What’s going on:
A survey published by KPMG, a professional services firm, reveals that almost two-thirds (65%) of the 225 U.S. executives surveyed believe generative AI will have a high or extremely high impact on their organization in the next three to five years. However, 60% of these executives also admit they are still one or two years away from implementing their first generative AI solution.
While only 6% of the surveyed leaders say they have dedicated teams for calculating risk mitigation strategies around AI, the survey reveals that 72% believe the technology will boost productivity and 62% believe the technology encourages innovation, according to CFO Magazine.
Why it matters:
The technology is predicted to fundamentally change the labor market in upcoming years. Generative AI solutions are already being introduced to an increasing number of businesses that operate across many different fields including customer service, finance, and legal.
The integration of AI solutions into the workplace is also estimated to lead to increased productivity and innovation in the overall global economy. However, the widespread adoption of the technology also raises concerns about job security and reduced human interactions, as revealed in the KPMG survey.
How it’ll impact the future:
As more companies and organizations explore generative AI solutions, they’ll also have to consider its potential effects on employee morale, mental health, and the overall changing nature of the workforce.
Generative AI has the potential to transform a wide range of tasks for both large and small businesses, including research and development, product development, and the automation of business services. As a result, the workforce may see major changes in job roles and skill requirements. A growing number of employees will need to learn how to use AI tools as the technology encounters more widespread adoption.
The shift towards AI solutions may prove to be more of a challenge for employees, especially for businesses with multigenerational workforces with diverse experiences and backgrounds. Some businesses that choose to adopt generative AI might choose to invest in training and technical support to help employees adapt to new technologies and maintain a positive work environment.
Overall, companies that successfully navigate these changes and implement responsible AI strategies will likely gain a competitive advantage in the market by both retaining talent and boosting performance with new tools.
