According to a PwC study of more than 4,700 CEOs, business leaders are still concerned about the risks associated with artificial intelligence more than 12 months after ChatGPT – the AI tool that kicked off the revolution – was launched.
Two-thirds (64%) of CEOs worry about cybersecurity risks associated with AI, and a further 46% expressed concerns about legal liabilities and reputational risks.
These challenges come at a time when every penny counts. CEOs view around 40% of the time spend on routine activities, like decision-making meetings and emails, as inefficient.
Businesses faced with AI dilemma
According to PwC, a conservative estimate of the cost of this inefficiency is equal to a self-imposed $10 trillion tax on productivity, which clearly illustrates the almost immeasurably positive impact that AI could have financially.
Despite a more positive outlook about global economic growth this year compared with last year’s study, 45% of CEOs still lack confidence that their companies would survive more than a decade on their current path.
Looking ahead, CEOs believe that AI will have the greatest positive effect on worker efficiency, followed by their own efficiency, profitability, and revenue.
In order for businesses to survive the next 10 years, PwC has suggested that they focus their talent acquisition and staff training on AI-related topics in order for them to boost efficiency and free up otherwise lost time, which can be spent driving more revenue and profit.
The study also noted that companies should pay close attention to their climate-related and sustainability goals, which are becoming increasingly important, indicating that artificial intelligence can play a broader role in helping organizations to realize their goals, including environmental initiatives.
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