Dutch top managers concerned about rapid growth of AI in business, study finds

Executives at large Dutch companies are expressing concern about the rapid development of artificial intelligence (AI) in the business world, according to a study conducted by ING and published on Thursday.

A survey of over 200 top managers revealed that 85 percent expect AI to have a "strong to very strong impact" on business processes. The most significant changes are anticipated in IT departments (68 percent), customer service (41 percent), and production (34 percent). Only a small minority of executives, 6 percent, foresee AI leading to job losses.

While the top priorities last year were mainly the impact of high inflation and monetary policy, the current focus is on the impact of AI and business growth.

“Companies appear to have found a more stable basis again after the post-Covid period characterized by volatility, high inflation, and stagnation,” explained Mark Milders, Head of Wholesale Banking at ING Netherlands. “They are looking more ahead and are more concerned with strategic topics,” he added.

This shift toward a long-term strategy is evident in the increased focus on innovation, with 86 percent of respondents aiming to innovate more rapidly than before, up from 74 percent last year. This acceleration in innovation will primarily be achieved through research and development (R&D), the acquisition of new machines, and advancements in AI and cybersecurity technologies.

Despite ongoing international conflicts, a majority of executives (85 percent) are optimistic about 2024, showing an increase in positivity from 81 percent at the end of 2022. However, almost all of them are concerned that escalating geopolitical tensions might disrupt supply chains and affect the safety of their staff.