In March of 2023, a survey conducted by KPMG US revealed that nearly two-thirds (65%) of the 225 US executives surveyed believe that generative AI will have a high or extremely high impact on their organization over the next three to five years, surpassing that of other emerging technologies. However, the same survey revealed that majority of the executives (60%) are still a year or two away from implementing their first generative AI solution, deciding on a strategy and taking the first step.
KPMG US is one of the ‘big four’ accounting, tax, and consulting firms. Established in 1987, the firm employs over 200,000 people across 157 countries and provides services to clients in a variety of industries. Their research initiative on generative AI made clear their commitment to support companies that transition to this new era of technology.
Todd Lohr, US technology consulting leader at KPMG, has shared his insights on the survey findings. He believes that many companies lack the necessary technical expertise in their workforce to build and deploy generative AI solutions due to the rapid development of the technology. He believes that organizations must appoint a central team or person to coordinate their response to the rise of generative AI in order to take full advantage of its potential.
Many executives (79%) believe that leveraging generative AI has provided a competitive advantage in risk management, compared to their peers, while 72% think that it is crucial in building and maintaining stakeholder trust. However, organizations still face difficulty in implementing risk and responsible use programs.
Respondents from the Technology, Media and Telecommunications (TMT) and Financial Services industries are particularly receptive to the benefits of generative AI, with TMT leading the way in prioritizing research on generative AI applications.
Executives recognize the importance of generative AI and expect it to impact organizations on an enterprise level. As with any technology, organizations must set a clear strategy to success in moving from experimentation into industrialization.
In order to gain the full potential from this technology, companies must set up a data governance framework to ensure the data is collected, processed and stored securely. Furthermore, executives must accept, adopt and align the leadership level with generative AI and prioritize the swift deployment of generative AI while ensuring ethical and responsible use.
If you are a leader looking to get started with generative AI, join top executives in San Francisco on July 11-12, 2021. The event will explain how leaders are integrating and optimizing AI investments for success.
