According to the report, the ability to address these risks also involves companies implementing strong internal cybersecurity measures, as most of the participants stated that their cybersecurity measures were “modestly capable at best” of supporting the deployment of generative artificial intelligence.
Other obstacles hindering the adoption of generative artificial intelligence, according to survey participants, include a lack of relevant generative artificial intelligence skills. Companies are concerned about not having the appropriate talents internally and the unavailability of such talents in the market.
However, the survey reflected generally positive sentiments about the future role of generative artificial intelligence in business. Six out of ten participants expected generative artificial intelligence to bring about significant changes in their industries in the next five years, with 78% seeing it as a competitive opportunity, while about 8% viewed it as a threat.
While building innovative artificial intelligence solutions capable of responsibly handling large datasets and contextualizing them in a business context poses a significant challenge, it will soon become a worthwhile investment, according to Geraldine Coor, Managing Director for South Asia and President of the Global Enterprise at Telstra International.
Coor stated in a statement regarding the survey released on Monday, “When successfully implemented, artificial intelligence will change the game for most institutions, differentiating leaders from followers.”
According to a report released by McKinsey last year, generative artificial intelligence is expected to have the most significant impact on sales, marketing, and consumer operations.
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