Recent research reveals that while businesses are rapidly adopting Generative AI, organisational change is essential for new tech to realise its potential.

The study conducted by Deloitte polled the views of nearly 2,000 senior executives globally, with the findings providing a deep dive into how companies are integrating AI into their operations, and what hurdles must be overcome as a result.

Generative AI: Driving Efficiency and Innovation

Businesses are increasingly looking to Generative AI to boost efficiency and cut costs. While financial returns are essential, the real game-changers are innovation and competitive differentiation. Companies are not just aiming to save money but are also reinvesting those savings into growth and innovation opportunities.

The Talent Gap: A Major Hurdle

A significant roadblock to scaling Generative AI is the talent shortage. The survey highlights that 37% of leaders feel unprepared to tackle talent issues related to AI adoption. However, nearly 75% of the study’s respondents said they plan to revamp their talent strategies in the next two years. This includes upskilling, reskilling, and potentially increasing their workforce to meet AI demands.

Trust and Transparency: Building Confidence in AI

Trust remains a major barrier to large-scale AI adoption. Since the rise of Generative AI in 2022, trust in AI technologies has increased for 72% of organisations. Despite this, only 36% of companies are measuring worker trust and engagement, and less than half are focusing extensively on building trust in Generative AI. Experts are prioritising transparency, quality input data, and reliable outputs to address these concerns.

Achieving Efficiency and Productivity

Improving efficiency and productivity remains the top goal for Generative AI adoption. Organisations with high AI expertise report significant benefits: 70% have improved products and services, and 63% have driven innovation and growth. These companies are strategically reinvesting savings from AI initiatives to further enhance innovation and operational efficiency.

The Rapid Pace of Adoption

Generative AI adoption is happening at breakneck speed. Nearly half of all respondents report quick adoption, with this figure rising to 73% among those with advanced expertise. These experts are scaling AI initiatives across functions, heavily investing in tech infrastructure, and expanding access to AI tools for their workforce.

Know the risks

The study underscores the urgent need for businesses to adapt quickly to the AI landscape. Rapid adoption rates, coupled with the requirement for revamped talent strategies and trust-building measures, highlight the challenges and opportunities in AI integration.

The issues are examined in depth this October at #RISK London, where industry leaders debate how companies can navigate AI adoption responsibly, while gaining a significant competitive edge.

#RISK London 2024

We’re excited to share that #RISK is back in London for its third consecutive year, ready to equip attendees like you with the knowledge, insights, and connections crucial for navigating today’s dynamic risk landscape.

#RISK London 2024, ExCel

#RISK London 2024, 9-10 October, ExCel - GRC. AI. Privacy. Security. RegTech

Key #RISK London sessions include:

The Future of Privacy: Emerging Technologies and Data Governance

Location: PrivSec Theatre

This session will explore the impact of emerging technologies like blockchain, quantum computing, and the Internet of Things (IoT) on data privacy.

Experts will discuss the need for innovative data governance models to address the challenges and opportunities presented by these technologies.

The Future of the GRC Profession: Skills and Strategies for Success

Location: GRC Theatre

This session will examine the evolving skillset required for success in the GRC profession.

Experts will discuss the increasing need for GRC professionals with expertise in data analytics, technology, communication, and stakeholder management.

The session will also explore strategies for continuous learning and professional development to stay ahead of the curve in the dynamic world of GRC.

These are just two of the exclusive sessions taking place at #RISK London this October

Click here to see the full agenda

Discover more at #RISK London

Taking place October 9 and 10 at London’s ExCel, #RISK London brings high-profile subject-matter experts together for a series of keynotes, engaging panel debates and presentations across four separate theatres:

• GRC Theatre

• RegTech Theatre

• PrivSec Theatre

• Risk Theatre 

Each theatre is dedicated to examining the challenges and opportunities that businesses face in times of unprecedented change.

By breaking down silos and aligning systems and workflows, organisations can streamline decision-making, improve efficiencies, and enhance the customer experience.

Attendees will be able to learn how to mitigate risks, reduce compliance breaches, and drive performance.

“#RISK is such an important event as it looks at the broad perspective. Risks are now more interconnected and the risk environment is bigger than ever before.”Michael Rasmussen, GRC Analyst & Pundit, GRC 20/20 Research

Click here to register for #RISK London today!