While AI continues to be a controversial topic in some circles, one group seems to have gone all in on this technology: CEOs.
A recent survey by BCG Analysis polled 2,360 respondents, including 640 executives, to take their temperature regarding AI — and the result was overwhelming support.
According to the study, 72% of CEOs now say that they are the main decision-maker regarding AI in their companies. Before, these decisions might have been made by the information or tech officers, or by a dedicated AI expert. And among those CEOs making the decisions, a whopping 94% said they would continue investing in AI even if it didn't pay off this year.
Not only that, but the amount that they're investing has doubled. Last year, the average investment was 0.8% of an organization's revenue. This year, they are expecting to invest 1.7%.
A major driver behind this trend is a small group of CEOs that the study authors termed "trailblazers." These are the 15% of executives who are most optimistic about AI, spending the most time increasing their skills with it and having their employees do the same, while also making the largest investments and seeing the greatest returns.
The effects of this trend are mixed. Depending on how well AI works for a particular business, it may increase profits and may reduce the workload of some employees. Other workers have reported negative experiences with the technology, and some have lost jobs to it.
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Meanwhile, the average AI is energy-hungry, driving up utility costs across the grid and increasing pollution as well as water consumption for cooling. The effect has been powerful and has drawn backlash from residents living near data centers and potential future sites.
There are also security, privacy, and ethical concerns wherever AI is involved — as recent events concerning Elon Musk's Grok revealed — and since this is a new and evolving field, few solutions are ready to deploy in this area.
Steps are being taken to mitigate the environmental risks associated with data centers, including using their excess heat in homes. However, the best solution would be to significantly increase their reliance on renewable energy, especially with reliance on the technology looking set to increase further.
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