GENERATIVE AI: THE FUTURE OF BUSINESS LEADERSHIP?
In a recent survey conducted by accounting and consulting firm KPMG, it was revealed that generative artificial intelligence (AI) is set to become the most impactful emerging technology for businesses. A whopping 74% of executives see generative AI as the game-changer that will reshape the way they interact with customers, run their workplaces, and grow revenue.
The survey, which received input from 200 global business leaders, also found that 71% of these executives plan to implement their first generative AI project within the next two years. They believe that this technology has the potential to create content, engage users, develop software, and analyze data.
However, while there is optimism about the future of generative AI, there are also concerns about security, reliability, impact on jobs, and potential value. Executives cited lack of talent, cost issues, and unclear applications as the top barriers to implementation.
Kevin Bolen, a principal and head of strategy and investments at KPMG Advisory, believes that generative AI is not just a fleeting technology, but a tool with wide applications across various industries. He encourages businesses of all sizes to start experimenting with generative AI to better understand its potential capabilities.
KPMG itself is making a big bet on the technology, announcing a $2 billion investment over the next five years to automate parts of its tax, audit, and consulting businesses. The firm estimates that this investment will generate over $12 billion in revenue by providing faster analysis and allowing employees to focus on more valuable tasks, thanks to AI technology.
While many companies are eager to explore generative AI, there are still a lot of questions and challenges to overcome. Companies are asking how to control the output and understand where the AI is getting its answers. They are also concerned about the cost and infrastructure needed for deployment.
In terms of adoption, Bolen believes that companies are eager but still one or two years away from implementing their first generative AI solution. Building dedicated teams and creating a governance process for AI will be key steps in the adoption process.
He also acknowledges that smaller companies can benefit from generative AI tools that are relatively cheap and provide immediate benefits, such as writing press releases or creating software code. As the cost for these systems comes down, more technology will become available to small and midsize companies.
As for the fear that AI will displace workers, Bolen believes that it is a legitimate concern but also an opportunity for workers to focus on more valuable tasks. He suggests that companies should focus on upskilling their workforce and finding new roles for employees as AI technology evolves.
So, how important of a role do business leaders think generative AI will play in the coming months and years? The survey suggests a major one. But what do you think? Share your thoughts and comment below!
(Content: Buzzworthy Blog)
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