AICPA & CIMA recently conducted a survey among US business executives and found that more than a quarter of them are experimenting with generative artificial intelligence (AI) tools. Despite concerns about potential risks to privacy, ethics and accuracy, the survey found that 71% of respondents expressed at least moderate concern about these risks. Forty-two percent of executives indicated significant concern, indicating a high level of apprehension.
The use of generative AI tools is becoming increasingly popular in various industries, including sales and marketing, IT and risk management, core business operations and finance and strategy. While some companies have already implemented these tools into their business operations, others are just beginning to explore their possibilities.
Regulatory oversight was not specifically addressed in the survey. However, most executives agreed that an independent assessment or review of AI data is critical to mitigating risk. Strong data security and intellectual property protection should also be emphasized during the implementation process of Generative AI tools.
Tom Hood, executive vice president of business engagement and growth at AICPA & CIMA advised finance teams to start small and gradually increase their use of Generative AI while focusing on data security and intellectual property protection. By doing so, companies can effectively implement these technologies while addressing the challenges associated with their implementation.