To unleash the internal growth potential of their organisations, CEOs pay particular attention to developing the emerging technologies, such as Artificial Intelligence (AI). There has been a lot of talk in recent years about the business potential of the successful use of these technologies. Of course, opinions are divided on how business executives see the impact of AI on society and on the role governments should play in developing Artificial Intelligence.
An impressive 85% of CEOs worldwide agree that Artificial Intelligence will significantly change the way they do business during the next five years. The views of respondents in Romania and in the region are slightly more moderate - Romania (76%) and Central and Eastern Europe (64%).
In order for Artificial Intelligence to be more than a combination of algorithms and technologies (digital assistants, robotics, machine learning etc.), it should serve customers. And in order for AI to be useful, working closely with customers is often needed to understand their problems first hand and design together with them the most adequate AI-based solutions.
Although they share the view on the impact Artificial Intelligence will have on businesses, most CEOs admit they have not introduced AI initiatives in their organisations. Worldwide, 23% of business executives admit to pursuing no AI initiative, and another 35% have plans to start introducing AI initiatives in their organisations in the next three years. There is also one third of the CEOs who say they have introduced AI initiatives in their business, but only for limited uses. Fewer than one in ten respondents say AI initiatives are present on a wide-scale basis in their organisation.
The percentage of business executives in the region and in Romania who say they have not introduced AI initiatives is even higher, 69% and 72%, respectively.
Undoubtedly, a large percentage of CEOs will be introducing Artificial Intelligence in their own organisations to avoid falling behind the competition that uses technologies helpful in making faster and better-informed decisions.
The shortage of employees with digital and analytical skills may slow down the implementation of Artificial Intelligence. Recruiting or developing data analysts and AI specialists is important for businesses, but so is creating in-house teams ready to implement Artificial Intelligence in their areas of expertise and come up with solutions together with AI experts. The entire workforce should get the required support to adjust to change and use the AI-based systems implemented within organisations.