South African Businesses Embrace Generative AI (GenAI)
According to a recent IBM CEO study, over 50% of surveyed CEOs across South Africa are now hiring for generative artificial intelligence (GenAI) roles that did not exist last year. This surge in GenAI adoption highlights the growing importance of AI in driving business results and innovation.
The study, conducted by the IBM Institute for Business Value in partnership with Oxford Economics, surveyed 3,000 CEOs from over 30 countries, including South Africa. The findings reveal a positive outlook on GenAI among South African business leaders. Over 50% of surveyed CEOs are hiring for GenAI roles ([IBM CEO study]). This suggests a strong belief in the potential of GenAI to transform businesses.
However, the rapid adoption of GenAI also presents challenges. 51% of CEOs struggle to fill key technology roles ([IBM CEO study]). This talent shortage highlights the need for upskilling and reskilling initiatives to equip the workforce with the necessary skills to work with AI technologies. The study acknowledges this, with CEOs believe 36% of their workforce will need reskilling ([IBM CEO study]).
While some fear mass job losses due to AI, experts believe AI adoption will create new opportunities. Experts say AI adoption will create new jobs ([AI experts]). These new roles will require specialized skillsets, such as AI data engineering, ethics expertise, and security engineering.
Regulation is another key concern for businesses implementing AI. 51% of CEOs see regulations as the biggest barrier to innovation ([IBM CEO study]). As AI continues to evolve, clear and adaptable regulations are essential to ensure responsible development and use of these technologies.
In conclusion, the IBM CEO study paints a picture of South African businesses actively embracing GenAI. While challenges exist, the potential benefits of AI for innovation and growth are undeniable. By investing in talent development and navigating the regulatory landscape, South African businesses can harness the power of GenAI to achieve a competitive edge