74% of industry executives believe the benefits of GenAI outweigh the risks, according to survey
July 2023 - Information Technology
74% of industry executives believe the benefits of GenAI outweigh the risks: A survey has found that 74% of executives across 10 industries believe that the benefits of utilising generative AI (GenAI) outweigh the associated risks.
High-tech firms were most in agreement about the statement (84%), followed by Aerospace and defence (82%), pharma and healthcare (80%), industrial manufacturing (77%) and retail (76%). While at the other end of the table, automotive ranked in 10th place (66%) ahead of telecoms (69%), energy and utilities (69%), consumer products (70%) and financial services (74%).
The survey by IT services and consulting giant Capgemini polled executives from 1,000 organisations around the world including Australia, Canada, France, Germany, Italy, Japan, the Netherlands, Norway, Singapore, Spain, Sweden, the UK and the US.
The purpose of the research, titled Harnessing the value of generative AI: Top use cases across industries was to gather information and respondent perceptions of GenAI and the adoption of use cases.
It found that 96% of respondents said GenAI is being discussed in boardrooms with six in 10 (60%) saying that their company leaders are strong advocates of GenAI. Two in five (39%), however, said that they believe their leaders are taking a 'wait-and-see' approach. Just one percent of the 100 telecoms respondents polled said they believe managers are not convinced by GenAI, found the research.
The survey also found that 78% of the respondents polled across all 10 sectors believe that generative AI will allow the product design process to be more efficient and streamlined with 71% saying that generative AI will enable them to create more interactive and engagement experiences for their customers.
Two-thirds of executives polled said they see the most potential for generative AI in IT such as driving innovation in other functions, testing and coding assistant, with more than half seeing the most potential for sales and customer service (54%). Other areas where respondents saw potential were in marketing and communications (48%), manufacturing (31%), product design and research (31%), operations (26%) and risk management (22%). Finance (13%) and logistics (9%) were also cited.
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