Majority of CEOs says using GenAI improves efficiency
56% of chief executives globally report efficiency gains by using generative AI while 34% say it has improved profitability and 32% report revenue increases. CEOs are more likely to say GenAI has led to headcount increases than decreases. Almost 60% of CEOs around the world expect global economic growth to increase over the next 12 months, according to consultancy PwC’s annual global CEO survey.
Trust in AI remains a hurdle to more widespread adoption. Only a third of CEOs said they have a high degree of trust in embedding the technology into key processes in their company, the report says.
“Despite this, optimism about GenAI’s impacts on profitability is slightly up on last year – with 49% expecting an increase in the next 12 months. Roughly half (47%) expect to integrate AI (including GenAI) into their technology platforms over the next three years, 41% plan to integrate it into core business processes and 30% have plans for new products and service development.”
“While it is early days, there is nothing in our data to suggest a widespread reduction in employment opportunities across the global economy as a result of GenAI. More CEOs say GenAI has increased headcount than decreased it (17% v 13%).”
“This year’s survey shows a more mature view of GenAI in the enterprise”, says Matt Wood, PwC Global & US Commercial Technology & Innovation Officer. “CEOs are convinced it has the power to unlock new opportunities – in fact they are more optimistic than last year.”
“At the same time, they are more aware of the challenges they need to navigate to realise that value. They see the importance of building trust into the way their AI systems are designed, and for now are prioritising integration into core business processes.”
“It is important that they also see the potential GenAI has to generate growth through new products and services and create value in new ways”, Wood says.
Other key findings:
- Almost 60% of CEOs expect global growth to increase over the next 12 months, up from 38% last year and 18% two years ago.
- 42% expect to increase headcount over the next 12 months – more than twice the number expecting to decrease it.
- 42% of CEOs believe their company will not be viable beyond the next 10 years without reinvention, as nearly four in ten say they have begun competing in new sectors in the last five years
- Climate related investments six times more likely to have resulted in increased revenue than decreased revenue.
- The report, comprising 4,701 CEOs across 109 countries and territories, finds that 42% expect to increase headcount by 5% or more in the next 12 months – more than double the proportion who expect headcount decreases (17%), and up from 39% last year.
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