The bottom line is leaders know they need to execute on AI and ML now. Yet, they must also quickly determine how to do so in a lasting way that will deliver immediate value today and ongoing value tomorrow, all in a fast-changing space.
Looking at our research results, optimistic—yet anxious—is a good summation of how business leaders are feeling about AI.
Other top findings from the report include:
73% feel pressure to increase adoption or investments in AI and ML.
83% intend to either keep investments in AI and ML the same or increase them next year.
87% say AI and ML are influencing technology purchasing decisions.
Risks and Obstacles
75% say many hindrances are preventing their organization from fully implementing AI and ML.
Top risks to implementing: data and security (48%), concerns about accountability (47%), and inability to measure return on investment (46%).
77% say uptake would increase in their organization if there were fewer risks involved.
29% of people from organizations currently using AI believe insufficient data volume or quality is to blame for AI falling short of expectations.
33% of respondents rank data security and privacy as a top barrier to entry for their organizations to use AI and ML.
99% agree there are business benefits from investing in AI.
Reasons for benefits include: improved decision-making (41%), automating business processes (38%), and improved employee retention/experience (35%).
80% agree that AI and ML are required to keep their business competitive.
We conducted this survey because we know that the future of many organizations, industries, and the business world overall is being made right now. As you read these lines, an even larger and more ambitious survey on AI and ML is being conducted in collaboration with Longitude Research, a Financial Times company. We look forward to sharing these findings, but we know that with such transformative and fast-moving technology, fresh insights at this very moment are extremely valuable.
Our Chief Technology Officer Jim Stratton—who along with other Workday leaders has been vocal and clear about AI’s value to businesses—lends his executive perspective to this research. He writes in the foreword to our “AI IQ” study:
“In my conversations with customer and partner CIOs and technology leaders, the biggest challenge I’m hearing with AI and ML is that people aren’t sure where to start, and they wish they had a better idea of where others are finding success, and encountering roadblocks, on their journey. That’s exactly what this report is for, and I hope that after reading it and absorbing the insights it offers, leaders will be able to tell a better story about AI and their own organization’s goals.”
Find out more about Workday’s “AI IQ: Insights on Artificial Intelligence in the Enterprise” report, or download the report.