Crowe Horwath LLP

02/08/2024 | Press release | Distributed by Public on 02/08/2024 08:53

AI and federal elections top of mind for corporate leaders in 2024

CHICAGO (Feb. 8, 2024) - Leaders across industries are investing in artificial intelligence (AI) tools to address a wide range of issues they feel their businesses will need to address in 2024. The findings come from the Crowe Executive Outlook Study, a collaborative report from Crowe LLP and Forbes. The new report, "The Volatility Strategy: How Leaders Are Seizing Opportunities In Both Calm And Turbulent Times,"also identifies the 2024 federal elections as an anticipated source of volatilitythat will impacttheir industry and business.

The Crowe Executive Outlook Study surveyed 500 industry leaders from companies with $500 million or more in annual revenues. A previoussurvey, conducted in Fall of 2022, highlighted economic change, supply chain disruptions and talent shortages as leading sources of business disruption. However, this second survey, conducted in August and September of 2023, reveals a shift in the landscape.

"AI and federal elections, while not unexpected, have emerged as the most significant factors likely to create volatility concerns across all industries for U.S. business leaders in 2024," said Crowe CEO Mark Baer. "History has shown us that the companies that embrace the concept of perpetual evolution are the ones that are fastest to adapt to market dynamics and are thereby ultimately best positioned to thrive in changing market conditions with dynamic client expectations."

Some key findings from the second report of the Crowe Executive Outlook Study include:

  • Executives feel AI is currently creating an extreme or high levelof volatility for their organization and anticipatethis continuing for the next three years.
  • AI was selected most often when those surveyed were asked to identifythe issue currently having the greatest impact on their organizations.
  • Top industries extensively evaluating and investing in AI include banking, private equity, and technology, media & telecommunications (TMT).
  • The upcoming federal elections are creating a high levelof uncertainty and volatility for organizations, which could impactthe next three years.
  • Organizations with executives who view volatility as an opportunity rather than a hindrance continue to outperform their rivals.
  • These identified executives are currently investing more in workforce skills and workplace diversity and feel better equipped to benefitfrom volatility.

For more detailed findings and report background, please visit the Crowe Executive Outlook Study homepage or download the new report.

About The Crowe Executive Outlook Study
In collaboration with Crowe LLP, Forbes surveyed 500 executives from organizations with at least $500 million in annual revenues. Respondents representcompanies across a range of sectors. The study explores how business leaders across industries are leveragingvolatility as a catalyst for innovation and success. Responses in the second surveywere collected between August and September 2023. The preceding survey, as captured in the report The Unlikely New Frontier OfEnterprise Growth, collected responses between October and December of 2022.

About Crowe
CroweLLP is a public accounting, consulting and technology firm that uses its deep industry expertiseto provide audit services to public and private entities. The firm and its subsidiaries also help clients make smart decisions that lead to lasting value with its tax, advisory and consulting services, helping businesses uncover hidden opportunities in the market - no matter what challenges the markets present. Crowe is recognized by many organizations as one of the best places to work in the U.S. As an independent member of Crowe Global, one of the largest global accounting networks in the world, Crowe serves clients worldwide. The network consists of more than 200 independent accounting and advisory services firms in more than 130 countries around the world.