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Artificial intelligence applications to improve business efficiency has caught the attention of consumers, business leaders, and investors between late 2022 and 2023. The last group has already invested billions of dollars in generative AI applications. According to a survey by Ernst & Young, 65% of CEOs agree that AI is a positive force for both companies and society.
The panel of respondents for EY’s CEO Outlook Pulse report, comprising 1,200 CEOs from various countries, concludes that this technology holds immense potential to boost productivity and yield positive results for all stakeholders. Some of the most well-funded success stories in AI implementation are linked to drug and software development. Two-thirds of CEOs see AI as a tool that can deliver positive outcomes.
For 65% of CEOs, AI technology is an ally, and half of those in favor are absolutely convinced of its benefits. Only 2% of the respondents vehemently oppose the advancement of this generative technology.
AI is now a reality in business plans. CEOs are designing investment strategies that maximize the benefits AI can bring to their organizations, whether in the short or long term. Capital allocation is centering on new technologies, with 43% of CEOs already actively investing in AI-driven innovations.
AI as a decision-making assistant
Managers can adopt proactive strategies to drive their companies’ growth while ensuring competitiveness in a changing business environment. EY asserts that CEOs should harness the potential of AI and assess how it can contribute to their organizations while ensuring its ethical and responsible use. Furthermore, they should base their decision-making on the collection and analysis of qualitative and quantitative data to reach objective conclusions.
EY also consulted executives about their business outlook for the first half of 2024. Despite market uncertainty, two out of every three CEOs remain optimistic and believe they will achieve better results than in early 2023. The consulting firm suggests planning scenarios to anticipate external actions or reactions and periodically evaluating asset portfolios, operations, ecosystems, and supply chains. In a complex business context, aligning and adjusting each area benefits the entire organization.
AI will boost business efficiency
Companies will have to implement technology at a faster pace to meet the new needs of customers, employees, and businesses. The trend will be to invest more in digitalization, an area that also incorporates AI. This will most likely result in more transactions, mergers, and acquisitions by leading-edge organizations to enhance their value proposition while strengthening their market position.