The world is both welcoming and fearful of AI
Oliver Wyman issues a detailed study
Oliver Wyman, a global management consulting firm, has unveiled a comprehensive analysis of artificial intelligence (AI) that illuminates the trending technology’s transformative potential and the accompanying concerns surrounding its adoption.
The insights outlined in the Oliver Wyman Forum’s report ‘How Generative AI is Transforming Business and Society’ reveal a landscape where excitement and caution merge in the face of rapid technological advancement.
In advance of the Global AI Summit, hosted by the Saudi Data & AI Authority in Riyadh from September 10-12, 2024, Nick Studer, President and CEO of Oliver Wyman Group, said: “While the transformative potential of AI is immense, it is clear that societies are looking to their governments for leadership in areas like education and workforce development to harness these opportunities safely and ethically.
“With 39% of people across 20 countries advocating for government-driven AI initiatives, preparing our workforce for the changes ahead and ensuring responsible AI development is crucial,” Studer added.
Eyebrows raised
Despite the optimistic outlook surrounding AI, there are concerns about the pace of AI adoption.
The recent Oliver Wyman Forum survey, ‘The New Growth Agenda: How CEOs are Navigating Emerging Shifts in Geopolitics, Trade, Technology, and People,’ reveals that 41% of CEOs from NYSE-listed companies worry about lagging in AI advancements, underscoring the critical need for timely innovation.
Nonetheless, 96% of CEOs view AI as an opportunity rather than a risk, reflecting a broad belief in its potential to drive business and economic growth.
Generative AI, in particular, is capturing the global imagination. The Oliver Wyman, Forum AI report, highlights that 28% of global respondents believe generative AI could encapsulate human emotions, suggesting significant potential in the entertainment and customer service sectors.
However, caution persists among AI researchers; 50% believe there is over a 10% chance AI could lead to human extinction, stressing the importance of responsible development.
GCC is optimistic about AI
According to Jad Haddad, Global Head of Oliver Wyman Quotient: “The Middle East, particularly the GCC, is demonstrating a confident embrace of AI. Governments are committed to investing in and deploying the technology, while young, tech-savvy populations in the region are eager to integrate AI into their daily lives and work environments. This dynamic is fuelling further investment and encouraging ongoing governmental support.”
Globally, more than 80% of Oliver Wyman Forum’s Global Consumer Sentiment and AI survey respondents have expressed a desire to leverage AI for various needs, from healthcare to social connections, with Gen Z leading the charge.
The survey also projects that 63% of consumers expect autonomous buses and shuttles within the next decade, and 66% foresee autonomous taxis, signalling a significant shift in AI-driven transportation.
However, integrating AI into workplaces poses challenges. The report reveals that 47% of employees using AI are willing to continue its use even if employers prohibit it, highlighting the tension between workforce enthusiasm and the need for clear guidelines and ethical considerations.
“As AI continues to evolve, it is crucial to balance innovation with risk management,” said Haddad. “Countries, companies, and consumers must navigate the dual nature of AI, fostering its benefits while addressing its inherent risks.”
The ongoing discussions and developments underscore the intricate balance required as AI technology advances, shaping the future of business, society, and beyond.
Featured image: Generative AI is capturing the global imagination. Credit: Artem Podrez
