It is time to show off! These days words like “AI” and “robotics” are thrown around by executives of companies to attract the attention of investors. Indeed, the AI era is a transformative force with the potential to reshape industries and societies on a global scale.
The growing preference for automation over human labor is becoming increasingly widespread. While the emotional aspect of terminating human workers is regrettable, the undeniable truth is that robots outperform humans in various aspects. They operate efficiently without complaints, illnesses, union affiliations, or demands for salary increases.
Investing in AI-related opportunities can be a way for investors to capitalize on this mega trend. Thanks to a partner for this interesting article which may be of interest.
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Almost half (45%) of CEOs believe that technological disruption will make their businesses invalid within the next decade, according to the PwC’s Annual Global CEO Survey. They said their current business models will not be feasible in 10 years’ time if artificial intelligence continues to develop at its current rate, creating new hurdles for existing companies.
However, many of the 4,702 global CEOs interviewed expect their businesses to transform even sooner – 70% of respondents said their companies will be fundamentally altered within the next three years as they adapt to these new challenges.
The majority (69%) of CEOs surveyed said they will need to upskill their current workforce if they stand any chance of competing against AI, while many expressed concerns about the cybersecurity (64%), misinformation (52%) and legal risks (46%) associated with the technology.
But it wasn’t all doom and gloom – almost three-fifths (58%) of CEOs think AI will improve the quality of their products and services over the next 12 months, with 46% saying it should positively impact profitability. Indeed, the general outlook over the short term was more positive, with 38% of CEOs optimistic about global economic growth over the next year, up significantly from 18% in 2023.
Despite a brighter short-term outlook, PwC global chair Bob Moritz said this latest report highlights the need for businesses to rethink their long-term structure. “As business leaders are becoming less concerned about macroeconomic challenges, they are becoming more focused on disruptive forces within their industries,” he added.
“Despite rising optimism about the global economy, they are actually less optimistic than last year about their own revenue prospects, and more acutely aware of the need for fundamental reinvention of their business.”