Two companies – one media giant and the other a consulting industry heavyweight – are breaking out the magnifying glass on how AI will impact C-suite executives and the companies they run.
That would be Forbes and Robert Half, who’ve paired up to produce the Forbes Research 2023 AI Survey. The study of 1,000 business leaders across the U.S. aims to shine a light on how AI-powered insights drive C-Suite executive decisions.
The executives the study tracked all come from large companies with at least over $1 billion in annual revenues. 50% of the companies included generate over $10 billion in yearly revenues.
The survey tracks not only what business decision-makers are doing with artificial intelligence now, but gauges their best guesses on what their firms will be doing with AI down the road.
“Embracing AI and new technologies is an imperative for businesses to stay competitive and enable employees to work smarter and more efficiently,” says Trisha Plovie, senior vice president at Robert Half’s “Future of Work” division. “No matter where you are on the AI journey, learning from others can provide perspective and help you plan for the future.”
Senior Executives Are Starting to Form Firm Opinions on AI
What did the survey find? Here are multiple eye-opening takeaways.
1. Setting strategies – For starters, three-quarters of chief experience officers told Forbes/Half their leadership teams are on establishing an AI game plan. “Yet ultimately it’s the CIO (71%) and the CEO (57%) who are most likely to be tasked with how AI is integrated into business practices,” the study reports.
2. CFOs take a step back – Alternatively, “given the impact on talent, customers, and the bottom line,” relatively few chief human resources officers (19%), chief marketing officers (25%), and chief financial officers (10%) are stepping up on AI decision-making endeavors. But those same CFOs are willing to pay up for AI solutions to company problems. “Many CFOs are adamant that AI strategies turn into real action, with 40% planning to increase enterprise AI budgets by more than 5% over the next two years,” the survey notes.
3. Not a job snatcher – One of the pre-eminent themes around AI in the last two years is that it will take away millions of human jobs. The jury is still way out on that premise, and CFOs aren’t buying it, anyway.
According to Forbes/Half, 60% of C-suite leaders believe that AI will ultimately “create rather than eliminate job opportunities” in their organization.
4. Data privacy is a huge concern – Lastly, half of the 500 senior executives interviewed for the study have “major legal and ethical concerns surrounding generative AI outputs and the use of company data.”
An equal amount of CXOs say they already have “strict enterprise policies in place” for the use of generative AI. These policies underscore the importance of compliance and governance in AI initiatives, “reflecting a growing awareness of AI’s implications in various industries,” the study reports.
Brian O’Connell, a former Wall Street bond trader and best-selling author, is a prominent figure in the finance industry. With a substantial background as an ex-Wall Street trader, he has authored two best-selling books: ‘The 401k Millionaire’ and ‘CNBC’s Creating Wealth’, demonstrating his profound knowledge of finance and investing.
Brian is also a finance and business writer for esteemed national platforms and publications, including CNN, TheStreet.com, CBS News, The Wall Street Journal, U.S. News & World Report, Forbes, and Fox News.
