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Is GenAI the Biggest Threat or Enabler for Business Leaders? This Report Found Out the Truth

GenAI threats: 16% of U.S. businesses don’t have their technology leader sit on the board or executive committee to discuss AI capabilities.

The world has already witnessed a fair share of GenAI threats in the recent months. Most AI-enabled cyber crimes are committed to target global enterprises and government organizations. While GenAI threats lurk around, business leaders are still committed to their investments and strategic partnerships with the leading AI companies around the world.

So, can GenAI threats really put a stopper on the investments tap in 2024? Or, would AI champions continue to push the investments irrespective of the risks?

This report found out.

Fifty-seven percent of boardroom leaders in the United States believe that generative AI is the biggest threat to their business, compared with 49% in the UK, sitting alongside cyber as their main priority. However, despite hesitancy about GenAI, half of boardroom leaders showed serious concerns around a lack of tech innovation in their business.

“With 57% of US respondents seeing AI as a direct threat to the business, higher than the other features countries, are US businesses more switched on to this very real issue than their European counterparts? If so, there’s a lot of work to do to get systems, processes and people in place to address it,” said John Altieri, Associate Director of Technology for Investigo. “It’s up to tech leaders to ensure their counterparts across the organization fully understand the importance of generative AI and its implications for the business.”

The findings were revealed in the Tech and the Boardroom report commissioned by Investigo via independent polling agency Censuswide, observing the biggest talent pain points faced by 700 tech and non-tech C-level executives across the U.S., UK, Germany and the Netherlands.

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The report also highlighted that 75% of US businesses are prioritizing hiring AI experts to capitalize on the advancements of AI technology in the business world with a fifth highlighting AI skills as their top focus to mitigate risks.

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Despite obvious concerns, two-thirds of boardroom leaders believe that the U.S. government are handling the rise of AI well.

Robert Woodhouse, Director of Technology for Investigo, commented: “Organizations will not be able to address the countless technological threats currently facing their business, optimize their costs or innovate more effectively, until the head of the technology function is a part of the board, viewed as being as important to the business’s success as the CFO or CMO.”

In fact, 16% of U.S. businesses don’t have their technology leader sit on the board or executive committee.

Sustainability is another core focus area for executives, with 82% in the U.S. prioritizing sustainability as part of their technology strategy, compared to 73% across the European markets.

Meanwhile, when building a diverse workforce, 48% of businesses in the U.S. feel they’re falling behind on diversity, compared to 38% of respondents overall.

When it comes to working models, the United States has transitioned back to the office far quicker than other markets, with 64% expected to be in the office five days a week, compared to 37% in the UK and 48% overall.

Recommended: Daily AI News Roundup: 10 AI Events that Caught our Eyes

[To share your insights with us as part of editorial or sponsored content, please write to sghosh@itechseries.com]

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