KPMG International's annual CEO Outlook survey of 1,325 business leaders found that as tools like ChatGPT gain prominence, global CEOs increasingly recognize the potential of AI to help their businesses grow.
“ Generative AI is an increasingly hot topic in boardrooms, with leaders looking to better understand its potential and how to implement the technology in their business strategies,” said Lisa Heneghan, Global Chief Digital Officer at KPMG. “The challenge is to spend the right money and have the right skills to fully exploit the opportunities it presents.”
The survey, conducted from August 15 to September 15, 2023, found that 70% of CEOs globally see generative AI as their number one investment priority as a way to secure a competitive advantage for the future. Most (52%) also expect to see a return on their investment in three to five years, and 22% cite increased profits as the top benefit of implementing AI.
KPMG Australia CEO Andrew Yates said he was not surprised to see AI top the global list. “I am not surprised to see generative AI at the top of CEOs’ investment priorities given its huge potential to transform business processes, but I am pleased to see business leaders not seeing it as a threat to their employees, but as a driver of job creation,” he said.
“Companies across many sectors are looking to establish responsible AI frameworks to help them address ethical challenges around the use of AI, while also taking advantage of technological advances,” adds Andrew Yates.
(according to Eliteagent)
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