Many people are nervous about the implications of generative AI. Business leaders have their concerns as well. But they are also convinced the benefits outweigh the negatives — by quite a bit. Will such optimism be tempered by the details involved in AI implementations, not to mention organizational politics?
The attitudes of 1,000 executives toward this disruptive force were tracked in Capgemini Research Institute’s latest report, based on a survey, conducted in April 2023. Close to three in four, 74%, believe the benefits posed by generative AI outweigh the concerns. A like amount say it will likely boost revenues.
Still, before the revenues pour in, there’s acknowledgement that “organizations are hitting roadblocks,” the report’s authors report. “Insufficient clarity on the underlying data of pre-trained models, possible biases, and a lack of inclusivity pose legal and reputational risks for organizations,” they warn. Additional roadblocks include concern about copyright infringement, AI “hallucinations,” as well as “the potential for data leakage, even with custom-built internal models.”
One of the greatest fears about generative AI is how it may potentially replace people in the workplace. Executives don’t see it this way. Rather, they are bullish on how AI may improve employee capabilities and the flow of the workplace. “Generative AI has the potential to transform work,” the report’s authors state. Most executives (70%) see it as a way to widen the scope of knowledge workers, “as well as free them to explore more strategic aspects of their jobs.”
There are emerging roles as well — 69% of executives believe new roles will coalesce around generative AI, such as AI auditors and AI ethicists. Similarly, 68% believe that integration of the technology into the workforce will require significant investment in upskilling and cross-skilling of talent. “According to 69% of businesses, generative AI will begin to provide concepts and initial designs for projects and, as such, employees’ roles will shift away from ideation and creation, to review and refinement.”
Executives feel their customers may also see benefits as well. More than seven in 10 expect AI will make customer experiences more interactive and engaging, or improve customer service with automated and personalized support.
Executives get even more bullish looking three years out. They calculate that it will give an eight percent boost in sales and a seven percent decrease in costs. Alongside this, those surveyed indicated that they could expect to see a nine percent improvement in both customer engagement and satisfaction, and operational efficiency.
Optimism abounds, indeed. There isn’t even insecurity about AI’s impact on business models. A majority of executives, 67%, do not see generative AI significantly disrupting their business models. Still, the report’s authors advise wading into the AI waters with eyes wide open. “They must also be driven by a human-centered approach to deployment, embedding human oversight and user feedback, and training employees. It is also advisable to develop a set of guidelines around when to use generative AI and how to use it safely. Building trust in the systems is critical.”
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