Consumer Technology Association CEO Gary Shapiro details the impact of artificial intelligence on the Claman Countdown.
Despite all the talk about how generative artificial intelligence tools like ChatGPT are poised to revolutionize entire industries, the majority of business leaders see the hype behind them before fully embracing the new technology. I'm waiting for it to finish.
This is according to a new report from Boston Consulting Group (BCG) released on Friday, which found that approximately 90% of executives are taking a “wait and see” approach, either refraining from trialling GenAI or experimenting in a small way. I found out that
Nine out of 10 business leaders told BCG they are either postponing GenAI implementation entirely or tinkering with it on a limited basis. (image/image)
However, while our findings show significant hesitancy to integrate GenAI into operations, they also show that executives are becoming more comfortable with the technology.Approximately 95% of respondents said they would allow it. AI and GenAI Workplace use has increased significantly since July 2023, when more than half said they had actively stopped using such tools.
Still, only 6% of companies surveyed said they were able to train more than 25% of their employees on GenAI tools.
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So what does this mean?
“Most CEOs are waiting for GenAI to break out of its current hype because they have a team with the knowledge and experience needed to drive this transformation,” said Vlad Lukic, global leader at BCG. “There is also a lack of adequate guardrails to manage responsible implementation.” Technology and digital advantage in action.
“At the same time, they're looking at the product roadmaps of various software vendors and trying to separate reality from hype,” Lukic told FOX Business. “As a result, CEOs will continue to ramp up their investments to flex these muscles as they experiment with this technology.”
Most business owners plan to increase their investments in AI or GenAI in 2024. (Stiphon Chandeen/iStock / iStock)
The survey, which surveyed 1,406 executives around the world, also found that business leaders intend to increase their investments in AI this year.
Respondents in the Middle East are most likely to say their company will increase its investments in AI or GenAI in 2024 (93%), followed by Europeans at 86%.
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85% of respondents in Asia Pacific said the same, as did 85% of respondents in North America, 82% of respondents in Africa, and 75% of respondents in South America.
When asked about technology investments in general, there was an even bigger spread.
New research from Boston Consulting Group shows that the majority of executives are still holding back from integrating GenAI into their businesses, instead taking a “wait and see” approach. (image/image)
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85% of companies in the Middle East say they plan to increase their technology investments this year, followed by 80% of executives in Asia Pacific, 77% in Africa, 68% in Europe and 65% in North America.
