Published on January 15, 2024, 4:21 pm
Artificial Intelligence (AI) technology has been gaining significant traction in organizations across various industries. A recent survey conducted by Deloitte, involving 2,835 business and technology executives, sheds light on their perspectives on generative AI implementation.
The survey revealed that 62% of respondents expressed enthusiasm towards generative AI. However, it is not without a dose of uncertainty, as cited by 30% of those involved. Although executives recognize the potential of generative AI to bring about substantial changes in their companies and industries over the next three years, there is a varying timeline for these expected transformations. Around 79% of respondents anticipate significant changes, with approximately 31% believing they will occur within a year.
Interestingly, the study uncovered that 44% of participants perceive their companies to possess a high or very high level of expertise in generative AI. Those who reported having a greater level of expertise displayed more positive attitudes towards generative AI but also felt increased pressure and perceived threats.
While current approaches to generative AI primarily focus on efficiency, productivity, and cost reduction, fewer organizations prioritize innovation and growth. Approximately 56% of companies aim to enhance efficiency and productivity, while only 29% seek strategic benefits like innovation and growth from generative AI integration. However, an overwhelming majority (91%) believes that generative AI can deliver efficiency gains. Notably, 27% anticipate significant productivity gains from its implementation.
When it comes to sourcing generative AI solutions, most organizations rely heavily on off-the-shelf options readily available in the market. These include productivity applications equipped with built-in generative AI (71%), enterprise platforms featuring built-in generative AI (61%), off-the-shelf generative AI applications (68%), and publicly accessible large language models (56%).
Despite the promising potential of generative AI adoption for businesses across sectors, several concerns emerge related to talent management, governance practices, and associated risks. In fact, 41% of executives expressed that their organizations are minimally or not at all prepared to address these challenges brought about by the adoption of generative AI.
Looking beyond organizational implications, there are broader societal concerns as well. Around 52% of respondents anticipate generative AI’s widespread use leading to a centralization of power in the global economy, while 51% expect an increase in economic inequality.
Given these apprehensions, it is notable that a significant portion (78%) of executives advocate for stronger government regulations surrounding AI development. Additionally, 72% believe that there is not enough global cooperation to ensure the responsible and ethical development of AI systems.
As the implementation of generative AI expands and evolves across organizations worldwide, it is crucial to address both the opportunities and challenges associated with this technology. The findings from Deloitte’s survey shed light on the current landscape and provide valuable insights for businesses and policymakers alike.