One survey shows a gap between recognizing the benefits, being capable of managing the technology well, and minimizing the associated risks.
In a May/June 2023 survey of 2,355 C-level business leaders from North America (895), Europe, the Middle East, and Africa (860), and the Asia-Pacific and Japan region (600 respondents) on AI and machine learning, the key findings were mixed.
While 98% of CEOs in the survey indicated there would be some immediate business benefit from implementing AI/ML capabilities, 43% of all respondents were concerned about the technology’s trustworthiness — with 67% of CEO respondents citing potential errors as a top risk of AI and ML integration.
Other findings include:
- 71% of respondents indicated the global business landscape will be affected in the next three years, and 64% believed their organization as a whole will be affected by AI and ML in the next three years
- 47% of all business leaders in the survey believed AI and ML will significantly amplify human potential, and 45% of CEO respondents believed AI and ML will create a more equitable and diverse workforce. Another 39% believed increased productivity was the biggest potential benefit they saw coming from AI
- 59% of respondents indicated their organizations’ data was “somewhat or completely siloed”, while 4% of all respondents indicated their data was fully accessible
- Among CEOs polled, 30% were concerned that employees will struggle to keep up with rapid changes as AI and ML become more integrated into their organization. In addition, 32% of HR leaders and 30% of finance leaders in the poll worried their teams will not have the technical skills they need to work effectively with AI and ML
- 49% of CEO respondents indicated their organization was unprepared to adopt AI and ML as they lacked some or all the tools, skills, and knowledge necessary to embrace these technologies. Also, 28% wanted to wait to see how AI and ML could affect their organization before they decided on their approach
According to Jim Stratton, Chief Technology Officer, Workday, which commissioned the survey: “Despite some uncertainty, leaders (in the poll were) optimistic that AI and ML will augment their workforce and drive productivity. Trust is paramount to embracing these benefits, and building trust requires the right data foundation and commitment to governance. By implementing trustworthy solutions that prioritize data quality and transparency, companies can reap the rewards of AI and ML across their organization.”