A new survey has found that CEOs are making investment in artificial intelligence (AI) a top priority, despite uncertain economic conditions. The survey, conducted by KPMG, found that 72% of CEOs say generative AI is a "top investment priority." Generative AI is a type of AI that can create new content, such as text, images, and music, by learning patterns from existing data. CEOs are investing in generative AI for a variety of reasons, including:
Increased profitability: CEOs believe that generative AI can help them increase profitability by automating tasks, improving efficiency, and developing new products and services.
Innovation: CEOs believe that generative AI can help them innovate faster and more effectively. For example, generative AI can be used to generate new ideas, test hypotheses, and prototype new products.
Cybersecurity: CEOs believe that generative AI can help them improve their cybersecurity posture by detecting and responding to threats more quickly and effectively.
The survey also found that 62% of CEOs expect to see a return on their AI investments in three to five years, while only 23% expect a return in one to three years. This suggests that CEOs are viewing AI as a long-term investment.
"With proper planning and execution, generative AI can transform how work gets done," said Steve Chase, KPMG's Global Head of Technology Innovation. "It can help businesses automate tasks, improve efficiency, and develop new products and services. It can also help businesses innovate faster and more effectively."
However, the survey also found that some CEOs are concerned about the potential negative impacts of AI, such as job displacement and the misuse of AI for malicious purposes. To mitigate these risks, CEOs are calling for government regulation of AI.
"It's important to have appropriate regulation in place to ensure that AI is used ethically and responsibly," said Chase. "This will help to build trust and confidence in the technology, and it will encourage businesses to continue investing in AI."
Overall, the survey findings suggest that CEOs are making AI a top priority. They believe that AI has the potential to transform their businesses and make them more competitive. However, they are also aware of the potential risks of AI, and they are calling for government regulation to mitigate these risks.