KPMG - Generative AI Business Value Survey 2023

The report explores the transformative potential of generative AI and how business leaders are approaching this technology. The report is based on survey data from 300 executives from across industries and geographies, as well as the insights of KPMG advisers in artificial intelligence, technology enablement, strategy, and risk management. The report highlights that generative AI is still in its infancy and evolving rapidly. Before executives invest in broad adoption, they have many unanswered questions about security, reliability, impact on jobs, and potential value. Executives in the survey cite lack of talent, cost issues, and unclear applications as top barriers to implementation. The report identifies the key applications of generative AI, including product and service innovation, process optimization, and customer experience enhancement. However, implementing generative AI solutions can be complex and challenging, requiring significant investment in technology, talent, and infrastructure. To achieve real business value from generative AI, organizations need to develop a clear strategy, build a strong data foundation, and foster a culture of innovation and experimentation. The report provides practical insights for responsibly integrating generative AI solutions into individual organizations and offers guidance on how to use generative AI to empower employees, work smarter, and compete better. Overall, the report suggests that harnessing the transformative power of generative AI will require a balance of speed with thoughtful planning and careful risk mitigation.