Generative artificial intelligence (AI) is increasingly seen as a pivotal aspect of futurist business strategies due to its ability to bolster productivity and contribute to revenue creation, according to a recent survey by KPMG of U.S. chief executive officers.
KPMG's survey included 100 executives from major corporations, with 41 participants indicating plans to augment their investment in generative AI in the forthcoming year. In an earlier KPMG survey conducted in October, a striking 70% of CEOs prioritized investment in generative AI.
In addition to financial investment in the technology, the surveyed business leaders are also dedicating resources to upskilling their workforce on the use, ethics, and potential misapplication of generative AI, with 95% stating they are presently educating their staff. Moreover, over 80% of surveyed CEOs plan to implement further measures this year to ensure appropriate AI usage, including AI-creation disclosure and usage auditing through third parties.
"Initiatives aimed at promoting responsible and ethical AI use, such as AI usage disclosures/watermarks, data privacy precautions, ethical guidelines, and third-party assessments are under focus-with security occupying the top position," noted Paul Knopp, KPMG CEO, in the report published on Thursday. "Business leaders are pouring resources into generative AI training and capacity building to enhance their teams' skills. They understand that workforce acceptance will ultimately dictate the success of generative AI."
These survey results are in line with the opinions of top-drawer CEOs such as Amazon's Andy Jassy and JPMorgan Chase's Jamie Dimon, who have publicly displayed positive outlooks on the potential impact of AI on businesses and the broader economy in recent shareholder letters.
In addition to generative AI, the KPMG survey, conducted in the first quarter of the year, explored various themes including how geopolitical tensions could impact the U.S. economy. A majority of CEOs projected delaying certain financial decisions, including on mergers and acquisitions, until post the presidential election in November.