81% Of Companies Have Generative AI Teams: Smaller Enterprises Lead

A recent study by Wharton professor Stefano Puntoni and consultancy GBK Collective reveals that 81% of enterprise companies have established internal generative AI teams, each consisting of at least 10 members. The study, which surveyed 672 executives at companies with annual revenues exceeding $50 million, underscores that generative AI is not merely a fleeting trend akin to crypto or web3 hype cycles.

Puntoni emphasized, “This isn’t another metaverse. Enterprise decision makers across industries are adopting generative AI on a significant scale, and this trend is poised for further growth, with a projected spending surge of over 25% in the coming year.”

Interestingly, smaller companies are at the forefront of this adoption, with executives at firms generating $50-200 million in annual revenue actively using generative AI, with 57% employing it weekly. In contrast, larger enterprises exhibit skepticism toward the technology, primarily due to concerns about its accuracy.

Additional findings from the study include:

  • A 25% increase in generative AI funding anticipated for the current year.
  • 75% of executives expressing optimism about the future of generative AI.
  • 58% of executives utilizing generative AI regularly.
  • 55% believing it will enhance work quality.
  • 36% foreseeing generative AI replacing employee skills for specific tasks.

Usage of generative AI varies by industry, with the technology sector employing it most extensively, while only 26% of leaders in the retail industry and 36% in professional services make regular use of generative AI tools.

The survey also identifies the most prominent applications of generative AI in the workplace within the next three to five years:

  1. Data analysis: 89%
  2. Marketing content creation: 87%
  3. Researching customer and competitive insights: 84%
  4. Document editing and summarization: 84%
  5. Customer support and internal help desk: 82%
  6. Automated email generation: 82%
  7. Supply chain management: 71%
  8. Legal contracts: 57%
  9. Recruitment: 67%

A significant concern raised by many is whether generative AI will eventually replace human workers as it advances. Puntoni envisions a different outcome, stating, “I’m hoping that instead of human replacement, we’ll see human flourishing. Rather than feeling obsolete, you’ll feel empowered and inspired, able to focus on what you excel at, instead of fearing obsolescence.”

Nevertheless, Puntoni emphasizes that both employees and executives should remain attentive to this transformative trend. He likens it to a quote from Pericles, suggesting that indifference towards this technology will not exempt one from its far-reaching consequences.

GBK Collective president Jeremy Korst adds that generative AI will expand the capabilities of individuals, allowing them to excel in aspects of their work that require a human touch, such as connecting with others, customers, and colleagues, while the routine and repetitive tasks can be handled by these AI systems.

Megafea Editors

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