A new global study by the IBM Institute for Business Value found that nearly half of CEOs surveyed identify productivity as their highest business priority—up from sixth place in 2022. They recognize technology modernization is key to achieving their productivity goals, ranking it as second highest priority. Yet, CEOs can face key barriers as they race to modernize and adopt new technologies like generative AI.

The annual CEO study, CEO decision-making in the age of AI, Act with intention, found three-quarters of CEO respondents believe that competitive advantage will depend on who has the most advanced generative AI. However, executives are also weighing potential risks or barriers of the technology such as bias, ethics and security. More than half (57%) of CEOs surveyed are concerned about data security and 48% worry about bias or data accuracy.