According to a survey conducted by the world’s largest professional services firm, Deloitte, three in four chief financial officers (CFOs), or around 73 per cent, are bullish on AI and its ability to improve business performance.
This marks a significant jump from previous years, with only 59 per cent optimistic last year, and 39 per cent the year before.
The report, which surveyed 58 UK CFOs between 1 July and 13 July, aims to paint a picture of what the largest businesses are thinking when it comes to AI.
The major jump in approval represents a major cultural change as financial staff in top positions realise AI capabilities for their businesses, while the technology itself gets more capable.
Investment in AI and other technology is also massively expected to increase, with 96 per cent of CFOs anticipating increased spending and investment over the next five years.
At the same time, fears over AI’s influence on energy and geopolitics are cooling off. Fears of energy price disruption have fallen from 70 to 60 since the start of the year, while geopolitical concerns dropped from 79 to 68.
However, a key concern that CFOs maintain is productivity and competitiveness, with a risk concern rating of 63.
Despite the optimism, AI is still a volatile space, where technological, cultural, or business changes could reverse spending and disrupt the economy significantly.
Earlier this month, the European Central Bank (ECB) met to discuss how, whether AI does well or poorly economically, it could severely impact the global economy.
“If AI overdelivers, it will impact financial stability. If AI underdelivers, it will impact financial stability,” said Apollo Global Management’s Torsten Slok at one of the main panels during the annual meet in Portugal.
A successful AI could result in major unemployment and create major instability in the economy, as nobody can afford to spend anymore. However, if AI fails, the major investments in it will also fail, creating economic issues.
“The internet proved to be better than anybody imagined, created whole new businesses, but we still got the dotcom bubble,” said Bank of Canada governor Tiff Macklem.
“It doesn’t mean there can’t be a period where the market gets ahead of itself, and you see an entrenchment.”
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