A global survey conducted by Deloitte's AI institute reveals that top executives still need to prepare to handle the impact of generative AI more than a year after the emergence of ChatGPT in the business landscape.

The survey, which involved 2,800 directors to C-suite level executives, highlights significant concerns regarding the readiness of businesses to deal with generative AI. Namely, executives who have invested more in generative AI and possess a deeper understanding of the technology are reportedly more worried about its potential impact on their organisations. Their knowledge and experience have made them acutely aware of the risks and challenges associated with generative AI.

However, the survey findings indicate a need for more readiness and expertise within organisations to harness the power of AI effectively. Only 1 in 5 executives believe that their organisations are 'highly' or 'very highly' prepared to address the skills required for AI implementation. Additionally, just 1 in 4 executives feel that their organisations are well-prepared to handle AI governance and risks, highlighting a significant gap in understanding and preparedness in managing AI's ethical and legal implications.

The survey also reveals a potential knowledge gap within organisations, with only 47% of executives believing their organisations sufficiently educating their employees about AI. This limited understanding could hinder the successful integration and utilisation of AI technologies.

Moreover, most executives stated that their organisations primarily focus on tactical benefits, such as improving efficiency and cost reduction, rather than exploring new growth opportunities. This narrow focus indicates a limited understanding of AI's broader potential and applications for innovation.

Joe Ucuzoglu, Deloitte Global CEO, emphasised the need for an ecosystem mindset and collaboration across organisations. He warned against approaching generative AI as a side initiative and highlighted the importance of recognising that every organisation can only possess some of the necessary expertise within its walls.