A recent survey by AICPA & CIMA reveals that over a quarter of U.S. business executives are experimenting with Generative AI tools, despite concerns about privacy, ethics, and accuracy. While some companies have already implemented these tools in their operations, others are just beginning to explore their potential.
The survey polled 275 CEOs, CFOs, controllers, and other CPAs in executive and senior management accounting roles and found that 71% of respondents expressed at least moderate concern about the risks associated with Generative AI. Forty-two percent of executives cited significant concern about these risks, indicating a high level of apprehension.
Key areas for experimentation identified by survey respondents include sales and marketing, IT and risk management, core business operations, and finance and strategy. While regulatory oversight was not specifically discussed in the survey, the majority of executives agreed that an independent assessment or review of AI data is crucial to mitigate risks. Establishing strong data security and intellectual property protections throughout the process of implementing Generative AI tools was also emphasized.
Tom Hood, the executive vice president for business engagement and growth at AICPA & CIMA, advised finance teams to start small and gradually scale up their use of Generative AI. By focusing on data security and intellectual property protections, companies can navigate the challenges associated with implementing AI technologies effectively.
