Workday, Inc. (NASDAQ: WDAY), a leader in enterprise cloud applications for finance and human resources, today published its latest global study examining how AI and machine learning (ML) will impact how the future works. The report, which is based on insights from 2,355 business leaders from the offices of the CEO, CIO, CHRO, and CFO, reveals that leaders are optimistic about the potential impact of AI and ML despite concerns about trust and data accessibility.
Key findings include:
- 98 per cent of CEOs said there would be some immediate business benefit from implementing these capabilities.
- 47 per cent of all business leaders believe AI and ML will significantly amplify human potential. • 43 per cent of all business leaders are concerned about the trustworthiness of AI and ML. • 59 per cent of respondents said their organisations’ data is somewhat or completely siloed. • Only 4 per cent of all respondents said their data is fully accessible.
“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.”
AI and ML: Not Just Hype
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 per cent said the global business landscape will be affected in the next three years, and 64 per cent believe their organisation as a whole will be affected by AI and ML in the next three years.
Nearly all (98 per cent) 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 per cent 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 per cent of CEOs want to wait to see how AI and ML affect their organisation before they decide on their approach.
Despite Uncertainty, Leaders are Optimistic
Among CEOs, 30 per cent are concerned that employees will struggle to keep up with rapid changes as AI and ML become more integrated into their organisation. In addition, 32 per cent of HR leaders and 30 per cent 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 per cent of business leaders believe AI and ML will significantly amplify human potential, and 45 per cent of CEOs believe AI and ML will create a more equitable
and a diverse workforce. 39 per cent of CEOs believe increased productivity is the biggest potential benefit they see coming from AI, reinforcing the critical connection between technology and human potential.
So, What’s Holding Them Back?
Uncertainty about data and privacy, and a lack of trust are holding CEOs and other business leaders back from fully embracing and adopting AI and ML. 43 per cent of all leaders surveyed said they were concerned about the trustworthiness of AI and ML, with 67 per cent of CEOs citing potential errors as a top risk of AI and ML integration, reinforcing that lack of trust.
Increased transparency is needed to build trust, but siloed data is obscuring leaders’ ability to lean in. 59 per cent of organisations surveyed reported that their data is somewhat or completely siloed. Only 4 per cent of all respondents said their data is fully accessible.
Source: Workday
