According to reports, Generative AI has been making quite the buzz lately, with tools like Midjourney, Runway, and OpenAI’s ChatGPT capturing the attention of many. However, it seems that businesses are not fully convinced of its potential to positively impact their bottom line, as revealed by recent surveys, including Ron Miller’s coverage.
In a recent poll conducted by Boston Consulting Group (BCG), which surveyed over 1,400 C-suite executives, 66% expressed ambivalence or outright dissatisfaction with their organization’s progress on implementing Generative AI. The reasons stated for this lack of progress include a shortage of talent and skills, unclear roadmaps, and a lack of strategy for responsible deployment of GenAI.
It is essential to note that despite these sentiments, the surveyed executives, hailing from industries such as manufacturing, transportation, and industrial goods, still view Generative AI as a top priority. In fact, 89% of respondents ranked it as one of the “top three” IT initiatives for their companies by 2024. However, only about 50% of those surveyed expect GenAI to bring substantial productivity gains of 10% or more to their workforce.
These results, when coupled with responses from a BCG survey conducted late last year involving 2,000 executive decision-makers, highlight the significant skepticism businesses have towards all types of AI-powered generative tools. In last year’s survey, more than 50% stated that they were actively discouraging GenAI adoption, citing concerns about potential negative impacts, such as promoting unethical or illegal decision-making and compromising data security within their organization.
“Bad or illegal decision-making” can also lead to copyright violations, which is a highly contested issue in the world of GenAI.
