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Laxman Pai, Opalesque Asia:

According to a new survey conducted by KPMG, executives say that generative AI (GenAI) is already having a significant impact on how they are charting the course for their organizations. Most say investments will increase with positive ROI expected in the next three years.

The survey of 225 senior business leaders at companies with $1 billion or more in revenue found that the majority are already seeing the impact of GenAI on their business: 71% are leveraging data in decision-making, 52% say it is shaping competitive positioning, and 47% say it is opening new revenue opportunities.

"Executives say AI investment and ROI will increase in the short term. 83% of respondents say their GenAI investments will increase over the next 3 years, and 78% are confident in the ROI of planned investments," it said.

Investment and ROI coincide with near-term plans to integrate GenAI into the business. In the next 1-3 years, 61% plan to expand the scope of current GenAI initiatives and 55% will introduce GenAI into new business functions.

Meanwhile, after the significant push for training and hiring, workforce readiness is increasing but significant gaps remain. Only 16% of organizations have a workforce that is highly equipped for GenAI utilization; however, 78% say their teams are moderately equipped reflecting major increases in training (69% up from 12% in 2023) and hiring/acquiring talent (61% up from 24% in 2023).

Risk mitigation......................

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