A survey said 34% of chief executive officers (CEOs) believe artificial intelligence (AI) will be the “primary theme” for the next wave of business transformation.
The report from research outfit Gartner also said most CEOs believe these AI breakthroughs validate the hype in the tech sector and are entrusting CIOs, CTOs, and CDOs to harness the value of GenAI, indicating a collaborative approach rather than a top-down mandate.
The report said an overwhelming 87% believe the benefits of AI outweigh its risks, and 90% dismiss the notion that AI poses an existential threat to humanity as “exaggerated hype.”
However, not all perspectives are entirely positive, the report said, noting that despite their enthusiasm for AI’s potential, CEOs remain aware of the challenges associated with this technology.
More than half (56%) of CEOs expressed concerns about the operational challenges posed by disinformation, misinformation, and deep fakes.
Additionally, 29% anticipate issues with constrained electricity supply, and 53% foresee supply chain disruptions, partly driven by the demands of GenAI technology, the survey said.
Gartner is also advising CEOs to allow low-cost GenAI projects while resisting the urge to centrally control its use.
Instead, they should let the hype cycle run its course, anticipating a decline in enthusiasm by the end of 2024. CEOs should only intervene in projects that pose significant risks to the company’s reputation, Gartner said.
This year, CEOs are increasingly prioritizing growth, marking the highest level since 2014, according to the survey. Furthermore, the survey found that 62% of CEOs selected growth as their top business priority, a significant rise from the 49% reported last year. The shift toward growth is accompanied by a diminished emphasis on cost management, indicating a widespread belief among CEOs and senior executives that the toughest economic challenges have passed brought about by global headwinds.
