Many CEOs fear their companies won't survive 10 years as AI grows, finds global survey

Tech Many CEOs fear their companies won't survive 10 years as AI grows, finds global survey CEOs of major corporations across the world fear that their businesses would be rendered pointless in the next 10 years because of AI, unless they are able to pivot quickly. Additionally, executives voiced apprehensions about AI's impact on cybersecurity risks and misinformation FP Staff January 17, 2024 12:33:11 IST CEOs of major corporations across the world fear that their businesses would be rendered pointless in the next 10 years because of AI, unless they are able to pivot quickly.

Additionally, executives voiced apprehensions about AI's impact on cybersecurity risks and misinformation A new survey by PwC reveals that a growing number of CEOs are expressing doubts about their companies’ ability to survive the next decade without significant overhauls, citing pressures from technologies like artificial intelligence (AI) and climate change.

The survey, which includes responses from over 4,700 CEOs globally, paints a mixed picture of the business landscape. While 38 per cent of executives expressed optimism about the strength of the global economy, up from 18 per cent the previous year, concerns about their companies’ viability in the next decade without reinvention rose to 45 per cent, up from 39 per cent in the previous survey.

Related Articles AI will affect 40 per cent of all jobs, likely to worsen overall inequality, warns IMF chief UK terror law watchdog calls for law to prevent 'untouchable' AI chatbots trying to entice youth to join ISIS The CEOs identified challenges such as regulation, skills shortages among workers, and other barriers hindering their efforts to adapt to the evolving business landscape.

AI emerged as a pivotal factor, viewed both as a tool to streamline business operations and as a potential weakness. Nearly three quarters of CEOs believed that AI would significantly change how their companies create, deliver, and capture value in the next three years. While over half anticipated improvements in their products or services due to AI, 69 per cent expressed concerns about the need for worker training to effectively utilize evolving technology.

Additionally, executives voiced apprehensions about AI’s impact on cybersecurity risks and misinformation. This aligns with a broader concern raised at the Davos gathering regarding the threat posed by AI powered misinformation, identified as one of the world’s greatest short term threats. The survey also highlighted the role of the climate transition, noting that nearly a third of CEOs expected climate change to influence their business strategies over the next three years.

However, only 45 per cent reported progress in incorporating climate risks into financial planning, despite over three quarters stating they had initiated or completed measures to enhance energy efficiency. The findings underscore the complex landscape facing businesses, with CEOs acknowledging the transformative potential of technologies like AI while grappling with the associated challenges, from workforce training needs to cybersecurity and the broader impacts of the climate transition.

Join our Whatsapp channel to get the latest global news updates Published on: January 17, 2024 12:33:11 IST TAGS: Ai Taking Human Jobs Artificial Intelligence Pwc.