There is a pretty yawning chasm at the moment between the hype surrounding AI and the reality of what organizations have managed to achieve. This has done little to dampen enthusiasm for the technology however, as a recent report from Microsoft UK reveals.
The study, which saw over 1,000 leaders surveyed, revealed that 41% of leaders thought AI would hugely disrupt their business model, yet 51% also lacked any kind of strategy to address the challenges presented by AI. Nonetheless, the report suggests that companies that are adopting it are already seeing a boost in performance of around 5%.
“AI represents a huge opportunity, but only if UK organisations embrace its application in the right way. AI is not about making UK businesses leaner, it’s about how we use the technology to make them stronger. In doing so, we can make our work more meaningful and boost UK competitiveness,” Microsoft say.
Boosting performance
The report suggests that organizations look at the AI opportunity through five dimensions:
- Technology, and specifically developing the technical know how regarding the possibilities of AI and the means to develop those possibilities.
- People, which includes not only re-engineering jobs to take account of the new tools we have at our disposal, but also new ways of learning and developing new skills.
- Culture, which examines the socioeconomic, cultural and organizational changes required as we develop AI.
- Ethics, to ensure that these changes emerge in the right way, whether for individuals, institutions or society as a whole.
- Impact, to ensure that organizations are good corporate citizens and not using AI to make society worse.
The good news is that most employees are keen to experiment with AI, so there is little resistance internally. Leaders are not really providing the strategy and direction required however. This contributes to a sense that those not getting on board with AI today will be quickly left behind in the coming years.
Lack of preparation
Part of the problem is that employees continue to believe that companies are not doing anywhere near enough to prepare for an AI-driven future. Less than half of leaders believe it’s even worth trying to re-train their existing workforce, with many of those who do think it is unsure of where to start. This leads to a rather desperate situation whereby just 18% of employees believe they’re being given the right support to develop the skills they need to work with the latest technologies.
“How society, business and people adapt to AI will become one of the most pressing considerations of this generation and the next. Only by applying AI in the right way can we unlock its extraordinary potential for good. It is our firm belief at Microsoft that adopting a human-centric approach can help organisations of all shapes, sizes, and sectors use AI to positively impact their businesses, employees, and customers alike. But success tomorrow requires action today – organisations must act now to maximise the AI opportunity,” Microsoft say.
