Genetic Technical Intelligence (GEN AI) will lead to a significant transformation of companies in less than three years, as estimated by 3 out of 4 business executives who participated in the Deloitte AI InstituteTM survey, the results of which were presented at the World Economic Forum. At the same time, only a quarter of leaders believe their organizations are “very” or “very” prepared to address the governance and risk issues associated with Gen AI adoption, while more than half are concerned that the widespread use of Gen AI AI will lead to an increase in economic inequality (51%).
Efficiency
The exhibition “The State of Generative AI in the Enterprise: Now decides next» is based on a survey of more than 2,800 participants, from managers to C-suite level employees, from six industries and 16 countries. Although respondents are to varying degrees experienced with Gen AI, all have experience with artificial intelligence and are implementing or considering implementing Gen AI in their organization.
Three in four (79%) of survey participants believe that Gen AI will lead to significant transformation in their organization in less than three years. However, for now, the majority report focusing more on tactical benefits, such as improving efficiency and reducing costs, rather than on strategic issues such as growing and improving innovation. As with many new technologies, improved efficiency and productivity was the dominant benefit organizations reported looking for (56%). Areas considered more strategic, such as promoting innovation (29%) and discovering new ideas and conclusions (19%), are currently a lower priority for organizations.
More than four in ten (44%) of respondents believe they have a “high” or “very high” level of expertise in Gen AI. Of this group, the 9% who report a “very high” level of expertise (also referred to as early Gen AI experts) reveal how leaders think about and approach Gen AI differently. Nearly three-quarters (73%) of these “Gen AI early adopters” say they are already incorporating it into their new product development and R&D department, indicating that they are beginning to use Gen AI to innovate and grow their organization. They are also more likely to use Gen AI at a higher rate across all business functions.
Changes
Gen AI early adopters feel more confident and less uncertain about the technology and appear to be the most prepared for the changes Gen AI will bring, but they also recognize the greatest potential for disruption. For example, compared to participants who identify as “mid-level experts,” “early Gen AI experts” are twice as likely to feel that their organizations’ business or operational structure is threatened by the widespread adoption of Gen AI.
The top challenges in adopting Gen AI
Respondents report that they generally feel prepared in terms of strategy and technology infrastructure, but have lower confidence in skills management, governance and risk, which are seen as significant barriers to Gen AI adoption.
In essence, respondents cite a lack of technical knowledge and skills as the biggest barrier to Gen AI adoption. Only 22% of respondents believe their organizations are “great” or “very” prepared to address the skills issues surrounding Gen AI adoption.
And many have yet to focus on training and reskilling their workforce – only 47% of organizations agree that they adequately educate their employees on the capabilities, advantages and benefits of Gen AI. Early Gen AI experts, however, are more likely to focus on training and reskilling their staff on the one hand, and on recruiting new partners with the technical skills to implement Gen AI initiatives on the other. For example, 74% of respondents with “very high” expertise in Gen AI say they are training their workforce, compared to 27% of respondents with “some” expertise.
The barriers
Accordingly, governance and risk are barriers to Gen AI adoption. Only a quarter (25%) of leaders believe their organizations are “great” or “very” prepared to address the governance and risk issues associated with Gen AI adoption. Respondents’ biggest management concerns are: lack of confidence in results (36%), intellectual property concerns (35%), misuse of customer or consumer data (34%), ability to comply with regulations (33%) and lack of explanation/transparency (31%).
Inequality
Although leaders surveyed are generally excited about the potential business benefits of Gen AI, they are less sanguine about its broader societal implications. More than half of respondents expect the widespread use of Gen AI to act as a driver of concentration in the global economy (52%) and increase economic inequality (51%). Additionally, 49% of respondents believe that the rise of Gen AI tools/apps will shake the overall level of trust in national and global institutions.
To address these concerns, the majority of respondents agree that to manage widespread and responsible adoption of Gen AI there is a need for more global regulation (78%) and collaboration (72%).
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