Generative AI, particularly through large language models (LLMs) like ChatGPT, has revolutionized AI applications for both personal and business use, offering capabilities such as writing, summarizing, and conversing with near-human quality since its introduction in late 2022. These models are being increasingly adopted across industries to enhance productivity, particularly for knowledge workers, by automating mundane tasks and allowing a focus on more valuable responsibilities, resulting in significant productivity gains and improved employee satisfaction. Studies suggest LLMs could impact up to 80% of the U.S. workforce, potentially raising global GDP by 7% and enabling productivity improvements of over 50% for various tasks. Despite the challenges in wide-scale deployment, LLMs are poised to evolve into Knowledge Assistants that access and synthesize enterprise data, with the potential to automate complex tasks, offering substantial economic value akin to previous technological revolutions like the internet and smartphones. Business leaders are encouraged to explore these capabilities early to harness AI's transformative power and maintain competitive advantage.