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Centralised economic power and increased inequality with GenAI company leaders expect

52% of company leaders expect widespread use of Gen AI to centralise power in the global economy and 51% say it will increase economic inequality. 79% expect Gen AI to transform their organisations within three years, a survey by consultancy Deloitte shows. The survey comprises more than 2,800 Director to C-suite level across six industries and 16 countries.

49% believe the rise of Gen AI tools/applications will erode the overall level of trust in national and global institutions. 78% agree there is a need for more global regulation and collaboration (72%) to manage the responsible widespread adoption of Gen AI.

Only a quarter of leaders believe their organisations are “highly” or “very highly” prepared for governance and risk issues related to Gen AI.

 Only 47% agree that their organizations are sufficiently educating employees on the capabilities, benefits, and value of Gen AI. 51% are concerned that the widespread use of Gen AI will increase economic inequality.

“Three-quarters (79%) of respondents expect Gen AI to drive substantial organizational transformation in less than three years. Yet, at the moment, the majority report a strong focus on more tactical benefits, like improving efficiency and cost reduction, rather than things like growth and improving innovation”, the report says. 

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“Like with many new technologies, improving efficiency and productivity was the leading benefit organizations said they were seeking (56%). Areas considered more strategic, like encouraging innovation (29%) and uncovering new ideas and insights (19%) are currently a lower priority.”

44% believe they have “high” or “very high” expertise in Gen AI. Among this group.  9% report “very high” expertise levels and nearly three-quarters (73%) of these early Gen AI experts say they are already integrating Gen AI into their product development and research and development. 

The early Gen AI experts also see greater potential for disruption. Compared to respondents with “some level of expertise,” early Gen AI experts are twice as likely to feel that their business or operating model is threatened by the widespread adoption of Gen AI.

The survey shows that lack of technical talent and skills is the single biggest barrier to Gen AI adoption. 

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Only 22% of respondents believe their organizations are “highly” or “very highly” prepared to address talent-related issues related to Gen AI adoption. And only 47% agree that they are sufficiently educating their employees on the capabilities, benefits, and value of Gen AI. 

25% of leaders believe their organizations are “highly” or “very highly” prepared to address governance and risk issues related to Gen AI adoption. 

“Respondents’ biggest concerns related to governance are: lack of confidence in results (36%); intellectual property concerns (35%); misuse of client or customer data (34%); ability to comply with regulations (33%); and lack of explainability/transparency (31%).”

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