Business Leaders Embrace AI but Struggle with Implementation

Global business leaders are showing a high level of enthusiasm for artificial intelligence (AI), yet a stark contrast exists between their aspirations and the actual use of this technology in daily business operations.

This observation emerges from the 2024 Brands in Motion report by WE, which highlights a survey involving 2,900 executives who are grappling with the practical integration of AI into their strategic planning.

Varied perceptions and concerns on AI utilization

While optimism prevails, apprehensions about AI are equally prevalent among executives. A significant 92% of those surveyed voiced concerns about AI adoption, particularly regarding cybersecurity threats and the potential for creating an over-reliance on technology. Contrarily, findings from a PwC survey reflect a more positive outlook in Ireland, where 83% of business leaders anticipate that AI will either increase job opportunities or not affect them adversely. The same survey revealed that only a small fraction of companies, 6%, have established a formal governance framework for AI.

In a separate study conducted among INSEAD alumni, which included 1,200 respondents from various regions including Europe, America, and Asia, there was a significant worry about AI replacing jobs and the dangers of its misuse. Interestingly, this survey also indicated that most respondents see AI as more beneficial to employees than to senior executives, suggesting that the technology’s advantages might be more democratic than previously thought.

The role of AI in business innovation

The WE Communication survey sheds light on the sectors within organizations where AI is expected to make a significant impact. About half of the participants see AI as a boon for customer service departments, while slightly fewer, 46%, believe its integration will enhance marketing and communication strategies. Furthermore, 45% of those surveyed are confident that AI will have a positive effect on product development.

Generative AI is particularly strong among INSEAD alumni, with 90% expressing positive views. They highlighted AI’s potential to save time, boost efficiency, and relieve staff from monotonous tasks. This sentiment is mirrored in their personal and professional use of AI, with 68% utilizing it at work and 64% employing it for personal tasks.

Startups and AI: An intensive relationship

Startups are at the forefront of leveraging generative AI, as evidenced by a Startup Verband survey indicating that 76% of German startups use this technology routinely across functions like marketing, product development, and IT operations. This heavy reliance on AI extends to sales and process automation, showcasing the integral role AI plays in the startup ecosystem.

Jesse Oullette, founder of LeadMagic, highlights a disparity in how growth-to-market (GTM) organizations exploit AI. While some GTM entities extract tenfold value from AI, others struggle to harness its full potential. Oullette’s commentary on LinkedIn underscores the importance of integrating LLM (large language models), memory, knowledge, and tools to maximize AI’s benefits. This approach, which includes the use of GPT Builder for creating custom GPTs, showcases innovative ways businesses are trying to tap into AI’s capabilities beyond standard applications.

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