A recent study by the IBM Institute for Enterprise Value revealed that 7 in 10 Indian CEOs believe trustworthy AI is impossible without effective governance in organizations, but only 4 in 10 have good AI governance in place currently.
The study, which surveyed 3,000 CEOs across 30 countries and 26 industries, highlighted the challenges Indian CEOs face in workforce, culture, and governance as they implement and scale generative AI. The lack of understanding within organizations may be hindering the adoption of AI governance policies, with only 42% of Indian CEOs reporting good governance in place.
Indian CEOs emphasize the importance of inspiring their teams with a common vision for better results, but acknowledge that strategic decisions may not be fully understood by all employees. Sandip Patel, Managing Director of IBM India and South Asia, noted the complexity of implementing AI governance and the need to partner with experts to develop effective practices.
The study also found that people and skills are critical to successful AI adoption, with 71% of Indian CEOs stating that success with AI depends more on people’s adoption than the technology itself. Additionally, Indian CEOs are hiring for roles related to generative AI and recognize the need for training and reskilling in their workforce.
Customer experience, product innovation, and overcoming regulatory restrictions were identified as top priorities for Indian CEOs. Despite the willingness to sacrifice operational efficiency for greater innovation, regulatory barriers remain a significant challenge for many organizations.
The study provides practical strategies for navigating the complexities of AI adoption and emphasizes the importance of collaboration between finance and technology departments. It also highlights the need for a cultural shift to successfully scale AI within organizations.
Overall, the study underscores the importance of effective AI governance and the challenges Indian CEOs face as they strive to implement and scale generative AI in their organizations. Partnering with experts and investing in people and skills are crucial steps in realizing the full potential of AI for growth and competitive success.
Article Source
https://cxotoday.com/press-release/ibm-study-indian-ceos-say-there-is-no-effective-ai-without-effective-governance-but-most-dont-have-the-policies-in-place-yet/