KPMG GenAI Study:
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the interviewees and survey respondents and do not necessarily represent the views and opinions of KPMG LLP.
© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.
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AI Thought Leadership:
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The 2024 KPMG U.S.
CEO Outlook Survey
2024 Tax Reimagined:
Perspectives from the C-Suite
Revenue generation continues to be the top ROI metric, while productivity measures are becoming less emphasized in quarter-over-quarter comparisons.
GenAI has hit a new inflection point. C-suite and business leaders are aggressively scaling GenAI to unlock new revenue streams, maximize ROI and cement their competitive advantage.
"Despite trending skepticism in the media around GenAI, business leaders overwhelmingly see it as truly transformative. More and more, we’re seeing levels of investment in tech, data and talent to support GenAI that match the potential disruption on the horizon."
Yet, only
KPMG GenAI Study:
the path to sustainable returns
— Steve Chase, Vice Chair of AI and Digital Innovation, KPMG U.S.
Business leaders continue to make strategic investments to fuel their GenAI strategies
of organizations have progressed past the research, experimentation and planning phases and are scaling GenAI with a focus on enterprise-wide adoption, optimization and measurable outputs.
70% of leaders have been provided mandatory GenAI skills training, compared to 28% of employees.
For another quarter (25%) of employees, leaders do not expect to provide mandatory GenAI skill training in the future.
As the AI regulatory landscape continues to evolve, 67% of leaders are wary of regulatory changes, citing both over-regulation and under-regulation as a risk of the upcoming administration change.
They are particularly focusing on presidential candidate stances regarding cybersecurity (46%), human oversight (43%), and data privacy (41%).
84% of leaders say their organizations have dedicated staff to monitoring and preparing for state regulations as it relates to GenAI...
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versus 56% at the federal level.
52% of executive management is using GenAI a significant amount, compared to 20% of entry level employees.
41% of people managers and 39% of middle managers report using GenAI a significant amount.
have established ROI.
15%
70%
28%
Leaders
Employees
25%
Employees
No mandatory training in future
Received GenAI training
As the AI regulatory landscape continues to evolve, 67% of leaders are wary of regulatory changes, citing both over-regulation and under-regulation as a risk of the upcoming administration change.
They are particularly focusing on presidential candidate stances regarding cybersecurity (46%), human oversight (43%), and data privacy (41%).
Leaders
67%
As GenAI strategies gain significance across the enterprise, 42% of leaders are planning to or have already hired new leadership to oversee their organization’s GenAI initiatives, an increase from 27% in the previous quarter.
Leaders hiring new GenAI leadership
27%
42%
Q3
Q2
Leaders hiring new GenAI leadership
*Total weighted average includes investments from $1 million to over $50 million.
Leaders
67%
GenAI 2024 Survey
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KPMG GenAI Study:
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates and related entities.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the interviewees and survey respondents and do not necessarily represent the views and opinions of KPMG LLP.
© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization.
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2024 KPMG Generative AI Consumer Trust Survey
The Path to Sustainable Returns
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AI Thought Leadership:
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KPMG Trusted AI and the Regulatory Landscape
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How much in USD do executives plan to invest in GenAI over the next 12 months?
$50 - 100M
$100 - 249M
$250 - 499M
23%
22%
15%
What are the greatest value opportunities as it relates to GenAI investment?
enhancing products and services by analyzing customer data
improving supply chain efficiency and reducing cost
improving product quality, efficiency and innovation
enhancing efficiency to generate greater productivity
50%
42%
37%
48%
ROI metrics are rapidly evolving with the majority of business leaders prioritizing revenue over productivity gains, a drastic shift from last quarter.
91%
47%
25%
Technology, Media & Telecommunication
Financial Services
Healthcare
GenAI strategies have hit a new inflection point. As we reach the midpoint of 2024, C-suite and business leaders are no longer just investing in the technology, they are aggressively scaling GenAI to unlock new revenue streams, maximize ROI and cement their competitive advantage.
"Leaders are beginning to view GenAI investment and adoption as table stakes.
Now, they’re focused on how to translate those investments into a competitive advantage. Organizations are making a massive push for AI talent and adjusting their business strategies to capitalize on GenAI’s transformative potential."
When it comes to expectations regarding GenAI investments, leaders have different goals - but AI investment remains a priority for 97% of those surveyed in the first quarter of the year.
2023 US Customer Experience Excellence Report
— Steve Chase, Vice Chair of AI and Digital Innovation, KPMG U.S.
With GenAI, the top ways executives are currently measuring ROI include:
The majority (51%) of executives are measuring return on investment (ROI) of AI through productivity gains.
Nearly half of respondents are measuring ROI through employee satisfaction (48%) and amount of revenue generated (47%).
Opportunities to create value have shifted, with improving product quality, efficiency and innovation at the top of the priority list.
Enhancing products and services by analyzing customer data
Q1
Q2
50%
49%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Headline text...
Enhancing products and services by analyzing customer data
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
48%
48%
46%
42%
38%
37%
49%
50%
48%
48%
Enhance efficiency to generate greater productivity
Enhance efficiency to generate greater productivity
46%
42%
Improving product quality, efficiency and innovation
Improve product quality, efficiency and innovation
38%
37%
Improving supply chain efficiency and reducing cost
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Q1
Q2
Productivity
Revenue generated
Employee satisfaction
Improved decision making
Revenue generated
Improved productivity
[New graphic (2) comparing Q1 and Q2 top stats: ]
Revenue generated
Improved decision making
Improved productivity
Productivity
Employee satisfaction
Revenue generated
52%
51%
44%
48%
38%
47%
Q1
Q2
The majority (80%) of C-suite and business leaders across the U.S. now recognize GenAI as important to maintaining a competitive advantage and gaining market share.
The emphasis on hiring tech professionals has more than doubled from 26% to 60% quarter-over-quarter.
Simultaneously, organizations are heavily investing in upskilling their existing workforce, with training and capability building initiatives jumping from 35% to 59%.
Boards are increasingly seeking GenAI experience with 73% of leaders planning to recruit new board members to guide GenAI strategy and oversight.
Leaders overwhelmingly picked Technology, Media and Telecommunication (TMT) as the sector leading in GenAI adoption
When choosing GenAI providers, leaders prioritize technology and expertise (67%), scalability and performance (65%) and use case compatibility (54%).
67%
65%
54%
80%
73%
Hiring
Upskilling
26%
60%
35%
59%
Technology and expertise
Scalability and performance
Use case compatibility
91%
25%
47%
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5th graphic: The bar chart doesn’t reflect the data findings. Can we bold this clause? “training and capability building initiatives jumping from 35% to 59%”
Leaders overwhelmingly picked TMT as the sector leading in GenAI adoption (91%), followed by financial services (47%), and healthcare (25%).
6th graphic: The title is off-center. Also, feel like the graphic is a lot of blue and the text is really small. It takes up a lot of space. I would only bold the following instead: “technology and expertise” “scalability and performance” “use case compatibility”
4th graphic: I also find this chart hard to read – could we do something else?
Third graphic: Change all the verb tenses to “enhancing,” improving etc. Also, I find this graphic hard to read – what about a line graphic?
First chart – change the pie chart graphic. This is our most important stat, so it needs to visually pop.
8th graphic – needs a header which should be what is currently under the 91%: Leaders overwhelmingly picked TMT as the sector leading in GenAI adoption Then under the 91% add “TMT” Capitalize “Services” in Financial Services
80%
20%
C-suite and business leaders across the U.S.
Healthcare
C-suite and business leaders across the U.S.
The emphasis on hiring tech professionals has more than doubled from 26% to 60% quarter-over-quarter. Simultaneously, organizations are heavily investing in upskilling their existing workforce, with training and capability building initiatives jumping from 35% to 59%.
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The 2024 KPMG U.S. CEO Outlook Pulse Survey
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KPMG GenAI Study: the path to sustainable returns
Q1
Q2
enhancing products and services by analyzing customer data
improving supply chain efficiency and reducing cost
improving product quality, efficiency and innovation
enhancing efficiency to generate greater productivity
50%
42%
37%
48%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Improving supply chain efficiency and reducing cost
49%
50%
48%
48%
46%
42%
38%
37%
Q1
Q2
49%
48%
46%
38%
50%
48%
42%
37%
49%
50%
48%
48%
46%
42%
38%
37%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Q1
Q2
49%
48%
46%
38%
50%
48%
42%
37%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Q1
Q2
49%
48%
46%
38%
50%
48%
42%
37%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Q1
Q2
47%
47%
48%
38%
50%
48%
42%
37%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Q1
Q2
49%
48%
46%
38%
50%
48%
42%
37%
52%
51%
Productivity
Revenue generated
44%
48%
Employee satisfaction
Improved decision making
38%
47%
Revenue generated
Improved productivity
Q1
Q2
48%
52%
47%
44%
Q2
40%
51%
Q1
Improving supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhancing existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reduce costs, leading to increased profitability and revenue
Q1
Q2
38%
47%
48%
47%
50%
48%
42%
37%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Q1
Q2
47%
47%
48%
38%
50%
48%
42%
37%
Improve supply chain efficiency and reduce costs, leading to increased profitability and revenue
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Enhance existing products and services by analyzing customer data and identifying unmet needs and preferences
Enhancing products and services by analyzing customer data
Enhancing efficiency to generate greater productivity
Improving product quality, efficiency and innovation
Improving supply chain efficiency and reducing cost
Q1
Q2
47%
47%
48%
38%
50%
48%
42%
37%