The vast majority of senior business executives expect transformational benefits from generative artificial intelligence soon, surveys from Big Four giants Deloitte and PwC show.

Deloitte surveyed more than 2,800 AI-experienced directors and C-suite executives across six industries and 16 countries—79% of whom said there would be “substantial organizational transformation in less than three years.” A majority looked to the technology for “tactical” improvement in costs and efficiency.

The world is “in the early days of a major technological transformation with Gen AI beginning to drive a wave of innovation across industries,” Joe Ucuzoglu, Deloitte Global CEO, said in a statement. He also said that “leaders are under an immense amount of pressure to act, while ensuring appropriate governance and risk mitigation guardrails are in place.”

Separately, PwC, also known as PricewaterhouseCoopers, said its survey of CEOs showed that 68% of US chief executives expected generative AI to make their employees more productive over the next 12 months, and 44% expected the technology to boost net profit in the same period.

Generative AI will “transform transformation,” PwC said. “Its ability to make sense of unstructured data, when combined with cloud, can accelerate nearly any data-related transformation initiative.”

Just a quarter of respondents in the Deloitte survey said their organizations were well-prepared to deal with the governance and risk issues accompanying generative AI. And only 47% said their organizations were doing the necessary work to educate employees on the technology.

Many Deloitte respondents highlighted fears about AI governance problems related to intellectual property, data integrity, and regulatory compliance, among other things. They also flagged concerns that the technology would exacerbate economic inequality and erode trust in institutions.