*Workday research: ‘AI IQ’ study reveals AI adoption barriers for business leaders*
By Josh Krist, EMEA Staff Writer
A new Workday survey of 1,000 business decision-makers from around the globe cuts through the hype and reveals what leaders are really doing, thinking and feeling when it comes to AI – perhaps the most transformative technology of our lifetime. Keep reading to discover our findings.
AI is having a moment. Something that’s always been futuristic has suddenly become very real and very now. In fact, the Workday ‘AI IQ: Insights on artificial intelligence in enterprise’ report, based on a survey of 1,000 business decision-makers from around the globe, found that many business leaders are currently using some form of AI and ML to further their business – ranging from small pilots to full-blown enterprise-wide deployments.
If you believe some AI specialists, the changes the technology will bring are so profound we can barely imagine them given our current frame of reference. Our ‘AI IQ’ study cuts through the hype and speculation to find out what business leaders are really doing, thinking and feeling when it comes to what may be the most transformative technology of our lifetime. Here’s a look at some of our most compelling findings.
Leaders want less artificial, more intelligence
Overall, we found business leaders are fairly certain their AI investments will increase over time and that AI will bring tangible business benefits. But there’s a caveat: leaders aren’t sure they can rely on the data they use to power AI and ML or if they’re deploying AI and ML in the right places, in the right way and at the speed the business needs. They’re also uncertain if the people in their organisations have the necessary skills to get the most value out of these technologies.
Looking at our research results, optimistic – yet anxious – is a good summation of how business leaders are feeling about AI.
Humans need to stay in the loop at key moments. More than 9 in 10 decision-makers (93%) believe it is important for a human to assist AI or ML.
We also found, unlike previous surveys about transformative technologies, that respondents are in almost unanimous agreement that AI will indeed be a game-changer – or at least a game-enhancer. A whopping 80% of respondents agree that leveraging AI and ML is a requirement to keep their business competitive, and two-thirds say AI and ML have already increased productivity and operational efficiencies.
Another strong point of agreement: humans need to stay in the loop at key moments. More than 9 in 10 decision-makers (93%) believe it is important for a human to assist AI or ML when making significant decisions, rather than allowing the technologies to do it alone. And, only 29% said they are very confident that AI and ML are currently being applied ethically in business.
We found that 73% of the decision-makers surveyed are under pressure to increase adoption or investments in AI and ML. Although almost everyone feels pressure to move quickly with AI, and that pressure mostly comes from the top, the motivation for the pressure varies. Leaders in IT feel the pressure to support overall business competitiveness. In HR, the pressure is about improving the employee experience, while finance decision-makers say they’re being asked to address skills gaps.
We conducted this survey because we know that the future of many organisations, industries and the business world overall is being created right now.
The bottom line is leaders know they need to execute on AI and ML now. Yet, they must also quickly determine how to do so in a lasting way that will deliver immediate value today and ongoing value tomorrow, all in a fast-changing space.
Other top findings from the report include:
Increased pressure:
73% feel there is pressure to increase adoption or investments in AI and ML
83% intend to either keep investments in AI and ML the same or increase them next year
87% say AI and ML are influencing technology purchasing decisions
Risks and obstacles:
75% say obstacles are preventing their organisation from fully implementing AI and ML
Top risks flagged for implementation include data and security (48%), concerns about accountability (47%) and inability to measure return on investment (46%)
77% say uptake would increase in their organisation if there were fewer risks involved
Data difficulties:
77% are concerned about the timeliness or reliability of data their organisation will use for AI and ML
29% of people from organisations currently using AI believe insufficient data volume or quality is to blame for AI falling short of expectations
33% of respondents rank data security and privacy as a top barrier to entry for their organisations to use AI and ML
Rare consensus:
99% agree there are business benefits to be had from investing in AI
Reasons for benefits include: improved decision-making (41%), automating business processes (38%) and improved employee retention/experience (35%)
80% agree that AI and ML are required to keep their business competitive
The full report from Workday: ‘AI IQ: Insights on artificial intelligence in the enterprise’ is available to download on workday.com.
We conducted this survey because we know the future of many organisations, industries and the business world overall is being created right now.
