PARSIPPANY, N.J., July 01, 2024 (GLOBE NEWSWIRE) — 
Three in four business leaders are concerned that AI will replace jobs in their industry, but are optimistic about its potential.
A new survey from Sax LLP finds that many people expect increased investment in and immediate benefits from AI, despite concerns about security, privacy and job replacement.
Parsippany, New Jersey, July 1, 2024 –Concerns about privacy, security and job replacement related to artificial intelligence (AI) are not dampening companies' optimism about the technology, according to a new survey from Sax LLP, a top 100 accounting, tax and consulting firm. The survey shows that nearly 70% of business leaders expect their companies to increase their investments in AI over the next five years.
“It's clear that business leaders expect AI to evolve and have a significant impact on their operations. That said, there will be room for growth as companies determine how to implement AI to extract the most value from the technology,” said Robert Owen, chief information officer at SAX Technology Advisors.
Key findings from SAX’s comprehensive AI research include:
- Employment Substitution – Nearly three-quarters (74%) of business leaders are at least somewhat concerned that AI will eliminate jobs in their industry.
- risk – Despite many expressing concerns about their own jobs, 38% cite security and privacy concerns as the biggest risk posed by AI. This is nearly double the number of people who cited trust and replacement of human jobs (both at 21%) as the biggest risks.
- Immediate impact Nearly half (45%) of respondents said that adopting AI would bring “immediate benefits” to their business.
- Benefits for multiple market segments After technology (64%), business leaders expect healthcare (58%), banking and finance (58%), logistics and distribution (56%), and marketing and advertising (55%) to benefit the most from increased AI adoption.
- Changes in accounting services – 96% of business leaders expect the use of AI in accounting and financial services to become more widespread over the next 5 to 10 years.
- Men are more favorable towards AI – Men are more than twice as likely (53%) than women (24%) to believe AI will be “immediately useful” to their business.
- AI risks vary by age – 34% of Millennials (ages 27-42) cite AI replacing human jobs as their biggest risk, while only 22% of Gen Xers (ages 43-58) and 14% of Baby Boomers (ages 59-77) share the same opinion.
- Use of AI – Market research is seen as the top reason for leveraging AI technology at 51%, followed by content creation (45%), competitive analysis (44%), accounting/financial services (42%), and outbound email campaigns (39%).
The survey of 220 business leaders assesses current sentiment and predictions for AI across various industries. As well as exploring areas of concern and optimism related to AI and the specific industries that would benefit most from increased use of AI, the survey also reveals how these opinions vary by age group and gender. The findings presented provide insight into how certain companies can capitalize on the widespread growth of this technology.
“We believe the role of AI is to augment human capabilities, and for businesses, AI can act as a way to raise their profile. Companies that are thinking about where and how to effectively scale technology can use this as a selling point,” Owen added. “For businesses that put the resources into strategically leveraging AI, the opportunity is ample and the future is bright.”
The full study, “AI in Business: Present and Future,” can be downloaded here In addition to the report itself, SAX will regularly provide documented analysis of the data presented, highlighting and contextualizing specific takeaways and helping companies apply that knowledge to their long-term strategy.
About SAX LLP
SAX LLP is a Top 100 accounting, tax and advisory firm serving the needs of privately held companies, family-owned businesses, nonprofits and high net worth individuals. With offices in Parsippany, NJ; Ewing, NJ; New York City, NY; and Mumbai, India, SAX has the expertise to serve clients in the largest vertical markets. SAX adds value to clients through advisory services including cybersecurity, managed IT, investment banking, transaction advisory, HR consulting, valuation, forensics and litigation, and asset management. SAX is nationally ranked among the top accounting firms by NJBIZ, INSIDE Public Accounting (IPA), Accounting Today, and Forbes. For more information, visit www.saxllp.com.
