Parsippany, NJ, July 01, 2024 (GLOBE NEWSWIRE) -- 
Nearly Three in Four Business Leaders Have Concerns that AI will Replace Jobs in their Industry, but Remain Optimistic about its Potential
New Study from Sax LLP Reveals Many Expect Increased Investment and Immediate Benefit from AI Despite Concerns Over Security, Privacy and Job Replacement
Parsippany, NJ, July 1, 2024 -- Privacy, security, and job replacement concerns associated with Artificial Intelligence (AI) are not weakening business’ optimism for the technology according to new research from Sax LLP, a top 100 accounting, tax and advisory firm. The study suggests that nearly 70% of business leaders expect their companies to increase investment in AI over the next 5 years.
“It’s clear that business leaders expect AI to evolve and significantly impact their operations. That said, there’s room for growth as companies determine how they implement AI to get the most value from the technology,” said Robert Owen, Chief Information Officer, SAX Technology Advisors.
Key takeaways from SAX’s comprehensive AI study include the following:
- Job Replacement – Nearly three-quarters (74%) of business leaders are at least somewhat concerned with AI replacing jobs in their industry.
- Risks – Despite large numbers expressing concerns about their jobs, 38 percent cite security and privacy concerns as the largest risks posed by AI. This is nearly double the amount that cited reliability and replacing human jobs (both 21 percent) as the largest risks.
- Immediate Impact – Almost half of respondents (45%) say implementing AI would be “immediately beneficial” for their business.
- Benefits to Multiple Market Segments – After Technology (64%), business leaders expect Healthcare (58%), Banking & Finance (58%), Logistics & Distribution (56%), and Marketing & Advertising (55%) to benefit most from increased implementation of AI.
- Changing Accounting Services – 96% of business leaders expect more widespread use of AI in accounting and financial services over the next 5-10 years.
- Males View AI More Favorably – Males are more than twice as likely (53%) to view AI as “immediately beneficial” to their business than females are. (24%)
- AI Risks Differ by Age – 34% of Millennials (ages 27-42) cite replacing human jobs as the biggest risk with AI, while only 22% of Gen X (ages 43-58) and 14% of Baby Boomers (ages 59-77) did so.
- AI Usage – Market research, at 51%, is seen as the biggest reason to utilize AI technology, followed by content creation (45%), competitor analysis (44%), accounting/financial services (42%) and outbound email campaigns (39%).
The study of 220 business leaders assesses current sentiment and predictions for AI among various industries. Along with exploring areas of concern and optimism associated with AI, as well as specific industries that would benefit most from increased AI use, the study also highlights how these opinions differ among age groups and genders. The findings presented offer insight into how certain businesses can capitalize on the widespread growth of the technology.
“We see AI’s role as augmenting human capabilities, and for businesses, AI can play a role in augmenting the perception of your company. Those that are figuring out where and how to scale the technology effectively can use this as a selling point,” added Owen. “There is ample opportunity, and the future is bright for those that put resources against using AI strategically.”
Download the full study, “AI in Business: Today & Tomorrow” here. Along with the report itself, SAX will regularly provide written analysis of the presented data to highlight and contextualize certain points and help businesses apply the knowledge to their long-term strategies.
About SAX LLP
SAX LLP is a Top 100 accounting, tax, and advisory firm serving the needs of privately held companies, family-owned businesses, nonprofit organizations, and high-net-worth individuals. With offices in Parsippany, NJ, Ewing, NJ, New York City, NY, and Mumbai, India, SAX has specialized expertise that benefits clients in our largest vertical markets. SAX provides added value to clients through advisory services that include but are not limited to Cybersecurity and Managed IT, Investment Banking, Transaction Advisory, HR Consulting, Valuation, Forensic & Litigation and Wealth Management. SAX has been nationally ranked and listed among the Top Accounting Firms by NJBIZ, INSIDE Public Accounting (IPA), Accounting Today and Forbes. For more information, please visit www.saxllp.com.
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