoints and open dialogue allow both parties to exchange ideas, address concerns, while aligning their expectations and initiatives with the organization's goals.Related:When I speak with executives, many of their experiences are similar -- they are looking to close the gap between their aspirations and the everyday habits of their workforce. They want to understand how to put AI into production beyond writing drafts so they can see transformational change. Theyve invested their own time in experimenting with GenAI and believe in its transformative potential for their organization. Looking at clients across industries, what is most effective is when they prioritize modernizing their data strategies and systems to ensure the quality and integrity of their AI tools.Successful organizations also are reimagining their workforces and considering how to future-proof their talent strategy. They are excited about the early successes theyve seen with GenAI across different corporate functions like finance, sales and IT, and they want to translate those lessons into bigger opportunities.It's also no secret that GenAI implementation comes with inherent risks, such as data privacy, cyber and ethical concerns. Collaboration between the CEO and CIO helps mitigate these risks by having a robust risk management framework in place, which includes data encryption, access controls and compliance with the evolving regulatory landscape. Other areas that are ripe for collaboration include the establishment of ethical guidelines and changes to workflows and job roles.Related:Many also may not have fully considered the long-term costs, which is crucial for informed decision making. Understanding and managing the costs of AI adoption is vital, and organizations must establish comprehensive total cost of ownership models, with cross-functional governance, and standard procedures to track and manage the success.Working together, the CEO and CIO can push forward these changes faster and more effectively. Findings from the 2024 KPMG Global Technology survey showed that 80% of C-suite technology leaders say senior leaderships risk aversion makes them slower than competitors to embrace new technology. This makes it crucial to have a strong change-management strategy in place so organizations not only can have a smooth adoption but also a faster and more efficient one. The CEO should communicate the benefits of GenAI to employees, emphasizing how it can enhance productivity and create new opportunities while the CIO can work with other leaders to embed the technology into existing workflows, and reduce barriers to adoption.The CEO/CIO dynamic plays a pivotal role in the successful implementation of GenAI in organizations. Collaboration, shared vision, effective decision-making, risk and change management, and measuring success need to be top of mind. By working together, they can fully leverage the benefits of GenAI to drive innovation, improve efficiency, and stay competitive in the market.