Capgemini Report: 74% of Executives Confident in Generative AI’s Potential Despite Concerns

According to a study by the Capgemini Research Institute, 74% of CEOs believe that the benefits of generative AI would outweigh the risks.

The latest study from the Capgemini Research Institute, “Harnessing the value of generative AI: Top use cases across industries,” finds that 96% of executives agree that generative AI is a hot subject in the boardroom.

The report, which examines how generative AI is changing businesses, found that 74% of CEOs believe that the benefits of generative AI outweigh its risks, which include copyright breaches and cybersecurity risks. A disruption in their industry is predicted by 21% of enterprises, even though 40% of businesses across industries have already established teams and budgets for the technology, and another 49% are considering doing so within the next 12 months.

Organizations View Generative AI as a Pathway to Boost Profitability.

Despite ostensible threats like cybersecurity or copyright infringement, 74% of executives think that the advantages of generative AI outweigh the accompanying worries. While 21% believe their businesses will be disrupted, 40% of organizations across all industries have already set up teams and budgets for the technology, and another 49% plan to over the next 12 months.

The Study Also Revealed:

• The most relevant generative AI-based platforms or solutions, according to companies, are chatbots for automating customer service and improving knowledge management, as well as for creating, collecting, or analyzing data (83%) and (75%).
• Most CEOs (78%) and people (76%) feel that generative AI would improve the efficiency and accessibility of product and service design.
• Additionally, they claimed that it will improve customer service by providing automated and tailored assistance (67%) or by making customer interactions more active and interesting (71%).

A Range of Additional Benefits Anticipated within Three Years

Executives anticipate several advantages within three years of generative AI’s successful implementation. They predict that its integration will result in a 7% drop in expenses and an increase in sales of 8%. Additionally, respondents predicted a 9% increase in operational efficiency as well as increased customer involvement and satisfaction.

Franck Greverie, Chief Portfolio Officer and Group Executive Board Member at Capgemini asserts that “Generative AI is a transformational force for innovation in organizations, accelerating industry-specific use cases to create value.” It comes as no surprise that it is already high on the agenda of almost every major body.

“While generative AI can offer a number of advantages to both people and businesses, establishing trust in the workplace will necessitate a human-centric strategy as the technology is developed and important rules are put in place. Businesses must prioritize integrating generative AI sustainably across the workplace as they accelerate their generative AI journeys.

The Cutting-Edge Tech Sector is Leading the Way in Generative AI Integration

The executives in the high-tech sector are the ones who are most certain (84%) that generative AI will have a favorable overall influence.  Nearly 70% of executives in that industry stated that their organizations are now running generative AI pilots, and 18% assert that generative AI has already been implemented in some places or business operations. The top two use cases are 3D modeling for accurate forms and predictive maintenance.

The majority of executives (67%) believe that generative AI offers the most potential for the IT department. This is particularly true for the high-tech industry, where the majority of CEOs (86%) report that their company is already using generative AI in IT or has plans to do so. Other areas where generative AI is useful, according to CEOs, include sales (54%), marketing, and communications (48%).

The Emergence of Generative AI will Create New Roles, Necessitating Investment in Upskilling

According to 69% of organizations, when generative AI begins to give thoughts and first designs for projects, the roles of humans will shift from ideation and creation to review and refinement. Consumers agreed with this perspective, with 70% stating that they think generative AI will increase their workplace productivity, liberate them from menial duties, and allow them to focus on more strategic elements of their jobs.

The study found that 69% of CEOs believe that generative AI will lead to the emergence of new careers such as AI auditors and AI ethicists. According to 68% of CEOs, the introduction of new generative AI-based positions will necessitate a sizable investment in personnel cross- and up-skilling in order to successfully integrate the technology into the workforce.

Most Companies Recognize the Need for Sustainable Generative AI

Nearly 80% of businesses are aware of how crucial it is to scale generative AI sustainably. Additionally, 78% of businesses are aware that generative AI programs may result in a greater carbon impact than conventional IT initiatives. However, just over half of the firms (8%) that want to train their own models have taken action to lessen their environmental effects, indicating the need for more overt sustainability initiatives.