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Survey: Execs eager to implement generative AI, but few know how
News – Jon Gold
12 Jan 2024 3 mins Generative AI
Generative AI hype and hopes have executives across industries eager to get started. A lack of in-house expertise and AI-readiness are likely to derail them despite planned investments.
Overwhelming majorities of executives around the world are planning to spend money on generative AI this year, but very few are truly ready for the technology, according to a survey released today by the Boston Consulting Group.
Fully 85% of the more than 1,400 executives surveyed for BCG’s AI Radar report said that they were planning to invest in generative AI, but the report found that the technology faces a wide array of stumbling blocks at most organizations.
Nearly two-thirds (62%) said their firms were waiting to see how new regulations around AI use develop, while 74% said that substantive change management would be needed to help cope with the advent of generative AI. An average of 46% of the survey respondents’ workforces will need additional training, while almost 60% said that their C-suite had limited or no expertise with the technology.
According to BCG’s report, comparatively few, just 19%, of executives are focusing on costs of use, which the researchers said “has serious long-term implications,” while most respondents said they were more focused on performance, quality, and data protection issues.
Vladimir Lukic, head of BCG’s tech and digital advantage practice, said that, despite these clear stumbling blocks, the headlong rush to adopt generative AI is likely a good thing for a lot of businesses. In essence, he said, the headline-grabbing nature of the technology looks to be an effective catalyst, forcing organizations to confront and address technical and ethical issues around AI adoption.
“It’s just a wonderful catalyst to put the AI topics on the table,” he said. “It forces conversations like ‘what kind of data stores do we have,’ and ‘what can we really do with them?’”
In terms of the workforce required, Lukic said companies should be looking to hire data managers, data engineers, and legal and risk management staff with specific knowledge of generative AI, though this can be easier said than done.
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It is a surprise the point is not made more forcefully. We are at the beginning of an AI transformation that I am pretty sure we have neither the skills of insights to navigate as well as we might hope!
The problem is that progress will not stop as we try to catch up so we will probably make more mistakes that we needed to – but I suppose that is just life.
Just what skills and how many are going to be needed is only guess work at present I suspect, but I am sure the demand will become clearer with the passage of time!
Has anyone who reads here spotted some opportunities they reckon might be winners for them?
David.
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