The perception of artificial intelligence (AI) has undergone a dramatic shift among Fortune 500 companies in the past two years. According to a recent report, 56% of these companies now consider AI to pose a potential risk to their businesses, a notable increase from the 9% that viewed AI as a threat in 2020, the year of ChatGPT’s launch.
Increasing Concerns about AI
The report highlights that the main concerns of businesses regarding AI encompass legal, regulatory, cybersecurity, competition, and ethical aspects. The media and entertainment sectors are the most concerned, with a staggering 91% of companies in these sectors expressing worry.
For instance, Netflix has stated that the implementation of AI by competitors could impact its “ability to compete effectively,” while Disney is concerned about the impact AI will have on entertainment creation due to the lack of clarity in regulations surrounding new technologies.
Affected Sectors
The fear of AI is not limited to media and entertainment. 86% of companies in the software and technology sectors, two-thirds of telecommunications companies, and over half of Fortune 500 companies in healthcare, banking, retail, consumer, and aerospace sectors also view AI as detrimental. This shift in perception reflects a growing concern about the potential adverse effects of AI on their operations and market competitiveness.
Decrease in Positive Perception of AI
In just two years, the proportion of companies that see AI as a tool to create cost efficiencies, increase productivity, and accelerate innovation has significantly decreased. Only 30% of Fortune 500 companies now consider AI a benefit, a notable drop from previous more optimistic expectations.
Final Thoughts
The growing skepticism towards AI among Fortune 500 companies underscores a paradigm shift in how emerging technologies are perceived. As AI continues to evolve and its impact on various sectors becomes more palpable, companies are reassessing their strategies and preparing to face the challenges and risks associated with this powerful tool. Concerns over regulation, cybersecurity, and ethical implications of AI are becoming central themes for strategic planning in the near future.