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In a report that KPMG released, 72% of CEOs see generative AI investments as a priority in their companies. Another 57% said they are investing more capital in buying new technology than upskilling their human employees. But what does this mean for us humans?
More Investments in Generative AI by CEOs
When asked why they were willing to bet this big on generative AI, they cited market growth opportunities, assistance with fraud detection, increased innovation, and increased profitability.
In fact, 23% expect to see a return on their investments in less than 3 years while 62% expect their ROI in less than 5 years. This shows how much faith CEOs are willing to put into generative AI.
Also Read: Midjourney AI’s Rise To Glory and How to Use It
Potential Headwinds
According to the report, these CEOs are also being cautious. One of the reasons they gave for their caution was the lack of a regulatory framework for the use of generative AI. “Eighty-one percent expressed concern that the lack of regulations for generative AI within their industry will hinder their organization’s success,” the report read.
Another potential headwind in the adoption of generative AI is in the cybersecurity space. While CEOs believe this technology can strengthen their cybersecurity, it can also create a new space for potential attacks in cyberspace.
Also Read: Google’s Bard AI Chatbot Expands its Reach to Gmail, Drive, and YouTube
What This Means for Human Employees
Senior partner at The McKinsey Podcast, Kweilin Ellingrud, had this to say about the impact of AI on jobs.
“The impact of gen AI alone could automate almost 10 percent of tasks in the US economy. That affects all spectrums of jobs. It is much more concentrated on lower-wage jobs, which are those earning less than $38,000. In fact, if you’re in one of those jobs, you are 14 times more likely to lose your job or need to transition to another occupation than those with wages in the higher range, above $58,000, for example.”
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