New generative AI technology has the potential to replace CFOs as the closest allies of their CEOs.
This demonstrates, in part, how the most recent generation of potent technology can enable significant effects on employee productivity and corporate finances, according to a new study of CEOs conducted by the consulting firm PwC. The survey was released in advance of the World Economic Forum in Davos, Switzerland, which begins on Tuesday with an AI-themed agenda.
About 68% of US CEOs surveyed anticipate that generative AI will increase employee productivity within the next 12 months. This figure is 64% on a global scale, as reported by PwC. Approximately half of CEOs in the United States anticipate that the technology will increase their own work productivity.
CEOs argue that the increase in productivity should immediately impact profits.
A net increase in profits is anticipated by nearly 44% of the CEOs surveyed regarding generative AI over the next 12 months, while a mere 3% foresees a net decrease.
“Investors are also increasingly demanding executives pursue profitable growth, prompting many CEOs to turn not only to cost containment strategies, but also to GenAI,” according to PwC. “GenAI’s dual capability of generating efficiency gains that contain current expenses and enable company reinvention is what makes it so alluring.” This could indicate that, once the macroeconomic challenges subside, there is potential for a more rapid expansion at a reduced cost basis.
Twenty24, according to PwC, is positioned to be the year of “business model reinvention.”
