One survey of 225 C-suite leaders of >US$1bn corporations offers a snapshot of the challenges and opportunities of being early adopters

Based on a June/July 2024 survey on generative AI trends among 225 C-suite and senior business leaders representing organizations* with an annual revenue of US$1bn or more, a Big Four professional services firm has released its key findings.

First, 16% of respondents indicated they had a workforce that is highly equipped to utilize GenAI, despite the prevalence of business technology. Some 78% indicated they were of moderate readiness. Compared to a similar statistics collected last year, those citing conducting more GenAI training had increased from 12% to 69%, while those citing the hiring or acquisition of AI talent had risen from 24% to 61%.

Second, respondents cited risk mitigation, with cyber and data quality concerns, as a top priority. Furthermore, regulatory uncertainty has decreased as a limiting factor – down to 13% from 24% in 2023 survey data.

Other findings;

  • 71% of the respondents in such large organizations indicated they were leveraging data in decision making; 52% cited it was shaping competitive positioning; and 47% cited GenAI adoption opening new revenue opportunities.
  • 83% of respondents indicated plans to increase their GenAI investments over the next three years; 78% indicated they were confident in the return-on-investment levels of the planned investments.
  • 61% indicated they had plans to expand the scope of current GenAI initiatives within one to three years, and 55% indicated plans to introduce GenAI into new business functions in the same period of the future.
  • 63% indicated their plan to continue monitoring the evolving AI regulatory environment, anticipating more stringent data privacy requirements in the future; 60% indicated they were actively reviewing and updating their data handling practices, while 54% indicated AI regulation were expected to increase costs for their organization.

According to Emily Frolick, Trusted Imperative Leader, KPMG LLP, the firm that released its findings: “Ensuring the safe deployment of GenAI and weaving it into governance structures allows organizations to guarantee their GenAI initiatives are efficient, effective, and adhere to ethical and regulatory guidelines.”

*No other demographic details of respondents supplied