Most business leaders believe that artificial intelligence (AI) tools will change their companies within the next five years. However, very few of them believe that their companies are ready to deal with this change.
One of the main conclusions of the Leadership in the Age of AI report published by the leadership advice firm Egon Zehnder and the multinational management consulting firm Kearny. The paper explores the opinions of business executives regarding the current state of preparations as well as their predictions regarding the effects of AI on businesses and employment.
Although 70% of the CEOs polled for the report think artificial intelligence will change how they do business in the next five years, only 20% of them think their company is now ready for this change. This is because artificial intelligence is developing so quickly. Almost 75% of the leaders asked said that time, resources, and people are the things that are holding them back from getting ready, along with the fact that 51% of leaders don’t know much about AI.
In contrast, 89% of respondents who said their organizations were ready credited their leadership team’s knowledge of artificial intelligence and its potential. According to the survey, 85% of business executives still view artificial intelligence as a chance for their companies, and over 90% of them regard it as a chance for professional advancement. According to the report, 49% of CEOs are now investing in infrastructure, 44% are forming external collaborations, and 39% are hiring highly qualified individuals.
“Leaders can embrace this disruptive technology and assure sustained success in a constantly dynamic landscape by keeping pace with AI through personal development and ongoing exploration,” stated Arjun Sethi, Regional Head and Chairman, APAC, Kearney.
