Only 25 per cent of business executives expect workforce reduction as the primary impact of generative artificial intelligence, according to a new study by MIT Technology Review Insights.
The study found that while executives recognize the transformational potential of generative AI, they are cautiously taking steps to deploy it. Around 96 per cent of firms interviewed believe that the technology will have an impact on their business, but only 9 per cent have fully deployed it.
The study ran between July and August 2023 and gathered insights from 1,000 business leaders across 11 diverse industries, shedding light on their organizations’ approaches to implementing generative AI technologies. It was conducted in collaboration with industry giants such as Adobe Inc. (BMV: ADBE), Ernst & Young and Owkin.
“Business leaders are cautiously pursuing the transformative potential of generative AI, with nearly all respondents acknowledging its impact on their businesses,” MIT Technology Review Insights global editorial director Laurel Ruma said.
“However, only a small fraction have fully embraced generative AI use cases, highlighting a measured approach to implementation. Workforce implications vary across industries, and while regulation looms, uncertainty stands as today’s primary challenge.”
A substantial 75 per cent of executives plan to work with partners, including startups and Big Tech, to bring generative AI into their organizations at scale. While only 10 per cent consider partnering as a top implementation challenge.
The study also found that artificial intelligence will be used regardless of the size of the company. It found that small companies –or with annual revenue less than $500 million– were three times more likely than mid-sized firms ($500 million-$1 billion). Some health startups such as Hunna Technology are already using artificial intelligence to replace their CEO with a unique system that blends artificial intelligence with human insight to steer the company’s operations
In Canada, a new study by the Canadian Institute for Advanced Research (CIFAR) warned Canadians that despite the novelty and excitement around artificial intelligence the potential risks exist. The study found that there’s a notable lack of awareness about crucial ethical implications, such as fairness and bias.