A recent survey by KPMG LLP highlights the significant impact of generative AI (GenAI) on business strategies among senior leaders at companies with over $1 billion in revenue. The survey, which included 225 executives, found that 71% are leveraging GenAI in decision-making, with 52% noting its role in shaping competitive positioning and 47% citing new revenue opportunities. Confidence in the technology's return on investment (ROI) is high, with 78% of respondents expressing confidence in positive ROI over the next three years, driven by goals such as revenue growth, productivity, and cost savings. Additionally, 83% of executives expect GenAI investments to increase, and 24% plan to integrate GenAI deeply into their business strategies.
As organizations scale their use of GenAI, they also focus on risk management, particularly cybersecurity and data privacy. More than half of the respondents view risk as a significant concern, with 56% prioritizing risk management strategies. Furthermore, 79% are concentrating on cybersecurity, and 66% on data quality in their GenAI initiatives. The survey also found that 63% of organizations anticipate stricter data privacy regulations, prompting many to review and update their data handling practices. KPMG executives emphasized the importance of balancing innovation with governance to ensure the safe and effective deployment of GenAI.
