A recent survey by the IBM Institute for Business Value and Oxford Economics found that most Indian CEOs struggle to integrate trustworthy AI governance within their organizations. The study, which included 3,000 CEOs from 30 countries and 26 industries, highlighted the challenges Indian CEOs face in scaling AI within their companies. These challenges include adapting the workforce to new AI-driven roles, transforming company culture to incorporate AI-driven decision making, and establishing effective governance structures for AI development and implementation.
According to the survey, 70% of Indian CEOs believe that trustworthy AI is impossible without effective AI governance in organizations, but only 40% report having good governance practices for AI. Additionally, 75% of Indian CEOs believe that generative AI governance should be established during the design phase of solutions rather than during deployment. Regulatory constraints were identified as the main barrier to innovation by 48% of Indian CEOs.
Indian CEOs recognize the importance of AI adoption for success, with over 70% agreeing that adoption is more critical than the technology itself. Furthermore, 34% of the workforce will require training and reskilling in the next three years to accommodate AI-driven transformations. Almost half of the Indian CEOs surveyed are hiring for Gen AI roles that did not exist until recently.
Sandip Patel, Managing Director at IBM India and South Asia, emphasized the need for AI guardrails to drive real business value responsibly. He noted a gap between the intent and implementation of AI governance, stressing the complexity of the process and the importance of partnering with trusted experts to develop and implement effective practices and policies.
Overall, the survey underscores the critical need for Indian CEOs to integrate AI governance into their organizations to navigate AI-driven transformations successfully. The study highlights the complexities involved in implementing AI governance and the benefits of partnering with experts to ensure the responsible and effective use of AI technologies.
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https://brandequity.economictimes.indiatimes.com/amp/news/digital/indian-ceos-hold-ai-governance-crucial-ibm-study/111155335