In a recent survey conducted by Kin + Carta, it has come to light that a substantial majority of business leaders are grappling with a pervasive sense of unease labeled as ‘tech anxiety’ after the emergence of AI. This unsettling phenomenon, brought about by the breakneck pace of technological advancements, is casting a shadow of concern over the operational landscape of their organizations.
Cybersecurity, artificial intelligence (AI), machine learning, and sustainability strategy have emerged as the primary catalysts behind this apprehension, with 24% of the surveyed executives expressing cybersecurity concerns, followed closely by AI and machine learning at 19%, and sustainability strategy and tracking at 17%.
Tech anxiety plagues business leaders
Amidst the backdrop of the relentless and lightning-paced progression of technology, a staggering 94% of the surveyed cohort, comprised of 800 high-ranking executives hailing from both the United Kingdom and the United States, candidly acknowledged their organization’s ongoing struggle with what can aptly be termed as ‘tech anxiety’ among their senior leadership echelons.
This palpable unease, undeniably exacerbated by the unrelenting march of technological innovation, has undeniably instigated a pronounced sense of trepidation regarding the very fabric and modus operandi of their corporate entities.
In this milieu of apprehension and consternation, cybersecurity emerges as a veritable beacon of concern, commanding center stage as the predominant source of disquiet. Indeed, a formidable contingent, comprising almost a quarter of the respondents, precisely 24% to be exact, singled out cybersecurity as the preeminent cause for their collective disquietude.
AI and machine learning add to the burden
Artificial intelligence and machine learning closely follow cybersecurity in the list of top concerns, accounting for 19% of participants’ worries. The growing influence of AI and machine learning technologies has prompted apprehensions about their impact on existing workflows and business models. These concerns underline the need for businesses to carefully navigate the integration of these technologies.
Sustainability strategy and tracking have also captured the attention of senior leadership, contributing to their ‘tech anxiety’ at a significant level. Approximately 17% of respondents expressed concerns about their organization’s sustainability efforts in the face of technological disruptions. This growing emphasis on sustainability reflects a broader trend toward environmental responsibility and the need to incorporate sustainable practices into business operations.
The survey uncovered the key factors responsible for inducing ‘tech anxiety’ among business leaders. Notably, the pace of technological change emerged as the most significant factor, with 35% of respondents identifying it as a primary source of unease. The relentless speed at which technology evolves leaves little room for complacency, necessitating continuous adaptation and innovation.
The internal skills gap weighed heavily on the minds of senior executives, with 29% acknowledging it as a contributing factor to their tech anxiety. Bridging this skills gap has become paramount to ensure businesses remain competitive and resilient in the ever-changing tech landscape.
Access to the right talent was another factor, with 28% of respondents highlighting its importance. Acquiring and retaining individuals with the expertise to navigate the complex world of modern technology is seen as a critical challenge.
Investment in digital transformation
Despite these anxieties, the survey indicated a strong commitment among senior business leaders to address these challenges head-on. A resounding 75% of participants believe that further investment in digital transformation initiatives is imperative within the next 12 months. Also, 58% of respondents expressed their intent to allocate more resources in the coming year compared to previous years, demonstrating a keen willingness to adapt and innovate.
The prevalence of ‘tech anxiety’ among senior leadership is a clear reflection of the disruptive potential of emerging technologies. Cybersecurity, AI, and sustainability tracking have emerged as the key drivers of this anxiety, compelling organizations to address these concerns strategically. As Richard Neish, the global chief strategy officer at Kin + Carta, emphasized, businesses can successfully manage these concerns by making targeted investments in areas like data trust and skills development. The future of business lies in harnessing the power of technology while mitigating the anxieties it may evoke, ensuring continued growth and resilience in an ever-evolving digital landscape.
