CEOs Are Bullish on Generative AI as Adoption Expands

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More than half of CEOs surveyed by Deloitte are experimenting with the technology

More than half of CEOs globally are experimenting with generative AI, a joint survey by Fortune and Deloitte found.

KEY TAKEAWAYS

• More than half (55%) of CEOs globally are experimenting with generative AI, according to a Deloitte survey.
• Nearly four-fifths (79%) of respondents say the technology will help increase efficiency.
• Some of the biggest reasons for implementing AI include improving customer experiences and retention, driving revenue growth, and optimizing costs.
• AI adoption by businesses has more than doubled since 2017, with the typical AI application now performing 3.8 tasks, on average, compared to 1.9 in 2018.

It’s among the findings from the Summer 2023 Fortune/Deloitte CEO Survey, which polls CEOs from around the world on the biggest challenges facing their business. Over half, 55%, said they are experimenting with generative AI, while 37% are already implementing it to some extent. Nearly four-fifths, or 79% of respondents, believe the technology will increase efficiency within their organization, and just more than half (52%) said it provides opportunities for growth.

Generative AI refers to algorithms that can create content, including text, images, sounds, 3D models, or animations, based on a set of inputs.

The technology has proven its use in a number of complex applications like code generation, medical imaging analysis, high-resolution weather forecasts, and even fraud detection. ChatGPT, which launched in November of last year, is among the most well-known generative AI applications.

When asked why they chose to adopt generative AI, executives cited the need to improve customer experiences and retention, drive revenue growth, and optimize costs, according to a separate Gartner survey of 2,500 executives.

According to another study by McKinsey, AI adoption has more than doubled since 2017, though the proportion of organizations using the technology has leveled off at just over 50% in the past five years.

Meanwhile, the range of tasks and capabilities performed by AI has surged, with the typical AI application now performing 3.8 tasks, on average, compared to 1.9 in 2018. Robotic process animation, computer animation, and text conversion were among the most widely-cited tasks business leaders assigned to AI to improve efficiency.

Outside of AI, the Deloitte survey also found a shift in CEOs' top concerns for their businesses. For the first time since June 2021, attracting talent is no longer the biggest challenge cited by CEOs, with geopolitical and economic uncertainty now the top concern. More than half, or 53%, of CEOs expect their country to enter a recession by the end of this year or next year, even if just 14% say their country is currently in a recession.