According to the 2024 CEO and Senior Business Executive Survey, artificial intelligence has emerged as the foremost theme of transformation, with 34% of CEOs selecting it as the technology that will most significantly impact their industry. This marks a substantial increase from previous years, reflecting the disruptive potential of AI.
The survey reveals that 64% of CEOs believe the AI breakthroughs of 2023 justify the hype, and three-quarters of CEOs personally used ChatGPT in the first half of 2023. This enthusiasm is driven by the expectation that generative AI (GenAI) will spur a productivity boom, with 49% of CEOs incorporating GenAI into their workforce productivity plans and over one-third anticipating a greater-than-15% increase in productivity within the next two years.
Despite their optimism, CEOs remain cautious about how AI will directly grow revenue. While 86% believe AI can help maintain or grow revenue, they primarily cite improvements in customer experience, talent productivity, and intelligence and analysis as benefits. More direct revenue gain mechanisms, such as new products and targeted marketing, are less frequently mentioned. CEOs are also relying on their technical leaders, with half leaning on CIOs, CTOs, or CDOs to drive strategic value from AI, while a smaller percentage are taking on the responsibility themselves. This highlights the critical role of technical leadership in harnessing AI’s potential for business transformation.
