KPMG’s GenAI Survey 2024 brought together perspectives of 225 C-Suite and senior business leaders from organizations with annual revenue of $ 1 billion or more. Here are the key takeaways from the survey:

• GenAI is significantly changing how leaders frame their organizational trajectory, wherein 71% are leveraging data in decision-making, 52% say it is shaping competitive positioning, and 47% say it is opening new revenue opportunities.

• 83% of respondents say their GenAI investments will increase over the next 3 years, and 78% are confident in the ROI of planned investments.

• The survey highlights that in the next 1-3 years, 61% plan to expand the scope of current GenAI initiatives, and 55% will introduce GenAI into new business functions.

When asked about workforce readiness, the respondents reveal that only 16% of organizations have a highly equipped workforce for GenAI utilization; however, 78% of leaders affirm their teams are moderately equipped, reflecting major increases in training (69% up from 12% in 2023) and hiring/acquiring talent (61% up from 24% in 2023).

In addition, executive management ranks revenue growth #1 among current GenAI investment goals, while respondents collectively rank increased productivity #1. Also, 37% of the organizations that do not have a dedicated Chief AI Officer position plan to have one by the next 12 months.

Moreover, 56% of the leaders consider risk mitigation of high significance in Gen AI implementation. The key areas of risk mitigation spotted are cybersecurity (79%) and data quality (66%).

Summing up, the survey found that 39% anticipate AI regulations to have a high impact on Gen AI implementation.