Optimism over AI and ML high among C-suite leaders
Despite lingering doubts over trust and data accessibility, C-suite leaders generally feel positive about the potential impact of artificial intelligence (AI) and machine learning (ML) tools, believing that it increases productivity, drives better data-driven decision-making, and improves collaboration between teams.
Nearly half of the respondents (47%) surveyed as part of Workday’s new C-Suite Global AI Indicator report, believe that AI and ML will significantly amplify human potential, although 43% expressed concerns over the reliability of these tools in their work.
However, it would appear that most organisations are ready to implement AI and ML, with 98% of CEOs believing doing so would bring immediate business benefit. 45% of CEOs also believe that AI and ML can help to create a more equitable and diverse workforce, with 39% citing increased productivity as the biggest potential benefit to be derived from AI.
Overall, 71% of the C-suite leaders surveyed believe the global business landscape will be impacted by AI and ML in the next three years, with 64% believing their organisation as a whole will be affected by AI and ML in the same period.
As to what is holding organisations back from fully embracing AI and ML, the lack of tools, skills, and knowledge was cited by almost half of CEOs (49%), while over a quarter (28%) of respondents are employing a wait-and-see approach before employing AI and ML in their organisational processes. 67% of CEOs also cited potential errors as a top risk of AI and ML integration.
READ MORE: BINUS Group works with Workday to accelerate digital transformation
“Despite some uncertainty, leaders are optimistic that AI and ML will augment their workforce and drive productivity,” said Jim Stratton, Chief Technology Officer, Workday. “Trust is paramount to embracing these benefits, and building trust requires the right data foundation and commitment to governance. By implementing trustworthy solutions that prioritise data quality and transparency, companies can reap the rewards of AI and ML across their organisation.”
Workday’s global study drew on insights from 2,355 global leaders across C-suite roles to examine how AI and ML will impact how the future works. Click here to find out more about the key findings from the study.