64 per cent of CEOs are adopting generative AI faster than staff are comfortable with in order to stay ahead of the competition, according to new research from IBM.

However, the survey of 3,000 CEOs found that 65% believe their teams have the skills and knowledge to adopt generative AI, despite few understanding the full impact on how it will impact their workforce and culture.

Former IBM AI lead, and newly appointed Chief Product Officer at Ataccama, Jay Limburn labelled generative AI as a “once-in-a-decade technology disruption.”

CEOs cite generative AI adoption as being critical to success, but many clearly don’t have a full grasp on generative AI’s impact and development, with 58% hiring for generative AI roles that didn’t exist a year ago.

To capitalise on advancements, 37% are increasing their headcount due to generative AI, while 35% of CEOs admitted that their workforce will require retraining and reskilling over the coming years.

CEOs indicate the benefits of rapid technology adoption outweigh potential risks

Three quarters (75%) of CEOs surveyed agree that governance for generative AI must be established as solutions are designed, rather than after they are deployed.

Although 71% of UK CEOs surveyed say trusted AI is impossible without effective AI governance in their organisation, only 35% say they have good generative AI governance in place today.

At the same time, 64% of CEO respondents say they will take more risk than the competition to maintain a competitive edge, with over half (55%) agreeing that the risk of falling behind is driving them to invest in some technologies before they have a clear understanding of the value.

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69% of surveyed CEOs say the productivity gains from automation are so great that they must accept significant risk to stay competitive.

While today 60% of surveyed CEOs are no further than generative AI piloting and experimentation, 58% expect to be driving growth and expansion by 2026.

Rahul Kalia, UK & Ireland managing partner, IBM Consulting. “For technology to transform the business, first the business must evolve. Success with GenAI will depend more on employee engagement and a culture of innovation than the technology itself.”