Leaders surveyed particularly expressed concerns towards uncertainty about data and privacy, and a lack of trust that holds them back from fully embracing and adopting AI and ML.
Across the globe, business leaders from the offices of the CEO, CIO, CHRO, and CFO, are optimistic about the potential impact of AI and machine learning (ML) despite concerns about trust and data accessibility. In fact, 98% of CEOs surveyed by Workday said there would be some immediate business benefit from implementing these capabilities.
This latest global study examines how AI and ML will impact how the future works, based on insights from 2,355 business leaders.
As revealed in the survey, 47% of all business leaders believe AI and ML will significantly amplify human potential. On the other hand, 43% are concerned about the trustworthiness of AI and ML.
Further insights include:
- 59% of respondents said their organisations' data is somewhat or completely siloed.
- Only 4% of all respondents said their data is fully accessible.
Overall, CEOs and other business leaders know that AI and ML will impact their organisations, but some have been hesitant to fully embrace the technology — 71% said the global business landscape will be affected in the next three years, and 64% believe their organisation as a whole will be affected by AI and ML in the next three years.
Nearly all CEOs surveyed said there would be some immediate business benefit from implementing AI and ML, with the top benefits being:
- increased productivity,
- data-driven decision-making, and
- improved collaboration.
Despite this, 49% of CEOs said their organisation is unprepared to adopt AI and ML as they lack some or all the tools, skills, and knowledge necessary to embrace these technologies, and 28% of CEOs want to wait to see how AI and ML affect their organisation before they decide on their approach.
Diving into concerns, 30% among CEOs are concerned that employees will struggle to keep up with rapid changes as AI and ML become more integrated into their organisation. Further, 32% of HR leaders and 30% of finance leaders worry their teams will not have the technical skills they need to work effectively with AI and ML.
Importantly, uncertainty about data and privacy, and a lack of trust have also been preventing leaders from fully embracing and adopting such technologies. In particular, 43% of all leaders surveyed said they were concerned about the trustworthiness of AI and ML, with 67% of CEOs citing potential errors as a top risk of AI and ML integration, reinforcing that lack of trust.
Even in spite of concerns about the immediate effect AI and ML adoption will have on employees, they are ultimately optimistic about the overall impact; 47% of business leaders believe AI and ML will significantly amplify human potential, and 45% of CEOs believe AI and ML will create a more equitable and diverse workforce.
Lead image / Shutterstock