Introduction
The recent survey conducted by KPMG LLP highlights the profound influence of Generative AI (GenAI) on global businesses. Executives from large firms recognize its potential to drive competitive advantage and revenue growth, anticipating increased investments and positive ROI within the next three years.
Adoption and Impact
Many businesses leverage GenAI to enhance decision-making, competitive positioning, and revenue opportunities. The survey’s statistics underscore this trend, with 71% of respondents utilizing data for decision-making and 47% identifying new revenue streams through GenAI.
Investment Trends
Looking ahead, 83% of executives predict a rise in GenAI investments over the next three years, focusing strongly on revenue growth and productivity. Most are optimistic about the return on these investments, highlighting the strategic importance of integrating GenAI into business processes.
Functional Integration
The survey reveals that IT and technology departments lead GenAI integration, operations, and marketing. The primary applications include IT support, demand forecasting, and personalized marketing, indicating a broad scope for GenAI across various business functions.
Workforce Preparation
Preparing the workforce for GenAI is a priority, with significant investments in upskilling and hiring new talent. Training initiatives are essential to ensure employees can effectively collaborate with AI, focusing on enhancing human skills such as critical thinking and problem-solving.
Strategic Approaches
Organizations are exploring different strategies for GenAI deployment, with a mix of building, buying, and partnering. Most firms prefer external vendors for GenAI solutions, though some are developing in-house capabilities to retain control and IP rights.
Risk Mitigation and Regulation
As GenAI adoption grows, risk management remains a critical focus. Cybersecurity and data privacy are top concerns, prompting firms to implement robust ethical frameworks and stringent data handling practices. Anticipating stricter regulatory environments, businesses are proactively adjusting their strategies to ensure compliance.
The findings from the KPMG survey clearly demonstrate GenAI’s transformative potential for businesses. They emphasize the need for strategic investments and a focus on workforce readiness and risk management to harness its full benefits.
Resources
KPMG Survey: GenAI Dramatically Shifting How Leaders Are Charting the Course for Their Organizations
