Generative AI to Revolutionize Workplace Efficiency: KPMG Survey

According to a recent report by KPMG, the impact of generative AI on company processes is quickly expanding with significant ramifications for the workforce.

An analysis of the effects of generative AI on company processes was recently done by KPMG, a top global provider of professional services. The findings were clear - an overwhelming majority of respondents believe that GenAI has the potential to revolutionize workplace efficiency and enhance productivity.

72% of participants expressed confidence in GenAI’s ability to significantly improve performance within their organizations, while 66% anticipate a transformation in the future work landscape. Furthermore, 62% recognize the potential for AI to stimulate innovation and facilitate the development of unique products and services.

KPMG also found that 86% of survey respondents are investing in GenAI capabilities to stay competitive in an increasingly digital economy. Modern technologies like machine learning and natural language processing are being used by businesses to create reliable solutions that can handle difficult jobs more quickly and accurately than ever before.

The survey revealed that many businesses are actively pursuing strategies designed to maximize the potential of GenAI within their organizations. These include hiring teams with specialized skill sets for developing innovative applications (63%), investing in data-driven decision making (60%), and implementing continuous improvement measures (59%).

These results suggest that generative AI is quickly becoming an essential part of modern business operations. By leveraging its immense power, companies can unlock unprecedented levels of efficiency, productivity, and innovation - all while fostering creativity and progress throughout their organizations.

New study finds that integrating GenAI technology calls for new talent and employee upskilling, as reported by 66% of surveyed professionals. 71% of executives in IT/tech agree that hiring and training is essential for seamless implementation. Skills in AI, machine learning, natural language processing, and speech technology are deemed crucial for success.

Surprisingly, only 12% of respondents believe their workforce is prepared enough to adapt to this new technology. Additionally, 25% of US executives lack a clear strategy for integrating GenAI capabilities into their workforce, and 30% anticipate employee resistance during implementation and adoption.

In the world of business, AI adoption is rapidly transitioning from a competitive advantage to an essential requirement. That's why organizations must cultivate a culture of responsible AI usage, emphasizing the importance of both developing AI safely and adopting it to optimize business objectives.

According to a recent survey, AI will have a significant impact on different job categories, positively affecting IT, software-related, creative, and customer service jobs. However, administrative jobs, including data entry and record keeping, are expected to face the most significant negative impact.

To make the transition as smooth as possible, organizations must develop a compelling value proposition for tech talent to enhance AI practices and consider exploring ways to acknowledge and reward responsible AI usage.

Overall, proactive engagement from the workforce is essential to adopting AI successfully, and leaders must be out in front, inspiring trust in the workforce and helping them to see a vision for the future.

Read next: Marketers are swiftly adopting the Power of Generative Artificial Intelligence
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