62% of business, tech leaders excited about GenAI – Deloitte
NEARLY two-thirds of business and tech leaders are excited about generative AI (GenAI) while the remaining percentage expressed doubt, results from Deloitte’s survey on general AI adoption showed.
For its initial quarterly poll, over 2,800 directors and executives in six industries across 16 countries were asked about their views on GenAI. The aim was to assess the state of GenAI in the business world, helping both public and private sectors in monitoring its rapid evolution.
The majority or 62 percent of respondents showed optimism toward embracing GenAI, while 30 percent expressed doubt.
Seventy-nine percent of the leaders also believe that GenAI will lead to significant changes within organizations in under three years.
Meanwhile, 44 percent said that they possess a significant level of expertise in GenAI, with 9 percent claiming to have “very high” expertise or are known as early GenAI experts.
A substantial 73 percent of these early GenAI experts said they are incorporating AI into their research and development, indicating an early adoption for innovation.
“These early GenAI experts feel more trust and less uncertainty about the technology and appear to be the most prepared for the changes GenAI will bring — but they also see greater potential for disruption,” said Deloitte.
“For example, compared to respondents with ‘some level of expertise,’ early GenAI experts are twice as likely to feel that their business or operating model is threatened by the widespread adoption of GenAI,” it said.
Additionally, only 47 percent of the participants claimed they’re educating their staff about GenAI’s capabilities and advantages. The remaining portion, meanwhile, said they aren’t prioritizing education and reskilling.
The early GenAI experts with “very high” expertise, meanwhile, said they prioritize educating and reskilling their workforce with 74 percent focusing on workforce education, compared to 27 percent of those with “some” expertise.
On the other hand, managing talent, governance and risk emerges as primary challenges associated with the integration of GenAI. Meanwhile, some expressed confidence in its readiness concerning strategy and technological infrastructure.
Only 22 percent of the industry leaders said their companies are well-prepared to address talent issues related to adopting GenAI.
Likewise, only 25 percent of leaders feel their organizations are well-prepared for addressing governance and risk-related issues with GenAI adoption.
Results of the poll also identified other concerns related to governance including the lack of confidence in results as stated by 36 percent of the participants, another 35 percent
expressed concerns about intellectual property, 34 percent to misuse of client or customer data, 33 percent on the ability to comply with regulations and 31 percent on lack of transparency.
The survey also showed that industry leaders are concerned that the emergence of GenAI could worsen economic disparities.
It showed that 52 percent of participants anticipate that AI will concentrate influence within the global economy, while 51 percent said that it could elevate economic inequality.
It also revealed that 49 percent of the leaders think the rise of GenAI tools will weaken the general trust in national and global institutions.
“To help address these concerns, majority of respondents agree there is a need for more global regulation (78 percent) and collaboration (72 percent) to manage the responsible, widespread adoption of GenAI,” said Deloitte.
In line with this, the Philippine government has introduced AI-specific legislation to address emerging technological risks and promote best practices.
A proposed bill aims to establish a comprehensive framework for AI development and regulation, including the creation of the Artificial Intelligence Development Authority.