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The arrival of generative artificial intelligence presents game-changing opportunities for the private sector, leaving organizations with the new challenge of navigating the myriad complexities that come with this groundbreaking technology.
Among these challenges are the roadblocks AI presents regarding how this technology is implemented within a company—and by whom. According to a survey of CEOs conducted by research and advisory firm the Futurum Group, one particular challenge is that executives’ current enthusiasm for AI often doesn’t match their capabilities.
Futurum’s study, which sought to gauge CEOs’ stances on AI, how company chiefs are utilizing the technology and what impacts it’s having on business strategies, suggests that CEOs are facing an inflection point when it comes to AI. Specifically, there’s an alarming gap between CEOs’ personal confidence on all matters AI and their ability to make decisions that result in more effective and productive AI implementation.
According to the study, 89 percent of CEOs surveyed said they recognize the strategic importance of leveraging AI for their business, nearly two-thirds (62 percent) view AI as a positive game changer for their organizations and 80 percent report at least a moderate degree confidence in extracting measurable value from this technology.
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But it appears that some CEOs may be overconfident when it comes to handling AI-related matters and this overconfidence could be hurting their companies when they insist on leading AI strategy themselves.
In fact, Futurum’s report suggests that success rates with AI are highest in organizations where executive leaders delegate operational execution of the technology and relinquish day-to-day control of AI-related decisions to specialized teams that can ensure more effective implementation.
Among the organizations achieving the best results with AI, only 59 percent of those companies’ CEOs reported maintaining maintain direct oversight of AI. On the other hand, among the companies reporting the least success with AI, 92 percent have CEOs who handle AI strategy themselves, suggesting that top-down control of AI can hamper its results and that the technology is most successful when CEOs delegate its oversight yet remain part of the process as a strategic guide.
According to the survey, more than half (57 percent) of CEOs said they currently directly drive AI strategy at their company, while 43 percent delegate or share that responsibility with others. An additional 78 percent of CEOs said they feel confident about their current ability to guide AI-related decisions at their company.
Despite AI’s immense potential, concerns abound among chief executives when it comes to successfully adopting AI into their business and its potential to create value. More than a third (38 percent) of CEOs surveyed still view AI as harboring some degree of hype and nearly one in 10 (9 percent) view AI with a perceptible degree of uncertainty. Nearly half (41 percent) think the disruption ushered in by AI will be “highly significant” to their business and only 25 percent think they’re currently prepared to scale it across their organizations. More than half (57 percent) admit their companies still lack sufficient internal expertise to meet current AI needs.
Finally, it appears that most CEOs see AI adoption as more akin to a marathon than a sprint. The majority of CEOs place successful AI-related outcomes within three years when it comes to new revenue, cost savings and other quantifiable benefits.
Futurum’s report, “Are CEOs Ready to Seize AI’s Potential?” was based on surveys of more than 200 CEOs running a variety of businesses with reported annual revenues of at least $1 billion. Research was conducted by global management consulting firm Kearney Research.
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