Leaders surveyed expressed particular concern about uncertainty around data and privacy, and a lack of trust that hinders full acceptance and adoption of AI and ML.
Business leaders in CEO, CIO, CHRO, and CFO offices around the world are optimistic about the potential impact of AI and machine learning (ML), despite concerns about reliability and data accessibility. In fact, 98% of CEOs surveyed by Workday said they would see immediate business benefits from implementing these capabilities.
this Latest global research Based on insights from 2,355 business leaders, we examine how AI and ML will impact how the future works.
As revealed in the survey, 47% of all business leaders believe that AI and ML will significantly expand human potential. However, 43% are concerned about the reliability of AI and ML.
Additional insights include:
- 59% of respondents said their organization’s data is somewhat or completely siled.
- Only 4% of all respondents said they had full access to their data.
Overall, CEOs and other business leaders know that AI and ML will impact their organizations, but some are hesitant to fully embrace the technology. 71% say the global business environment will be affected in the next three years, and 64% believe their organization will be affected. Overall, it will be influenced by AI and ML over the next three years.
Nearly all CEOs surveyed said they would see some immediate business benefits from implementing AI and ML, with the key benefits being:
- improved productivity,
- data-driven decision-making, and
- Improved collaboration.
Yet, 49% of CEOs believe their organizations are not ready to adopt AI and ML because they lack some or all of the tools, skills, and knowledge needed to do so. 28% of CEOs want to see how AI and ML are used. Before you decide on an approach, you need to influence your organization.
Looking more closely at their concerns, 30% of CEOs are concerned that their employees will struggle to keep up with rapid change as AI and ML become more integrated into their organizations. Furthermore, 32% of HR leaders and 30% of finance leaders are concerned that their teams don’t have the necessary technical skills to work effectively with AI and ML.
Importantly, uncertainty and lack of trust around data and privacy also prevent leaders from fully embracing and adopting such technologies. Specifically, 43% of all leaders surveyed said they were concerned about the reliability of AI and ML, and 67% of CEOs cited potential errors as the biggest risk of integrating AI and ML. and the lack of trust is even stronger.
Despite concerns about the immediate impact of AI and ML adoption on employees, employees are ultimately optimistic about the overall impact. 47% of business leaders believe that AI and ML will significantly expand human potential, and 45% of CEOs believe that AI and ML will create a more equitable and diverse workforce.
Lead image / shutter stock