The overarching message from this research is that plans amongst corporate leaders to disrupt competition using the brand new technology—slightly than being disrupted–—may founder on a bunch of challenges that many executives appear to underestimate.  

Executives expect generative AI to disrupt industries across economies. Overall, six out of 10 respondents agree that “generative AI technology will substantially disrupt our industry over the following five years.” Respondents that foresee disruption exceed people who don’t across every industry.

A majority of respondents don’t envision AI disruption as a risk; as a substitute, they hope to be disruptors. Somewhat than caring about risk, 78% see generative AI as a competitive opportunity. Just 8% regard it as a threat. Most respondents hope to be disruptors: 65% say their businesses are “actively considering recent and progressive ways to make use of generative AI to unlock hidden opportunities from our data.”

Despite expectations of change, few corporations went beyond experimentation with, or limited adoption of, generative AI in 2023. Although most (76%) corporations surveyed had worked with generative AI not directly in 2023, few (9%) adopted the technology widely. Those who used the technology experimented with or deployed it in just one or a number of limited areas.

Corporations have ambitious plans to extend adoption in 2024. Respondents expect the variety of functions where they aim to deploy generative AI to greater than double in 2024. It will involve frequent application of the technology in customer experience, strategic evaluation, and product innovation.

Corporations need to handle IT deficiencies, or risk falling wanting their ambitions to deploy generative AI, leaving them open to disruption. Fewer than 30% of respondents rank each of eight IT attributes at their corporations as conducive to rapid adoption of generative AI. Those with essentially the most experience of deploying generative AI have less confidence of their IT than their peers.

Non-IT aspects also undermine the successful use of generative AI. Survey respondents also report non-IT impediments to the extensive use of generative AI. These aspects include regulatory risk, budgets, the competitive environment, culture, and skills.

Executives expect generative AI to impress a wave of disruption. In lots of cases, nevertheless, their hopes to be on the appropriate side of this innovation are endangered by impediments that their corporations don’t fully appreciate.