Emerging AI: Navigating the High Impact and Implementation Gap in US Organizations

Generative AI has emerged as a groundbreaking technology that has captured the attention of business leaders worldwide. Its potential to automate and streamline work processes and generate new insights promises to transform the way organizations operate. However, despite its immense potential, the road to implementing generative AI remains fraught with challenges. In this article, we will examine the results of a recent survey of US executives conducted by KPMG to gain insight into their beliefs on the impact of generative AI, their implementation timeline, challenges and solutions, and the expected impact on business.

Survey results

According to the KPMG survey, 65% of 225 US executives surveyed in March 2023 believe that generative AI will have a high or extremely high impact on their organization in the next three to five years. This finding underscores the growing recognition of the potential of generative AI to transform industries.

Implementation Timeline

Despite the growing interest in generative AI, 60% of respondents said they are still a year or two away from implementing their first generative AI solution. Implementing generative AI is a complex and multi-dimensional task that requires a significant investment in technology, recruiting and training talent, and governance frameworks to ensure responsible use.

Challenges to implementation

The KPMG survey found that less than 50% of respondents believe they have the necessary technology, talent, and governance to successfully implement generative AI. This finding shows that while the potential of generative AI is compelling, the path to implementation is filled with significant barriers.

Please provide more context or specify what you need so that I can help you better

To bridge this gap, executives plan to spend the next six to twelve months understanding how generative AI works, evaluating their internal capabilities, and investing in generative AI tools. This approach will enable organizations to build the skills and knowledge necessary to successfully implement generative AI and to ensure responsible use.

What kind of impact do you expect to see?

The KPMG survey found that most executives believe that generative AI will have a high impact on areas such as driving innovation, customer success, tech investment, and sales and marketing. This widespread recognition of generative AI’s potential demonstrates that business leaders are already beginning to envision the transformative possibilities that generative AI can bring to their organizations.

Prioritization of Generative AI by Industry

The KPMG survey found that most executives in the technology, media, telecommunications (71%), and healthcare and life sciences (67%) industries feel they have appropriately prioritized generative AI, while a smaller percentage of executives in consumer and retail (30%) and industrial manufacturing (37%) view it as a priority. These findings show that generative AI is already making inroads in specific industries and that the transformative potential of generative AI varies from industry to industry.

The KPMG survey revealed that approximately 68% of executives surveyed have not yet appointed a central team or person to coordinate their response to the rise of generative AI. This finding shows that many organizations lack a clear strategy for managing the risks and opportunities associated with generative AI, which makes it difficult for them to take advantage of generative AI’s potential.

The Importance of Generative AI in Building and Maintaining Stakeholder Trust

The KPMG survey found that 72% of executives believe that generative AI is crucial in building and maintaining stakeholder trust. However, roughly half (45%) say that not having the right risk management tools can negatively impact their organization’s trust. This finding highlights the critical role that generative AI can play in building and maintaining stakeholder trust and underscores the importance of investing in the necessary tools and processes to manage the risks associated with its implementation.

Executives predict a new era for the workforce that combines human work with generative AI. This new era will require workers to build new skills and competencies to manage generative AI, enabling them to work efficiently and effectively in a collaborative environment.

To stay ahead of the competition, KPMG recommends that executives prioritize swift deployment of generative AI while ensuring ethical and responsible use. This approach will enable organizations to take advantage of the transformative potential of generative AI while minimizing the risks associated with its implementation.

The results of the KPMG survey demonstrate that, while the potential of generative AI is compelling, organizations face significant barriers to its implementation. Effective integration of the technology requires executives to invest in the necessary talent, governance frameworks, and technology to manage the associated risks. Additionally, organizations need to act promptly and responsibly to take advantage of the transformative potential of generative AI while ensuring ethical and responsible use. As the new era of the workforce dawns, organizations must prepare to collaborate effectively with generative AI and build the skills and competencies necessary to succeed in an environment fundamentally transformed by generative AI.

Explore more

Business Central Mobile Apps Transform Operations On-the-Go

In an era where business agility defines success, the ability to manage operations from any location has become a critical advantage for companies striving to stay ahead of the curve, and Microsoft Dynamics 365 Business Central mobile apps are at the forefront of this shift. These apps redefine how organizations handle essential tasks like finance, sales, and inventory management by

Transparency Key to Solving D365 Pricing Challenges

Understanding the Dynamics 365 Landscape Imagine a business world where operational efficiency hinges on a single, powerful tool, yet many enterprises struggle to harness its full potential due to unforeseen hurdles. Microsoft Dynamics 365 (D365), a leading enterprise resource planning (ERP) and customer relationship management (CRM) solution, stands as a cornerstone for medium to large organizations aiming to integrate and

Generative AI Transforms Finance with Automation and Strategy

This how-to guide aims to equip finance professionals, particularly chief financial officers (CFOs) and their teams, with actionable insights on leveraging generative AI to revolutionize their operations. By following the steps outlined, readers will learn how to automate routine tasks, enhance strategic decision-making, and position their organizations for competitive advantage in a rapidly evolving industry. The purpose of this guide

How Is Tech Revolutionizing Traditional Payroll Systems?

In an era where adaptability defines business success, the payroll landscape is experiencing a profound transformation driven by technological innovation, reshaping how companies manage compensation. For decades, businesses relied on rigid monthly or weekly pay cycles that often failed to align with the diverse needs of employees or the dynamic nature of modern enterprises. Today, however, a wave of cutting-edge

Why Is Employee Career Development a Business Imperative?

Setting the Stage for a Critical Business Priority Imagine a workplace where top talent consistently leaves for better opportunities, costing millions in turnover while productivity stagnates due to outdated skills. This scenario is not a distant possibility but a reality for many organizations that overlook employee career development. In an era of rapid technological change and fierce competition for skilled