Trust in AI remains a concern among the majority of business leaders though they believe their organisations would benefit from implementing the technology, said Workday recently when releasing results of a survey of 2,355 business leaders from the offices of the CEO, CFO, CIO, and CHRO.
While 98% of CEOs said there would be some immediate business benefit from implementing these capabilities, 43% said they were concerned about the trustworthiness of AI and machine learning (ML), according to survey results.
In addition, 67% of CEOs cited potential errors as a top risk of AI and ML integration, reinforcing that lack of trust, survey results indicated.
Increased transparency is needed to build trust in AI, Workday pointed out, adding that siloed data is obscuring leaders' ability to lean in.
According to the survey, 59% of organisations said that their data is somewhat or completely siloed while only 4% of all respondents said their data is fully accessible.
Survey highlights
- 47% of all business leaders believe AI and ML will significantly amplify human potential.
- 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.
- Business leaders believe that the top benefits of implementing AI include 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.
- 28% of CEOs want to wait to see how AI and ML affect their organisation before they decide on their approach.
- Among CEOs, 30% are concerned that employees will struggle to keep up with rapid changes as AI and ML become more integrated into their organisation.
- 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.
- While leaders have 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.
- 39% of CEOs believe increased productivity is the biggest potential benefit they see coming from AI, reinforcing the critical connection between technology and human potential.
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 in AI is paramount to embracing these benefits, and building trust requires the right data foundation and commitment to governance,” he noted. “By implementing trustworthy solutions that prioritise data quality and transparency, companies can reap the rewards of AI and ML across their organisation."
