A whopping 98% of CEOs believe in the benefits of using Artificial Intelligence (AI) and Machine Learning (ML) in their organisations. They see potential in these technologies, but hurdles remain, according to a study.

About half of the leaders, nearly 50%, believe that AI and ML could greatly enhance human abilities. Additionally, 45% of CEOs envision these technologies creating a more diverse and inclusive workforce.

However, the survey done by Workday also highlights that not all organisations feel ready for this shift. Almost half of CEOs, 49%, feel unprepared, lacking the necessary tools and knowledge. Meanwhile, 28% prefer to take a cautious approach, wanting to see how AI and ML impact their organization before fully committing.

Jim Stratton, Chief Technology Officer of Workday, stressed the importance of trust in fully embracing these technologies. He explained, "Trust is crucial for reaping the benefits, and it starts with having the right data foundation and a strong commitment to governance."  

The need for transparency is clear, with 59% of organisations reporting data silos and only 4% saying their data is fully accessible. This points to a crucial area for improvement in data management.

Looking ahead, 71% of leaders foresee global changes in the business landscape within the next three years. This underscores the urgency for organisations to adapt to the evolving impact of AI and ML on their operations and workforce.

While CEOs recognise the potential of AI and ML, there are practical concerns that need to be addressed, particularly in building trust and ensuring readiness for this technological shift.

The C-Suite Global AI Report, conducted by Workday and FT Longitude, surveyed 2,355 senior executives worldwide in May and June 2023. Participants were from North America (895), Europe, the Middle East, and Africa (860), and Asia-Pacific and Japan (600).