A recent study conducted by Workday, Inc. sheds light on the perspectives of business leaders regarding the implementation of artificial intelligence (AI) in their organizations. While the majority of leaders feel pressure to adopt AI, they express hesitancy about relinquishing decision-making power to AI systems. The survey, which included 1,000 business decision-makers from around the world, highlights the importance of human oversight in AI and machine learning (ML) when making significant decisions.
The study reveals that over 90% of organizations currently utilize AI in their operations, effectively managing people, finances, or both. Moreover, 80% of respondents agree that AI and ML contribute to improved employee efficiency and decision-making. The overwhelming consensus is that investing in AI and ML is essential for maintaining competitiveness, with 80% of participants recognizing their importance.
Adopt AI amid persistent concerns
Despite the widespread adoption and agreement on the benefits of AI and ML, concerns surrounding their accuracy, ethics, and security remain. The survey reveals that 77% of respondents are concerned about the timeliness and reliability of underlying data. Additionally, 39% consider potential bias a significant risk when implementing AI, while 48% cite security and privacy concerns as the primary barriers. Only 29% of participants express high confidence in the current ethical application of AI/ML in business. However, optimism grows for the future, with more than half (52%) anticipating ethical improvements within the next five years.
Jens Löhmar, CTO Continental & DACH, Workday, acknowledges the vital role of AI and ML in the evolving work landscape but recognizes the challenges faced by organizations in deploying these technologies. He emphasizes the need to address the skills deficit, operationalize AI and ML strategies, ensure data integrity, and alleviate employee concerns about job displacement. Löhmar emphasizes the importance of augmenting human insight and decision-making while collaborating with vendors dedicated to responsible AI practices and data integrity.
Outlook for workers
Business leaders are considering the impact of AI on the workforce. Approximately 45% believe that AI and ML will benefit workers by augmenting workloads and creating new career paths. However, 43% adopt a more cautious approach, expressing concerns about job displacement resulting from the replacement of certain tasks. A smaller percentage (12%) express greater skepticism, believing that AI and ML will completely replace humans, leading to negative consequences for workers.
While the survey emphasizes the importance of human involvement in AI decision-making, it also highlights a critical skills gap in successfully implementing AI. Nearly three-quarters (72%) of respondents state that their organizations lack the necessary skills to fully leverage AI and ML. Moreover, an even higher percentage (76%) acknowledge the need for improvement in their own knowledge of AI and ML applications.
The study by Workday, Inc. underscores the significance of human oversight in AI decision-making, with the majority of business leaders recognizing its importance. However, concerns surrounding ethics, data accuracy, and security persist, posing challenges to widespread AI adoption. To effectively embrace AI and ML, organizations must prioritize the augmentation of human insight and decision-making while addressing the skills deficit. Collaboration with vendors committed to responsible AI practices and data integrity is crucial for successful implementation. While the outlook for workers is generally optimistic, the skills gap must be addressed to ensure a smooth transition to an AI-driven future.
