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GenAI's Essential Regulation Should Not Discourage Business Innovation: Study
Consumer appetite for businesses using generative AI (GenAI) in the innovation of products and services, where businesses are transparent and proactively communicate
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A majority of India’s population feels GenAI transparency is a must while 94 per cent of the respondents said essential regulation should not discourage business innovation, according to a global study released by Thoughtworks, a global technology consultancy that integrates strategy, design and engineering.
Consumer appetite for businesses using generative AI (GenAI) in the innovation of products and services, where businesses are transparent and proactively communicate how they are using it. The research examines what people expect from businesses to maintain their GenAI social license to innovate with emerging regulations.
The study said, a substantial majority of Indian respondents, totaling 69 per cent, express considerable excitement regarding GenAI, in contrast to the 30 per cent global average of respondents who share the same enthusiasm for GenAI. A high portion (84 per cent) of Indian consumers stated that they were most likely to purchase from a businesses that incorporates GenAI, as compared to the global average of 83 per cent of respondents.
Among the global respondents surveyed, a notable 91 per cent are of the opinion that businesses should sustain their swift GenAI innovation efforts while awaiting the development of effective government regulations, a contrast to the 68 per cent of respondents worldwide who share this perspective.
Speaking on the report’s findings, Mike Mason Chief AI officer, Thoughtworks, said, “In a world where trust is paramount, businesses must understand that gaining the public’s confidence through ethical AI is not just a regulatory obligation, it's a strategic advantage."
He added, for decades, Thoughtworks has advised our clients on how to tap into the full advantage of the latest emerging technology while also building responsible governance into business processes to protect customers’ trust.
Vanson Bourne’s principal research manager, Lauren Woodley said, “Thoughtworks took a unique perspective to the fast-paced topic of GenAI, exploring how consumers feel when interacting with businesses that use it. The findings are alarming, with consumers stating many concerns surrounding how businesses use their GenAI-related data. This emphasizes the social responsibility businesses have in building trust and reassuring consumers."
He further said, if businesses are able to tackle the concerns through being proactive and transparent, the future of GenAI looks positive – from more innovative products / services, to an improved customer experience, the results do indicate feelings of excitement among consumers. But the overshadowing cloud of fear must be lifted first.