Australian CEOs Less Confident in Generative AI

Australian CEOs Less Confident in Generative AI

Artificial Intelligence (AI) is rapidly becoming the number one investment priority for businesses around the world, and Australian CEOs are no exception. However, a recent survey has shown that Australian CEOs are slightly less confident in AI compared to their global counterparts. While 70 percent of CEOs globally view generative AI as their top investment priority, only 56 percent of Australian CEOs share this sentiment.

Generative AI refers to artificial technology that can produce content such as text, images, audio, and data. The potential benefits of generative AI, as seen by Australian leaders, include higher profits and job creation. “I am not surprised to see generative AI at the top of the investment priorities for CEOs, given its vast potential to transform business processes,” says Mr. Yates, an industry expert. “I am encouraged to see that business leaders do not view it as a threat to their employees, but on the contrary as a driver of job creation.”

However, despite the positive outlook on generative AI, there are still concerns that need to be addressed. The survey found that 62 percent of Australian CEOs mentioned the lack of regulation as a concern, while 52 percent raised concerns about the cost and 45 percent worried about adoption among employees. According to KPMG, around two-thirds of Australian leaders believe that there should be a level of regulation for AI that mirrors climate commitments.

Globally, the survey found that 52 percent of leaders believe they will see a return on investment in generative AI within the next three to five years. “Generative AI is an increasingly hot topic in boardrooms, with leaders looking to better understand its potential and how to implement this technology in their business strategies,” says Lisa Heneghan, KPMG International’s chief digital officer. “The challenge is spending the money in the right places and having the right skills to fully exploit the opportunities it presents.”

The survey involved a total of 1,325 CEOs, with 50 of them being Australian. It also included interviews with 463 employees in June, revealing that 41 percent of Australian employees are worried that generative AI could take away their jobs. On the other hand, 55 percent of ChatGPT users, a popular AI chatbot created by OpenAI, believe that the technology improves workflow, while 44 percent say it saves time.

AI technologies like generative AI and chatbots have the potential to revolutionize industries and transform the way businesses operate. However, it is important to address concerns around regulation, cost, and employee adoption to ensure a responsible and beneficial implementation of AI. As the world continues to embrace AI, it is crucial for businesses to invest in the right areas and equip themselves with the necessary skills to fully harness the potential that AI presents.


Written By

Jiri Bílek

In the vast realm of AI and U.N. directives, Jiri crafts tales that bridge tech divides. With every word, he champions a world where machines serve all, harmoniously.