60% of Business Leaders View Generative AI as an Opportunity, Not a Risk: PwC Report
In Brief
60% of business leaders identified generative AI as an opportunity, according to the PwC Global Risk Survey 2023.
A recent survey delved into the perception of technology disruptors as opportunities or risks. It revealed that technology disruptors, notably generative AI, are overwhelmingly viewed as opportunities rather than risks compared to non-tech disruptors.
An impressive 60% of business leaders identified generative AI as an opportunity, while only 35% saw changes in regulations as favorable, and a mere 28% viewed supply chain disruption as an opportunity, according to the PwC Global Risk Survey 2023.
Enthusiasm is not confined to survey responses alone. Parallel research conducted by PwC, the Global Digital Trust Insights Survey, found that an overwhelming 77% of respondents believe that generative AI will play an important role in developing new lines of business for their organizations in the next three years.
Moreover, this aligns with the Global Workforce Hopes and Fears Survey, which gathered insights from over 50,000 workers, revealing a prevailing positive sentiment towards the impact of AI on their roles.
Interestingly, people occupying roles in operations and technology are more likely than their counterparts in other job roles and functions to perceive generative AI as an opportunity rather than a risk, the report reveals. This shows that those leading the way in trying out new technologies have a big influence on how companies think about taking risks and being innovative.
Tech Investments Take Priority for Organizations
According to the survey, almost 57% of respondents across various industries pointed to technology investments, encompassing cloud services and cutting-edge technologies like generative AI, as the leading motivation for evaluating their risk landscape.
Notably, among respondents from large organizations boasting revenues of USD 5 billion or more, this figure surged to an even higher 62%, emphasizing the strategic importance placed on technological advancements by industry leaders. This revelation challenges conventional wisdom, as it surpasses triggers such as risk events (50%) and market entries (46%) in driving organizations to scrutinize and adapt their risk management strategies.
Moreover, the findings suggest a shift in the landscape of risk assessment, with technology investments emerging as the foremost consideration for businesses navigating the complexities of the modern corporate environment.
As businesses continue to navigate the rapidly evolving technological landscape, it is evident that embracing and capitalizing on emerging technologies is no longer merely a strategic choice but a fundamental factor in shaping the risk and opportunity landscape for forward-thinking organizations.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
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Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.
