Artificial intelligence has become a rage globally with people flocking to it for professional and private purposes. However, in certain areas, things are not like they seem. Notably, there is a paradox among CEOs when it comes to artificial intelligence. While an increasing number are planning to integrate AI in businesses, knowledge gaps seem to be getting in the way of progress and even driving fear and uncertainty.
Almost all (97%) of CEOs are planning AI integration, but only 1.7% feel fully prepared, according to a new Cisco study. Even though nearly all CEOs intend to incorporate AI into their operations and four out of five acknowledge its potential advantages, many are afraid that knowledge gaps will impede growth (58%) and boardroom decision-making (74%), putting them at risk of missing out on opportunities and lagging behind rivals.
CEOs Fear Mounting Costs Of Inaction
According to research, over 70% of CEOs worry about falling behind rivals and passing up chances due to IT and infrastructure deficiencies; these worries are already resulting in actual losses. Two-thirds of CEOs are worried about the opportunity costs of not spending more in technology, and 53% fear their lack of investment is costing them a competitive edge.
CEOs also anticipate increased operating expenses, decreased earnings, decreased productivity, and a loss of market share if they do not make technological investments today.
Grappling With Barriers To AI
CEOs are turning to AI for driving efficiency (69%), spurring innovation (68%), and outpacing competitors (54%). But this requires CEOs to break down the barriers holding them back from realising AI’s potential: skills shortages, infrastructure gaps, and security risks.
CIOs and CTOs are also grappling with operational barriers, including the lack of compelling business use cases. This tension reflects AI’s exploratory phase, where 82% of CEOs who recognise AI’s potential benefits must support bold experimentation in the short term to uncover value in the long term.
People, Infrastructure, Cybersecurity In Focus
Research revealed that CEOs plan to invest in knowledge and skills, upgrade infrastructure, and enhance security to prepare for the demands of AI. They are increasingly looking to their CTOs and CIOs, with nearly 80% recognising their role in guiding business and investment decisions.
CEOs also know they can’t deliver on their blueprint without expert support, and 96% are turning to trusted partnerships to future-proof their network with AI.
In effect, even though AI potential for good is immense and application universal, to reach that stage will require a lot of hard work, learning and enterprise from its human masters.
. Read more on Technology by NDTV Profit.CEOs embrace AI, but knowledge gaps threaten strategic decisions and growth. Know how some are looking to future-proof their network with AI. Read MoreTechnology, Notifications
NDTV Profit
