The role of Artificial Intelligence (AI) is growing by the day in today’s enterprises; however, a new study by Workday, Inc. reveals that most business leaders believe humans should still be involved in AI-driven decision-making processes.
The study, which delves into AI’s impact on the enterprise, including perceptions, challenges, and opportunities, surveyed 1,000 global business decision-makers. Among the key findings, 93% of participants agreed on the importance of human oversight in AI or machine learning (ML) for significant decisions.
Furthermore, 73% of respondents felt pressure to implement AI within their organizations. Yet, 80% acknowledged that AI and ML have helped employees work more efficiently and make improved decisions. However, 72% claimed their organizations lack the necessary skills for full AI and ML deployment.
“Business leaders understand that AI and ML are critical to success in the future of work,” said Jim Stratton, Chief Technology Officer at Workday. He added, “Successful adoption of AI and ML require a commitment to keeping humans in the decision-making loop and working with partners committed to responsible AI and maintaining data integrity.”
Despite the significant push for AI adoption, there are lingering concerns about its ethics, security, and accuracy of data. A whopping 77% expressed worries over the timeliness or reliability of the underlying data, while 39% regarded potential bias as a top risk in AI applications—meanwhile, 48% viewed security and privacy concerns as the main hindrances to implementation.
Only 29% expressed high confidence that AI and ML are being used ethically in business, though this outlook improves for the future. Over half of respondents (52%) believe that AI will be applied more ethically in five years.
Leaders also reflected on AI’s impact on the workforce. Nearly half (45%) believe AI and ML will augment workloads and create new career paths. In contrast, 43% were more cautious, warning that AI and ML could lead to unemployment by replacing some tasks. A small fraction (12%) were pessimistic, fearing that AI and ML would completely replace humans and hurt workers.
Small Business Deals
The survey highlighted a critical skills gap obstructing successful AI implementation. An overwhelming 72% confessed that their organization lacks the skills to implement AI and ML fully. Additionally, a slightly higher percentage (76%) admitted their understanding of AI and ML applications requires enhancement.
This research underscores the dichotomy facing small businesses as they attempt to navigate the new digital landscape. While AI and ML offer efficiency and better decision-making capabilities, they come with significant challenges, including ethical issues, data reliability, and a profound skills gap. Business leaders must balance these considerations to harness the full potential of these transformative technologies.