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May 2023 - Information Technology

AI considered the 'most significant' technology that will impact industries over the next three years: A business survey by Gartner of CEOs around the world has revealed that Artificial Intelligence (AI) is the technology they expect to impact their industries most over the next three years, with ‘technology-related’ matters, the second highest-ranking strategic business priority for respondents for 2023 and 2024.

The 2023 Gartner CEO and Senior Business Executive Survey was conducted between July and December 2022, and polled 400 CEOs working across a variety of sectors.

When asked about their top five strategic business priorities for 2023 and 2024, ahead of 'technology-related' (cited by 34% and down from 36% in 2022) was growth, the top priority cited overall (49% down from 54% in the 2022 survey). The third highest ranking priority was ‘workforce’, up two percentage points on last year (32% vs 30%).

Other priorities cited included corporate action (31%), financial (19%), cost management (14%), products and services (13%), customer (8%) and efficiency and productivity (7%).

Featuring in the CEO top 10 priorities for the first time in the 2022 survey was 'environmental sustainability' (12%) with mentions of it rising 25% on the previous year. Also interesting to note is that Gartner’s expect this category to be a higher CEO strategic business priority than 'technology-related' by 2026.

Looking at the concerns of CEOs and what they deem to be the most damaging business risks, the survey found that inflation was the top answers given with 22% of respondents being concerned. They were also asked what measures they have taken to minimise risk from inflation, with 44% saying they have increased prices, while more than a third (36%) said 'optimising costs'. Around one in five (21%) said they have turned to productivity efficiency and automation.

The survey also asked respondents about retention, finding that a quarter (26%) cited the shortage of talent available to them as a damaging risk for their business.

Mark Raskino, VP Analyst at Gartner, said: “Generative AI will profoundly impact business and operating models. However, fear of missing out is a powerful driver of technology markets. AI is reaching the tipping point where CEOs who are not yet invested become concerned that they are missing something competitively important.”

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