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Most Executives Believe the Benefits of Generative AI Outweigh the Risks

July 10, 2023

By Tracey E. Schelmetic - Virtual PBX Contributor

There can be no doubt today that generative AI is changing the way companies do business, from customer support to product marketing and nearly every other function in between. At the same time, companies are also aware of the risks that AI brings to business, from copyright infringement to cybersecurity risks to deep fakes to offensive AI results.

Most business executives, however, see the benefits outweighing the risks. According to a recent report by Capgemini Research Institute titled, “Harnessing the Value of Generative AI: Top Use Cases Across Industries,” 74 percent of executives believe that the benefits posed by generative AI outweigh the associated concerns. Twenty-one percent noted that they anticipate a disruption in their industries, 40 percent of organizations across industries have already established teams and budgets for the technology, and a further 49 percent have contemplated doing so within 12 months.

In addition, 70 percent of executives said they believe that generative AI will enable organizations to widen the scope of the roles of knowledge workers. Nearly all executives (96 percent) stated that they recognize that generative AI is a key topic in the boardroom, with the majority confirming that their leadership are strong advocates.

To date, the most widely used application for generative AI is in the customer support realm. Generative AI-based platforms include chatbots for automating customer service and improving knowledge management (83 percent) and designing, collecting, or summarizing data (75 percent). Many companies are using advanced AI to improve workers’ workflow. In addition, most executives stated that they believe that generative AI will make product and service design more efficient (78 percent) and accessible.

As for the benefits of the technology, executives believe that its integration will lead to an eight percent increase in sales and a seven percent decrease in costs. Alongside this, those surveyed indicated that they could expect to see a nine percent improvement in both customer engagement and satisfaction and operational efficiency.

Edited by Greg Tavarez



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