Nearly Three in Four Business Leaders Have Concerns that AI will Replace Jobs in their Industry, but Remain Optimistic about its Potential
July 01 2024 - 10:00AM
Nearly Three in Four Business Leaders
Have Concerns that AI will Replace Jobs in their Industry, but
Remain Optimistic about its Potential
New Study from Sax LLP Reveals Many Expect
Increased Investment and Immediate Benefit from AI Despite Concerns
Over Security, Privacy and Job Replacement
Parsippany, NJ, July 1, 2024 -- Privacy,
security, and job replacement concerns associated with Artificial
Intelligence (AI) are not weakening business’ optimism for the
technology according to new research from Sax LLP, a top 100
accounting, tax and advisory firm. The study suggests that nearly
70% of business leaders expect their companies to increase
investment in AI over the next 5 years.
“It’s clear that business leaders expect AI to evolve and
significantly impact their operations. That said, there’s room for
growth as companies determine how they implement AI to get the most
value from the technology,” said Robert Owen, Chief Information
Officer, SAX Technology Advisors.
Key takeaways from SAX’s comprehensive AI study include the
following:
- Job Replacement – Nearly three-quarters (74%)
of business leaders are at least somewhat concerned with AI
replacing jobs in their industry.
- Risks – Despite large numbers expressing
concerns about their jobs, 38 percent cite security and privacy
concerns as the largest risks posed by AI. This is nearly double
the amount that cited reliability and replacing human jobs (both 21
percent) as the largest risks.
- Immediate Impact – Almost half of respondents
(45%) say implementing AI would be “immediately beneficial” for
their business.
- Benefits to Multiple Market Segments – After
Technology (64%), business leaders expect Healthcare (58%), Banking
& Finance (58%), Logistics & Distribution (56%), and
Marketing & Advertising (55%) to benefit most from increased
implementation of AI.
- Changing Accounting Services – 96% of business
leaders expect more widespread use of AI in accounting and
financial services over the next 5-10 years.
- Males View AI More Favorably – Males are more
than twice as likely (53%) to view AI as “immediately beneficial”
to their business than females are. (24%)
- AI Risks Differ by Age – 34% of Millennials
(ages 27-42) cite replacing human jobs as the biggest risk with AI,
while only 22% of Gen X (ages 43-58) and 14% of Baby Boomers (ages
59-77) did so.
- AI Usage – Market research, at 51%, is seen as
the biggest reason to utilize AI technology, followed by content
creation (45%), competitor analysis (44%), accounting/financial
services (42%) and outbound email campaigns (39%).
The study of 220 business leaders assesses current sentiment and
predictions for AI among various industries. Along with exploring
areas of concern and optimism associated with AI, as well as
specific industries that would benefit most from increased AI use,
the study also highlights how these opinions differ among age
groups and genders. The findings presented offer insight into how
certain businesses can capitalize on the widespread growth of the
technology.
“We see AI’s role as augmenting human capabilities, and for
businesses, AI can play a role in augmenting the perception of your
company. Those that are figuring out where and how to scale the
technology effectively can use this as a selling point,” added
Owen. “There is ample opportunity, and the future is bright for
those that put resources against using AI strategically.”
Download the full study, “AI in Business: Today & Tomorrow”
here. Along with the report itself, SAX will regularly provide
written analysis of the presented data to highlight and
contextualize certain points and help businesses apply the
knowledge to their long-term strategies.
About SAX LLP
SAX LLP is a Top 100 accounting, tax, and advisory firm serving
the needs of privately held companies, family-owned businesses,
nonprofit organizations, and high-net-worth individuals. With
offices in Parsippany, NJ, Ewing, NJ, New York City, NY, and
Mumbai, India, SAX has specialized expertise that benefits clients
in our largest vertical markets. SAX provides added value to
clients through advisory services that include but are not limited
to Cybersecurity and Managed IT, Investment Banking, Transaction
Advisory, HR Consulting, Valuation, Forensic & Litigation and
Wealth Management. SAX has been nationally ranked and listed among
the Top Accounting Firms by NJBIZ, INSIDE Public Accounting (IPA),
Accounting Today and Forbes. For more information, please visit
www.saxllp.com.
zvataj@sloanepr.com