In the ever-evolving landscape of technology disruptors, generative AI shines as a beacon of opportunity for the majority of business leaders, according to the recently released PwC Global Risk Survey 2023. This comprehensive report showcases a significant shift in perceptions, with 60% of surveyed business leaders viewing generative AI as a promising avenue for growth, contrasting with the more conservative outlook on changes in regulations and supply chain disruptions.
Generative AI is an opportunity, not a risk
In a remarkable departure from traditional risk perception, the PwC Global Risk Survey 2023 reveals that generative AI is overwhelmingly perceived as an opportunity rather than a risk by 60% of business leaders. This finding stands in stark contrast to the more cautious outlook on other factors, with only 35% of respondents viewing changes in regulations favorably and a mere 28% seeing supply chain disruption as an opportunity.
Parallel research conducted by PwC, the Global Digital Trust Insights Survey, further underscores the enthusiasm surrounding generative AI. An astounding 77% of respondents anticipate that generative AI will play a pivotal role in developing new lines of business for their organizations over the next three years.
The positive sentiment extends beyond the boardroom, as revealed by the Global Workforce Hopes and Fears Survey, which gathered insights from over 50,000 workers. This extensive survey demonstrated a prevailing optimism regarding the impact of AI on their roles.
Notably, individuals in roles related to operations and technology are more inclined to view generative AI as an opportunity rather than a risk. This observation underscores the influential role played by those at the forefront of adopting new technologies in shaping organizational risk tolerance and innovation.
Technology investments take center stage
The PwC Global Risk Survey 2023 underscores a fundamental shift in organizational priorities, with technology investments emerging as the primary motivation for evaluating the risk landscape. Approximately 57% of respondents from diverse industries identify technology investments, encompassing cloud services and cutting-edge technologies like generative AI, as their driving force.
Among respondents hailing from large organizations with revenues of USD 5 billion or more, this figure surges even higher, reaching an impressive 62%. This emphasizes the strategic significance attributed to technological advancements by industry leaders, surpassing other triggers such as risk events (50%) and market entries (46%) in influencing organizations to scrutinize and adapt their risk management strategies.
The survey findings herald a transformative change in the risk assessment landscape, with technology investments taking precedence in the modern corporate environment.
Implications for forward-thinking organizations
As businesses navigate the ever-evolving technological landscape, it is evident that embracing and capitalizing on emerging technologies is no longer just a strategic choice but a fundamental factor in shaping the risk and opportunity landscape for forward-thinking organizations.
The PwC Global Risk Survey 2023 paints a picture of a business world that is increasingly optimistic about the potential of generative AI as an opportunity rather than a risk. This positive outlook reflects a broader trend of organizations prioritizing technology investments to drive growth and innovation. While challenges and uncertainties undoubtedly persist, the survey findings underscore the resilience and adaptability of businesses in the face of evolving disruptions. Embracing generative AI and other cutting-edge technologies appears to be a winning strategy for those aiming to thrive in the fast-paced and dynamic business landscape of the future.
