CEOs see potential in profitability, innovation and jobs in Generative AI

However, ethical regulations still need to be fixed.

Singaporean bosses view a potential in Generative AI from profitability (28%), innovation (20%) and job creation (16%), a KPMG study showed. 

However, most CEOs (64%) said ethical challenges are their top concern when adopting Generative AI in their companies. With 68% of them saying that the lack of current regulations and direction for the tech should be addressed before they become fully on board with the idea.

Despite concerns, the majority of CEOs globally (69%) consider generative AI as their top investment priority in the medium term, the study also revealed. 

Other results showed that about half (48%) of Singapore CEOs say they expect to see a return on their investments in three to five years.

The research garnered insights from 1,300 CEOs from the world’s leading firms, including in Singapore.