The progression of Gen AI is like an unfolding chapter in the grand narrative of the technology sector. While it promises transformative change, companies are cautious about potential pitfalls. Gen AI can generate insights from structured and unstructured data, making sense of patterns invisible to the human eye. However, over-reliance on AI could reduce human oversight and lead to biased or unethical outcomes.
Data security and privacy are key concerns, along with worries around safeguards in areas like bias, accuracy, and transparency. Amid evolving regulations, tech companies face the challenge of building trust. In the survey, for instance, most agree on the need for Gen AI regulation but differ on who should lead – 48% tech services companies suggest the government, 25% prefer industry associations and 20% prefer self-regulation.
Gen AI is a major disruptor, and how tech companies navigate its risks and rewards will shape their future relevance in the business world.