Despite all the buzz over how generative artificial intelligence tools like ChatGPT are set to revolutionize entire industries, the vast majority of business leaders are waiting for the hype to blow over before fully embracing the new technology.
That's according to the latest report from Boston Consulting Group (BCG) released Friday, which found some 90% of executives are taking a "wait and see" approach, either holding off on trying out GenAI or experimenting with it in minor ways.
Yet, while the findings indicate there is a great deal of hesitation around integrating GenAI into operations, they also showed executives are warming up to the technology. Some 95% of respondents said they allow AI and GenAI use at work, a significant increase from July 2023 when more than half said they actively discouraged the use of such tools.
Still, only 6% of companies that participated in the survey said they had managed to train more than 25% of their employees on GenAI tools.
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So what does this mean?
"The majority of CEOs are waiting for GenAI to move past the current hype because they lack teams with the requisite knowledge and experience to drive this transformational change, nor the proper guardrails to manage responsible deployment," said Vlad Lukic, the global leader of BCG's Tech & Digital Advantage practice.
"At the same time, they’re navigating through product roadmaps from various software vendors, trying to discern reality from hyperbole," Lukic told FOX Business. "As a result, CEOs will continue to intensify their investments in building these muscles while experimenting with this technology."
The study, which polled 1,406 executives across the globe, also discovered business leaders do intend to boost investments in AI this year.
Respondents from the Middle East were most likely (93%) to say they were going to increase their company's investments in AI or GenAI in 2024, followed by 86% of Europeans.
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Eighty-five percent of those surveyed from the Asia-Pacific region said they would do the same, as did 85% of North American respondents, 82% of those from Africa, and 75% from South America.
When asked about general tech investments, there was more of a spread.
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Eighty-five percent of those in the Middle East region said they planned to increase their tech investments this year, followed by 80% of Asia-Pacific executives, 77% from Africa, 68% from Europe, and 65% from North America.
