– 79% of senior business leaders are using or planning to use AI tools to remain competitive and improve customer experience.
– Generative AI is being used to facilitate better leadership decisions and is deeply embedded in company decision-making.
– AI can help improve operational efficiency, boost sales and revenue, and drive insights.
– Challenges of AI implementation include concerns over privacy and surveillance, high costs, and the need for specialized talent.
– Only 61% of leaders believe their existing workforce has the right skills for generative AI adoption.
– IBM recommends four key principles for a responsible AI strategy: prioritize value creation potential, mix open-source and proprietary models, build with open, hybrid cloud technologies, and be accountable.
Four in five (79%) senior business leaders are now deploying – or will deploy – AI tools in order to remain competitive and enhance customer experience, new research has claimed.
An IBM study of more than 1,600 senior business execs across six European countries has uncovered how work for many companies’ top execs has changed since the introduction of new generative AI solutions.
An overwhelming majority (93%) now believe that Generative AI can facilitate better leadership decisions, with even company board members backing the technology.
Generative AI is deeply embedded in company decision-making
As well as wanting to improve customer experiences, bosses said that AI can help them to improve operational efficiency and boost sales and revenue.
IBM UK and Ireland CEO Dr Nicola Hodson said: “Heralded as a transformative tool to drive insights, reduce costs, and improve operational efficiencies, it is not surprising that business leaders are acting swiftly to embrace generative AI tools… This latest research shows a real sense of opportunity in boardrooms across Europe.”
Artificial intelligence doesn’t come without its challenges, though, and almost two in five (38%) of UK respondents expressed their concern over privacy and surveillance in their journey to deploying responsible AI. Higher than this, though, were the costs involved with deploying AI, and the pressure to hire specialist talent from an already depleted pool of talent amid a global skills shortage.
Only three in five (61%) said that their existing workforce has the right skills to adopt generative AI, which leaves almost all (93%) of the leaders now facing the next steps to ensure they have the right skills in their businesses.
Hodson added: “Taking the right approach to leadership in this new era will be vital for success and will have far-reaching benefits – on business value, people, and society on a whole.”
Clearly, artificial intelligence isn’t a plug-and-play solution that is guaranteed to deliver results to all at the same rate.
Looking ahead, IBM recommends four key principles for a responsible AI strategy: prioritize the value creation potential of AI rather than relying on outsourcing to third parties; be prepared to mix open-source, private, and proprietary models; build with open, hybrid cloud technologies to maximize cost, performance, and latency optimization; and be accountable.
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AI Eclipse TLDR:
According to a new study by IBM, 79% of senior business leaders are currently using or planning to deploy AI tools in order to stay competitive and enhance customer experience. The study surveyed over 1,600 senior business executives across six European countries and found that 93% of them believe that generative AI can facilitate better leadership decisions. The executives also mentioned that AI can help improve operational efficiency, boost sales, and increase revenue. However, deploying AI comes with its own challenges, with 38% of UK respondents expressing concerns over privacy and surveillance. Additionally, the costs of deploying AI and the pressure to hire specialized talent were also identified as obstacles. Only 61% of the respondents believed that their existing workforce has the right skills to adopt generative AI, leaving the majority of leaders facing the task of acquiring the necessary skills within their organizations. IBM recommends four key principles for a responsible AI strategy: prioritize the value creation potential of AI, mix open-source, private, and proprietary models, build with open, hybrid cloud technologies, and be accountable.