EY study: Competitive advantages – CEOs rely on generative AI | EY Austria

2023-11-08 12:19:47

Rapid pace as the biggest challenge for capital allocation decisions in GenAI initiatives (26%)

Vienna (OTS) –

• More than two-thirds (68%) say uncertainties surrounding AI make it difficult to integrate into business strategies
• The majority (87%) have already hired new employees with relevant GenAI skills or are in the process of doing so

EY’s quarterly survey of 1,200 global CEOs addresses AI, capital allocation and investment strategies, reflecting the challenges CEOs face when it comes to the emerging technology. While seven in ten CEOs (70%) see the need to respond quickly to AI to avoid giving competitors a strategic advantage, almost two-thirds (68%) also report that uncertainty in this area prevents them from moving quickly implementation to go. From the abundance of potential use cases to the development of a coherent strategy – the decision as to where to invest and with whom to cooperate is often complex and involves uncertainty.

The vast majority (64%) of companies already working intensively with AI expect the technology to completely transform their entire business and operating model in two years or less. In contrast, 67 percent of companies with prior AI experience – defined as five or more completed AI competency initiatives – expect it will take three to five years or longer to achieve similar results. “This longer – and arguably more realistic – timeline suggests that AI and GenAI are new territory for many CEOs. Setting expectations that are too high and then failing to meet them can undermine the trust of employees and shareholders and make transformation more difficult in the long term. Therefore, CEOs should work closely with CTOs to ensure that expectations and strategic plans around AI are feasible given the company’s current resources and competencies,” said Gunther Reimoser, Country Managing Partner of EY Austria.

Further information and the complete study can be found at

Questions & Contact:

Bettina Loidhold
Communications Manager
EY Austria
[e-mail]
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1699446031
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