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CEOWORLD magazine - Latest - CEO Opinions - CEOs Report Gains from Generative AI but Face Challenges in Workforce Readiness and Trust, According to PwC

CEO Opinions

CEOs Report Gains from Generative AI but Face Challenges in Workforce Readiness and Trust, According to PwC

Generative AI (GenAI) continues to influence organizational strategies, with over half of CEOs reporting improvements in workforce efficiency and one-third citing financial gains, according to new research. PwC’s 28th Annual Global CEO Survey, which gathered responses from 4,701 CEOs across 109 countries, revealed that 56% of respondents experienced enhanced workforce efficiency due to GenAI in the past year, while 34% observed increased profitability and 32% reported revenue growth. However, the anticipated profitability gains fell short, with only 34% of CEOs achieving their expected targets, down from the 46% who had projected such results for 2024.

PwC’s Global and US Commercial Technology and Innovation Officer, Matt Wood, noted that the findings reflected a more mature perspective on GenAI within enterprises. He highlighted that CEOs remained optimistic about the technology’s potential to unlock new opportunities but were increasingly aware of the challenges associated with realizing its full value. He emphasized that business leaders recognized the importance of embedding trust into AI systems and were currently prioritizing its integration into core business processes.

Looking ahead, the report indicated that 49% of CEOs expected GenAI to contribute to profitability growth over the next 12 months. Key focus areas for integration include embedding AI into technology platforms (47%) and core business processes (41%), with 30% planning to leverage it for new product and service development.

Despite these efforts, workforce readiness remains a lower priority for many organizations. Less than a third (31%) of CEOs reported integrating AI into their skills and workforce strategies, an area that PwC identified as critical to unlocking GenAI’s full potential.

Trust in AI also emerged as a significant challenge, with only 33% of CEOs expressing a high level of confidence in embedding GenAI into their organizational processes. Concerns regarding inaccurate outputs, biases, and intellectual property issues were frequently cited as obstacles. PwC recommended adopting responsible AI practices to address these concerns and strengthen stakeholder confidence.

The broader sentiment among stakeholders echoed similar challenges and opportunities. PwC’s Global Workforce Hopes and Fears Survey 2024 found that 62% of employees expected GenAI to enhance efficiency, while the Global Investor Survey 2024 reported that two-thirds of investors anticipated productivity improvements in the companies they invested in, reflecting widespread optimism.

GenAI’s impact has varied across industries, with sectors such as technology, life sciences, and private equity leading adoption efforts and reporting above-average returns. The workforce effects of AI adoption have been more positive than initially anticipated, with 17% of CEOs reporting increases in headcount linked to AI integration, compared to 13% who reported reductions.

However, the survey highlighted limited resource reallocation within organizations, with over two-thirds of companies moving less than 20% of their financial and human resources annually. This lack of flexibility has slowed the pace of innovation and AI adoption, with only 7% of revenue over the past five years attributed to new AI-driven businesses. PwC’s analysis suggested that organizations actively reallocating resources achieved higher profit margins, reinforcing the connection between agility and financial success.

 

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CEOWORLD magazine - Latest - CEO Opinions - CEOs Report Gains from Generative AI but Face Challenges in Workforce Readiness and Trust, According to PwC
Anna Siampani
Anna Siampani, Lifestyle Editorial Director at the CEOWORLD magazine, working with reporters covering the luxury travel, high-end fashion, hospitality, and lifestyle industries. As lifestyle editorial director, Anna oversees CEOWORLD magazine's daily digital editorial operations, editing and writing features, essays, news, and other content, in addition to editing the magazine's cover stories, astrology pages, and more. You can reach Anna by mail at anna@ceoworld.biz