What do they consider the top three benefits?
Nearly all (98%) chief executive officers believe the implementation of AI and machine learning (ML) will have an immediate benefit to their organisations amid anticipation on the technology's impact to the global business landscape.
These are the findings of Workday's latest global survey among 2,355 business leaders from the offices of the CEO, chief information officer, chief human resources officer, and chief financial officer.
According to the report, 47% of business leaders believe that AI and ML will significantly amplify human potential, including 45% of CEOs who believe that they will create a more equitable and diverse workforce.
"Despite some uncertainty, leaders are optimistic that AI and ML will augment their workforce and drive productivity," said Jim Stratton, chief technology officer at Workday, in a statement.
In fact, the report found that the top three benefits of AI and ML for CEOs are:
- Increased productivity (39%)
- Data-driven decision-making (37%)
- Improved collaboration (35%)
For HR leaders, the three biggest benefits they expect from AI and ML are:
- Increased productivity (34%)
- Improved collaboration (33%)
- Data-driven decision-making (29%)
Increased revenue and profits (29%)
The findings come as 71% of leaders said the global business landscape will be affected by AI and ML in the next three years, while 64% believe their organisation will see its impact.
Unprepared organisations, staff
Despite the optimism from business leaders on the benefits of AI and ML, nearly half (49%) of CEOs said their organisation is unprepared to adopt the technology due to a lack of some or all the tools, skills, and knowledge to integrate them.
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Business leaders are also concerned for their staff, according to the report.
For 32% of HR leaders and 30% of finance leaders, they are worried their teams do not have the technical skills to work effectively with AI and ML.
Lack of trust
The lack of preparedness isn't the only problem, but the lack of trust too, according to 43% of the business leaders surveyed. For the respondents, the greatest risks to leveraging AI and ML include:
- Security and privacy (62%)
- Errors (61%)
- Bias (56%)
- Lack of transparency (51%)
Among CEOs, the top risk of AI and ML integration are the "potential errors" that may emerge from them.
Trusting AI and ML is "paramount" to embracing the benefits they bring, according to Stratton.
"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 the organisation," the chief technology officer said.