Companies are highly excited about generative AI and the promised productivity savings it offers. However, the implementation of this technology into their processes presents a significant challenge. According to a recent report by consulting firm PwC, business leaders in the US identified the top obstacles as achieving measurable value from the new tech (88%), the cost of adoption (85%), and training talent (84%). PwC interviewed more than 700 executives across various C-suite roles between August 1 and August 8. Despite these challenges, there is still optimism among business leaders regarding generative AI. In fact, 46% of the surveyed leaders stated that they plan to invest in this technology specifically within the next 12 to 18 months. The financial services, life sciences, and consumer markets sectors are at the forefront of this investment trend.

Specific functions such as customer operations, sales and marketing, software writing, and research and development are also leading the way in harnessing the efficiency and growth potential of AI, as mentioned by Neil Dhar, co-head of US consulting at PwC, during a press call on August 21. Some companies, including those in the tech industry, have already replaced customer service agents with AI bots. However, Dhar highlighted the costliness of investing in generative AI, thus making it crucial for companies to assess the advantages they can gain from this technology and evaluate its impact on their processes. Additionally, since this technology is still in its early stages, there is currently no established guidebook for training workers on how to effectively utilize generative AI in the workplace. As a result, it may take some time before companies can fully unlock the potential of generative AI. Presently, leaders are focused on determining where and how to allocate their resources and evaluating the potential return on investment, stated Dhar. To stay updated on the global economy, sign up for our free, fast, and enjoyable briefing, delivered every weekday morning.