Almost 90% of technology firm decision-makers believe companies in all industries should implement an artificial intelligence ethics policy to help govern their AI work, according to a new KPMG report. Approximately 69% are also in favour of ‘some level of government involvement in regulating AI’.
The survey of 150 US tech sector leaders shared their views on the future of AI in their sector, as well as the steps they are taking to maximise its benefits and mitigate its challenges. The findings also reveal that the tech industry is leading in AI adoption, according to 87% of survey respondents. The report is part of a larger KPMG-commissioned survey of 751 business decision-makers across five sectors. They include technology, transportation, retail, healthcare and financial services.
AI SKILLS CHALLENGE
Despite the growth and popularity of AI in the tech space, tech leaders are wary about the challenges. Tech executives see skills gaps as one of the most prominent challenges to developing and adopting AI. While 61% say that existing employees are prepared for AI adoption, they need more workers who are ready for AI and they need to improve how they are integrated into the business.
“The tech sector’s search for talent, not only in AI but across multiple digital skills, is one of the factors contributing to the rise of tech hubs, where talent, infrastructure and economics converge to produce these capabilities,” said KPMG’s Global and US Technology Sector Leader Tim Zanni. “Tech companies must address the needs of their current and future workforces, and quickly achieving that balance sets the stage for long-term success.”
In fact, more than a third of tech industry decision-makers (37%) are also worried that AI could replace their positions.
AI ADOPTION
Nevertheless, despite the challenges, most tech leaders (62%) believe that AI adoption is moving at an appropriate speed across their industry. However, 73% think their company should be even more aggressive in AI investment and adoption, especially in the area of organisational improvement efficiencies.
Tech leaders believe leveraging the spectrum of AI technologies will make their companies run more efficiently. Machine learning – computing’s ability to improve performance without the need to follow programmed instructions – is expected to have the greatest impact according to 59% of respondents, followed by deep learning and facial recognition.
“Companies that are embedding AI and other forms of digitisation into every process and functionality are disrupting the competition,” added Sreekar Krishna, Principal Innovation and AI-enabled Digital Transformation at KPMG. “Those with big legacy technology infrastructures, who have been hesitant to invest, are being left behind.”
A report recently released by the World Economic Forum and the Cambridge Centre for Alternative Finance revealed that nearly two-thirds (64%) of financial services leaders also expect to be mass adopters of AI in the next two years, compared to just 16% today, as reported.
Check out the full KPMG report here.
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