While businesses are optimistic about the impact of artificial intelligence (AI) on job creation, they lack C-suite support and KPI to make the technology work for them, said EY which recently released the results of a poll of 122 business leaders conducted at the EmTech Digital Conference produced by MIT Technology Review Insights.
According to the results, the top three outcomes that business leaders want from AI are to improve and/or develop new products/services (54%), achieve cost efficiencies and/or streamline business operations (50%) and accelerate decision-making (49%).
However, more than half (52%) of respondents do not clearly define business outcomes or key performance indicators (KPIs) related to AI. Instead, they primarily focus on piloting and learning, EY noted.
While 30% of business leaders say their organizations have functional AI capabilities and are piloting the technology within corporate functions, only 21% of organizations are making progress in securing C-suite support and rolling out a strategy for applying AI, while another 28% say their organizations have limited to no capabilities, and the technology is not regarded as a strategic, overall priority, according to poll results.
Other result highlights
- 52% of respondents believe it will have a positive impact on job creation
- 32% of respondents say that more jobs will be created than lost with the implementation of AI
- 20% anticipate that AI will create a surge in new jobs and boost the economy
- 80% of respondents say a shortage of requisite talent to drive AI adoption is the top challenge to an enterprise-wide AI program
- Other challenges to an enterprise wide AI program include a lack of integration of AI insights into current business processes (53%), a lack of managerial understanding and sponsorship (48%), and data used for AI not being trusted or of high quality (48%)