The fervour surrounding ChatGPT and the technology that enables it has sparked serious consideration and introspection among finance executives. The advent of AI-generative technology has called into question the value of human labour, and while its limitations are evident in industries such as accountancy and finance, the technology's early evolution opens the door to a tremendous amount of disruptive potential.
While the applications of this new technology are still up for debate, there appears to be consensus on a timeline for its implementation. In a recent survey of more than 400 corporate leaders at the director level or above, Insight Enterprises discovered that nearly three-quarters (72%) of respondents want artificial intelligence to be implemented within three years.
Use, ethics and compliance
The incorporation of new technology necessitates, among other things, a well-defined strategy and a communication plan that makes employees feel informed and involved in the change. This technology is not only unprecedented, but it also comes with a legend of job cuts, a phenomenon that can be a morale-killer internally.
According to Insight Enterprise's data, executives have divergent opinions regarding the most dangerous aspect of AI implementation. Nearly one-third (29%) of business executives are concerned about ethics, an area that AI has already enriched in industries like music and education.
Customer service, a target of leadership's cost-cutting initiatives, is an ideal candidate for the first forms of AI integration. 66% of surveyed business executives indicated an interest in incorporating generative chatbots into customer support and service workflows.
As the creators of the technology have instructed regulators to participate in the development of AI technology, no restrictions have yet been established. This is a sensible approach, as regulators should not rush to regulate a new industry.
Despite AI's influence on dialogues about the future of work and the corporate landscape, AI is not yet an industry, with a negligible market share, few notable companies, and no initial public offering. Despite the fact that companies have begun to refer to themselves as "AI-powered," only a small number use AI extensively outside of marketing.
Employee Retention and Satisfaction
Retention of talent, one of the labour issues and challenges faced by CFOs, shows no symptoms of diminishing any time soon. Concerns regarding the employee reaction to the pervasive incorporation of ChatGPT and other generative AI tools is a significant factors in adopting the technology gradually, according to the data.
Some leaders may wish to subsidise AI-based employee work, but this would necessitate significant changes to the way work is performed and may be difficult to implement rapidly. Nine out of ten (90%) respondents expressed concern about AI replacing or reducing responsibilities within their organisations.
Implementing the technology in this setting is made more difficult by the presence of these characteristics, as well as the difficulties associated with managing employees that come from a variety of generations.
As a result of the fact that effective leaders are aware of how essential the people working for them are to the long-term success of their businesses, more than a quarter (26%) of company leaders told surveyors that workplace displacement was their greatest concern.
Brand image and reputation
The executive team is responsible for making decisions that will keep the company's reputation intact, whether such actions will be seen favourably by other leaders, workers, consumers, or investors. Because of issues with cybersecurity and company choices based on CEI (Corporate Equality Index) indices, the management of a brand's reputation has become of the utmost importance to executives who have the objective of expanding the firm into new areas.
Careless use of artificial intelligence technology can provide consequences that are quite similar to those that are produced by a data breach in the eyes of both consumers and investors. Almost a fifth of corporate executives, or 29%, expressed concerns about the potential damage to their brand that may result from implementing AI technology.
Integration of AI bears the danger of causing dissatisfaction among workers, may have a detrimental effect on the experience of customers, and may need changes in workflow that reduce overall productivity. Leaders need to continue weighing the advantages of AI against the dangers associated with its widespread adoption, all the while being ready for any potholes or other obstacles that may appear along the high-stakes road to the growth of full-scale AI.