The Rise of Generative Artificial Intelligence in Business Strategies
Generative artificial intelligence (AI) continues to be perceived as a key element of future business strategies because of the way it can improve productivity and create revenue streams, a new survey of U.S. chief executive officers by KPMG said. Out of 100 CEOs of large companies surveyed by KPMG, 41 said they planned to increase their investment in generative AI over the next year. In another KPMG survey in October, 70% of CEOs said generative AI was their top investment priority.
### CEOs Embracing Generative AI
The business leaders are also investing in training their workers on how to use generative AI, with 95% in the latest survey saying they already are training their employees on its ethical risks and potential misuses of the technology. More than 80% of CEOs said they also plan to implement later this year other new programs to ensure they are using AI correctly, like disclosing when content is created with AI, and about half said they plan to start using third parties to audit their use of AI.
“The implementation of initiatives to promote the responsible and ethical use of AI such as the use of watermarks/disclosures of AI use, data privacy measures, ethical frameworks and third-party reviews is a focus—and security is top of mind,” KPMG CEO Paul Knopp wrote in the report released Thursday. “Business leaders are investing in GenAI training and capability building to upskill their people. They recognize workforce adoption will ultimately drive success with GenAI.”
### High-Profile Support
The findings of the survey echo sentiments from some of the most high-profile CEOs in the U.S., Andy Jassy of Amazon (AMZN) and Jamie Dimon of JPMorgan Chase (JPM), who each expressed significant optimism on the potential impact AI could have on their businesses and the greater economy in annual shareholder letters released this week.
The KPMG survey, conducted in February and March, also touched on a number of other topics such as how geopolitical conflict could affect the U.S. economy, with a majority of CEOs saying they will wait until after the presidential election in November to make certain financial decisions, including those on mergers and acquisitions.
### Conclusion
In conclusion, generative artificial intelligence is becoming increasingly integrated into business strategies as CEOs recognize its potential to drive productivity and revenue growth. With a focus on ethical training and responsible use, companies are investing in educating their workforce on the risks and benefits of AI technology. As high-profile CEOs express optimism about the impact of AI on their businesses, it is clear that AI will continue to play a significant role in shaping the future of industries across the globe.
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