The CEO and AI: What’s ahead in 2024

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Leading & Managing Section | 2

The CEO and AI: What’s ahead in 2024

By John Kell | Fortune Magazine | January 12, 2024

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Nine out of 10 executives say that artificial intelligence and generative AI will be a top-three tech priority for this year, and 85% of top leaders say they intend to boost their spending on the technology in 2024.  The survey, released by consulting firm BCG, also showed that 95% of executives are allowing AI and generative AI at work, a huge leap from July 2023, when more than 50% were actively discouraging such use. The survey reflected the views of 1,406 executives from 50 markets globally.

BCG says the scale of intentions for generative AI has outpaced any other technology advancement over the course of the firm’s 61-year history. Throughout 2023, companies have evolved from an acknowledgement that generative AI will be a massive disruptive force, to testing pilot programs and eventually deploying the tech. And while a vast majority of companies will boost spending on AI and generative AI, only 9% say they will spend more than $50 million in 2024 on this form of technology.

What executives are struggling with, BCG says, is that 66% of leaders are “ambivalent or outright dissatisfied” with their AI and generative AI progress thus far. That’s because of a lack of talent and skills, an unclear road map on AI investments and priorities, and a lack of strategy. Humans are getting in the way of the progress AI promises, just as executives are clamoring for returns on the billions they’ve invested in AI thus far.

Felix Van de Maele, cofounder and CEO of software company Collibra, says organizations must build a level of AI literacy across their workforce to develop the skills necessary to execute use cases for generative AI. He also advises that employers create a new role—that of chief data citizen, someone who can serve as a change agent in building a culture around AI data. 

As leaders weigh the future possibilities of AI, executives admit a lot of unanswered questions linger. What use cases will actually add value for customers? Are there any regulatory or formal constraints ahead? And what does the future of responsible AI look like? 

2 key takeaways from the article

1. Nine out of 10 executives say that artificial intelligence and generative AI will be a top-three tech priority for this year, and 85% of top leaders say they intend to boost their spending on the technology in 2024.  The survey, released by consulting firm BCG, also showed that 95% of executives are allowing AI and generative AI at work, a huge leap from July 2023, when more than 50% were actively discouraging such use. The survey reflected the views of 1,406 executives from 50 markets globally.
2. As leaders weigh the future possibilities of AI, executives admit a lot of unanswered questions linger. What use cases will actually add value for customers? Are there any regulatory or formal constraints ahead? And what does the future of responsible AI look like? 

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Topics:  Technology, Leadership