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Generative AI and its implications for business

April 8, 2024

Gen AI is the top priority among business executives with potential for the greatest impact on business operations and performance over the next few years. That is the most recent finding from Weber Shandwick’s Un/Predictions Report. The poll covered 104 senior executives from global companies to assess 2024 priorities for business action across the headline topics that emerged at the World Economic Forum in Davos. Here is what they said:

  • 51% of respondents selected Generative AI as a “top priority”, and 30% said it would have the “greatest impact” on their business;
  • 71% of executives say they are exploring AI offerings in the next 6-12 months;
  • While only 13% of executives feel equipped to transform their business with AI or to effectively reskill employees (24%). 

Implications for business

The survey suggests there’s a big gap between executives’ recognition of the importance of generative AI and their confidence in their ability to take advantage of it: “The AI opportunity versus threat narrative underscores the need for business and society to understand and integrate AI safely into the day-to-day work of our institutions. Practical application will breed familiarity and internal expertise, allowing institutions to think about the challenges in more concrete terms, and take action that mitigates risk, enhances safety, and begins to reap the benefits of the technology.”

According to the experts consulted, leaders need to set a vision for AI for their business and communicate this transparently to employees, alleviating any unfounded anxiety that it may replace jobs, and showing how it can boost productivity, engagement, and career growth.

Moreover, CEOs and C-Suite executives will need to accelerate AI adoption or risk ceding reputational and financial advantages to competitors. “It will be 

a wake-up call for corporate teams to implement a structured approach – with standards and guardrails – to integrating AI across their business,” the authors conclude.

Source: Weber Shandwick