New Survey on How CEOs View AI
Users are becoming more comfortable with AI everyday, though it is still a relatively new technology. As a rapidly growing tool being adapted for many functions in the workplace, CEOs who are able to embrace AI early will be well-positioned to succeed in the years to come.
Generally, we are seeing CEOs are optimistic about the potential of AI to drive productivity, efficiencies in process, and positive outcomes for all stakeholders. However, business leaders are increasingly aware of the potential risks and challenges associated with AI, including job displacement, bias, and privacy concerns.
A recent survey of CEOs by EY found that:
Two-thirds (65%) of CEOs agree or somewhat agree that AI is a force for good.
58% of CEOs are concerned about the potential for AI to displace jobs.
53% of CEOs are concerned about the potential for AI to be biased.
51% of CEOs are concerned about the potential for AI to invade privacy.
Despite these concerns, CEOs are still bullish on AI. The same survey found that:
73% of CEOs believe that AI will be essential to their company's future success.
67% of CEOs plan to increase their investment in AI in the next year.
What this survey and many forums are highlighting is CEOs overall see AI as a power tool that can be used for good, but not without potential downsides. They are aware of potential risks, but equally confident that AI can be used to create a better future.
There is no shortage of examples of how CEOs are using AI to improve their businesses:
Banks are using AI to automate customer service and fraud detection.
Retailers are using AI to personalize shopping experiences and recommend products.
Manufacturing companies are using AI to optimize production and improve product quality.
Healthcare companies are using AI to diagnose diseases, develop new treatments, and improve patient care.
Looking to explore new ways of leveraging AI for growth? Schedule a time to discuss your strategy with one of our consultants.
