In late 2022, the launch of ChatGPT set the business world abuzz with the possibilities of generative artificial intelligence. Since then, the opportunities and risks of generative AI have been a hot topic for C-level executives participating in Evanta communities around the world.
We asked executives how they are approaching it, whether or not they’re currently using it, and what they think are the benefits and risks of it. Here is what more than 1,100 leaders told us about generative AI and how it will impact the future of business.
Are Executives Currently Using It?
54% of C-level executives say that they are currently using ChatGPT or another generative AI tool at their organizations. When asked how they are using it, several leaders report that they are “experimenting and learning,” using it for “limited applications,” or in an “ad hoc” or “piloting and testing” way. For those that aren’t using it, they say they are “evaluating it,” they report having “concerns,” or they say their organization is “not ready yet.”
Do They Have a Company Policy?
42% of executives report they are in the process of developing an approach to AI tools, but do not have one in place yet. Another 25% are allowing some employees to use it, such as IT employees but not others, and 21% currently allow all employees to use AI tools.
What’s Their Outlook?
81% of C-level executives say they have a “very positive” or “somewhat positive” outlook on generative AI and its impact on the future of business. Only 16% have a neutral position, and less than 4% feel somewhat or very negative about it.
What Are the Opportunities?
30% of executives believe that generative AI may augment or improve their current processes, and 28% think that it could automate certain tasks and save time. They are generally optimistic that it will improve processes and create efficiencies in the short- to mid-term timeframe.
What Is the Future Impact?
Similarly, 28% of business leaders think that generative AI will create operational efficiencies in the future. Another 25% believe that it will remove tedious tasks from the workforce, and 19% say that it will improve customer experience.
What Are Their Concerns?
23% of C-level executives are concerned about data privacy, and an equal percentage (23%) are worried about the security risks. Anecdotally, they shared concerns about the “accuracy of the information,” “intellectual property,” and the “accountability” of generative AI tools.
What Are Employees’ Concerns?
52% of leaders believe their employees’ biggest concern about generative AI is that it will replace their role. Their comments about other employees’ worries included “uncertainty,” “not sure yet,” “how to use it safely,” and “I don't think this is fully understood at this time.”
Future Impact of Generative AI
We asked C-level leaders to elaborate on what they think the impact of AI could be on business in the future. Here is a sample of their comments:
It is quite likely the most disruptive technology in modern history. It is more profound than the PC or cell phone.”
AI has the potential to change every aspect of work and business. Regulation and ethics will be critical.”
Create new and innovative solutions. Expedite time to market.”
Enhance productivity in ways not seen since the advent of smartphones.”
It will enable humans to perform higher order functions. Just like the telephone operator, or door-to-door vacuum sales person, generative AI will eliminate some jobs and create others.”
It will move the human actor further upstream in processes. For instance, data gathering and an initial draft would be generated by the bot. A human would review and approve the work.”
If you are a C-level executive navigating the possibilities of generative AI, explore an opportunity to collaborate with your peers or join a community at Evanta.com.
Based on 1,130 responses to Evanta’s Community Pulse Survey, June 2023.
by C-Level, for C-Level
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