Indian CEOs believe that integrating reliable artificial intelligence requires AI governance, as per a recent survey by IBM Institute for Business Value and Oxford Economics. The study revealed that Indian CEOs are facing challenges in integrating and scaling generative AI in their organizations, including adapting the workforce to new AI-driven roles, transforming company culture for AI-driven decision making, and establishing effective governance structures for overseeing AI development and implementation.
The global study, which surveyed 3,000 CEOs from 30 countries and 26 industries, emphasized the importance of AI governance for Indian business leaders. According to the study, 7 out of 10 Indian CEOs believe trustworthy AI is impossible without effective AI governance, yet only 4 in 10 feel they are effectively managing generative AI currently. This highlights the need for generative AI governance to be established during solution design, before deployment.
Regulatory restrictions were cited as a major barrier to innovation by 48% of Indian CEOs surveyed. More than 70% of respondents in India believe AI’s success depends on adoption rather than just the technology itself. Additionally, 34% of the workforce will require training and reskilling over the next three years, according to senior executives.
Nearly half of Indian CEOs surveyed are hiring for Gen AI roles that were nonexistent until last year, indicating the evolving nature of the workforce due to AI-driven transformations. Sandip Patel, Managing Director at IBM India and South Asia, highlighted the gap between the intent and implementation of AI governance, underscoring the need for partnering with trusted experts to develop and execute effective practices and policies.
Overall, Indian CEOs are recognizing the importance of AI governance in realizing business value, growth, and competitive success through responsible AI implementation. The study underscores the complexity of implementing AI governance and the need for support from experts to navigate this landscape effectively.
Article Source
https://cio.economictimes.indiatimes.com/amp/news/artificial-intelligence/indian-ceos-hold-ai-governance-crucial-for-ai-adoption-innovation-ibm-study/111155629