An EY study of US CEOs and business leaders reveals that most executives recognize the value of artificial intelligence (AI), with 84% believing that AI is important to the future success of their company. At least three in five respondents (62%) said that AI will have a major impact on creating efficiencies at their company, remaining competitive (62%) and gaining a better understanding of customers (60%). In addition, 55% of respondents believe AI will have a major impact on reducing costs and driving new revenues.
Despite the opportunities that the C-suite recognizes in AI, nearly one in three respondents rank lack of skilled personnel (31%) as one of the two greatest organisational/people barriers to AI adoption in their company. Behind skilled personnel, other key organisational barriers include lack of compelling return on investment (27%), lack of management understanding (24%), unclear business case (21%), limited funding (20%) and siloed data and organisation (19%).
Despite the hurdles that US CEOs and business leaders have faced in AI implementation, there are several key factors that can make the difference in an organisation's ability to overcome these barriers. The two most important factors cited by US CEOs and business leaders are having a compelling business case for AI (31%) and having a clear strategic vision and commitment to AI from senior management (29%). This underscores the importance of C-suite buy-in, both in informing the organisation of AI's uses, value and ROI, as well as outlining the benefits of long-term implementation.