BREAKING: Business Executives Overwhelmingly Support Regulating AI, Says Survey
In a shocking turn of events, a whopping 73% of business executives are demanding regulation for artificial intelligence (AI), according to a global survey conducted by Datasite. It seems these high-level professionals are growing increasingly concerned about the risks and uncertainties surrounding this powerful technology.
Data security and privacy concerns take the top spot (36%) as the biggest obstacle for incorporating generative AI into businesses. Competence and expertise (26%), the technology’s immaturity (20%), and unclear use cases (12%) follow closely behind, says a press release from Datasite. With these concerns looming, it’s clear that the business world is not yet ready to fully embrace generative AI.
But it gets worse. The survey revealed that a shocking 14% of deals have been derailed due to AI-related concerns. Yes, you read that right. AI is derailing deals left and right, and it’s sending shockwaves through the business community.
It’s no wonder that policymakers and regulators are scrambling to address the dangers of this so-called transformative technology. President Joe Biden himself acknowledged the “enormous peril” of AI in a recent speech to the United Nations General Assembly. The U.S. is teaming up with other nations to establish rules and policies that ensure AI technologies are safe before they hit the market.
Even influential technology companies have pledged to put safeguards in place. Salesforce, Adobe, IBM, and Nvidia are among eight companies that have committed to voluntary measures, such as publicly reporting their AI systems’ capabilities, limitations, and areas of appropriate and inappropriate use. The U.S. government and leading tech executives are taking this seriously.
But it’s not just the U.S. that’s taking action. The European Union (EU) is poised to be the first region to regulate generative AI. Late-stage negotiations are underway in the European Commission for the AI Act, legislation that will provide oversight and regulation, according to Business Insider.
Despite the concerns, there is still hope for AI adoption. A survey from KPMG found that 93% of executives believe generative AI will provide value to their businesses. It’s clear that the potential benefits are too tempting to ignore. However, regulatory uncertainty remains the biggest barrier for implementation.
In the world of deal making, generative AI has the potential to revolutionize processes. The Datasite survey shows that dealmakers expect it to improve efficiency, decision-making, and risk identification. In fact, over half of respondents believe that generative AI could speed up M&A deals by 26% to 50%. It could be a game-changer, but only if the challenges and risks are effectively addressed.
So what do you think? Should AI be heavily regulated or allowed to evolve freely? Let us know in the comments below!
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