A recent study by Sax LLP, an accounting, tax, and advisory firm, reveals that nearly three-quarters of business leaders are worried about AI’s potential to replace jobs in their industry.
Despite these concerns, many remain optimistic about AI’s benefits and expect increased investment in the technology over the next five years. The research, which surveyed 220 business leaders, highlights a complex sentiment towards AI.
“It’s clear that business leaders expect AI to evolve and significantly impact their operations,” said Robert Owen, Chief Information Officer at SAX Technology Advisors. He noted the growing interest in AI investment, with almost 70% of respondents planning to boost their spending on the technology.
The study identified several key takeaways:
- Job Replacement: 74% of business leaders are at least somewhat concerned about AI replacing jobs in their industry.
- Risks: Security and privacy concerns are the largest risks, cited by 38% of respondents. This is nearly double those who cited reliability and job replacement concerns, both at 21%.
- Immediate Impact: 45% of respondents believe that implementing AI would be immediately beneficial for their business.
- Market Segments: Business leaders expect the most significant benefits from AI in Technology (64%), Healthcare (58%), Banking & Finance (58%), Logistics & Distribution (56%), and Marketing & Advertising (55%).
- Changing Accounting Services: 96% anticipate more widespread AI use in accounting and financial services within the next 5-10 years.
- Gender Differences: Males are more than twice as likely (53%) to view AI as immediately beneficial compared to females (24%).
- Age Differences: Millennials (ages 27-42) are more concerned about job replacement (34%) compared to Gen X (22%) and Baby Boomers (14%).
The findings also shed light on AI usage, with market research (51%) being the top application, followed by content creation (45%), competitor analysis (44%), accounting/financial services (42%), and outbound email campaigns (39%).
Owen emphasized the positive outlook for AI, stating, “We see AI’s role as augmenting human capabilities, and for businesses, AI can play a role in enhancing the perception of your company. There is ample opportunity, and the future is bright for those that put resources into using AI strategically.”
The study, titled “AI in Business: Today & Tomorrow,” provides insights into current sentiments and future predictions about AI across various industries. It explores areas of concern and optimism, highlighting how opinions differ among age groups and genders. The report aims to help businesses apply this knowledge to their long-term strategies.
Sax LLP, recognized as a Top 100 accounting firm, serves privately held companies, family-owned businesses, nonprofit organizations, and high-net-worth individuals. The firm offers advisory services, including cybersecurity, investment banking, HR consulting, and wealth management, with offices in Parsippany, NJ, Ewing, NJ, New York City, NY, and Mumbai, India.