Growing Engagement with Generative AI Among Businesses, Yet Implementation Lags Behind

The Rise of Generative AI in Business: Insights from the AICPA & CIMA Survey



A recent survey conducted by the AICPA and CIMA has shed light on the increasing curiosity business executives hold towards generative artificial intelligence (Gen AI). While the majority of these leaders are now exploring the potential applications of this transformative technology, actual implementation remains limited. The survey, part of the quarterly AICPA & CIMA Economic Outlook, analyzed year-over-year changes in attitudes towards Gen AI in various business operations.

In the last year, the landscape has shifted significantly. Initially, 56% of business executives expressed no interest in incorporating Gen AI tools into their operations. This number has now plummeted to just 38%, indicating a growing recognition of the technology's potential benefits. Among those surveyed, 30% reported experimenting with Gen AI—an increase from 23% in the previous year. However, despite this progress, the actual percentage of companies fully integrating these tools into critical operations has seen negligible growth, only rising from 4% to 6% from last year to this year.

Key Areas of Interest for Gen AI Applications



The survey revealed that the primary domains where Gen AI is being experimented with include core business operations, finance, strategy development, and sales and marketing. Tom Hood, the executive vice president for business engagement and growth at AICPA and CIMA, noted, "The data suggests we're right on the cusp of broad adoption of Gen AI. We’re rapidly progressing from contemplation to experimentation. The uptake of this technology has been faster than previous trends, and we anticipate that implementation will be equally swift."

However, despite the enthusiasm around Gen AI, many executives still harbor concerns about its risks. A striking 92% of respondents indicated at least minor concerns regarding potential privacy, ethical, and accuracy issues tied to the use of Gen AI tools. Notably, 34% revealed they have significant concerns, although this is an improvement from 40% last year, suggesting a gradual acclimation to the technology.

A significant barrier to full implementation is the need for enhanced data security and governance surrounding Gen AI. While 35% of executives reported having security protocols and policies established, a staggering 58% admitted they had none in place. This highlights a crucial gap that companies must address to ensure the responsible and ethical use of AI technologies.

Future Directions and Recommendations



With the rapid evolution of Gen AI technologies, organizations must prioritize developing robust data security measures and comprehensive usage policies. These actions will not only alleviate apprehensions among executives but will also pave the way for more widespread adoption of Gen AI in various business functions.

For professionals seeking more insights into the impact of Gen AI on accounting and finance, the AICPA provides a range of informative reports through CPA Canada, alongside a generative AI toolkit tailored for accounting practitioners. These resources aim to proliferate knowledge and competencies related to Gen AI applications in the finance sector, promoting safe and effective integration within businesses.

The survey, conducted from November 6 to 26, 2024, involved 273 qualified responses from CPAs and Chartered Global Management Accountants (CGMAs) who hold leadership roles in their organizations. The overall margin of error in the survey results is less than 3 percentage points, and the comprehensive findings are part of a series of targeted questions that vary each quarter, emphasizing the need for continual monitoring of trends in Gen AI adoption.

In summary, while business leaders are becoming increasingly engaged with generative AI, the hesitancy surrounding its implementation due to perceived risks and inadequate data security must be addressed to unlock the full potential of this innovative technology. As the landscape continues to evolve, organizations will need to adapt and innovate to leverage Gen AI effectively and responsibly.

Topics Business Technology)

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