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A recent global survey has shed light on the complex relationship between C-suite executives and artificial intelligence (AI). The survey, commissioned by Teradata and conducted by NewtonX, reveals that while there is high trust in AI's potential, many decision-makers lack confidence in their company's ability to execute AI strategies effectively and ensure data readiness for reliable AI outputs.
Key findings from the study indicate that 70% of executives believe their AI strategy is not fully aligned with their business strategy. This misalignment underscores a significant gap in how AI initiatives are integrated into broader corporate objectives.
Teradata's Chief Marketing Officer, Jacqueline Woods, emphasised the importance of trustworthy data as the backbone of AI outputs, stating, "While achieving complete trust remains elusive for many executives, our survey shows a deepening understanding of how to reach trusted AI at enterprise-scale and confirms that Teradata is well positioned to help its customers with these business objectives."
Despite the challenges, a notable 89% of enterprise executives consider AI essential for maintaining competitiveness. However, only 56% of companies reportedly have a clear AI strategy, and just 28% see their AI strategy as closely aligned with their business objectives. AI implementations predominantly occur within departments, with only 12% of companies having deployed AI solutions company-wide, compared to 39% who have done so in select departments.
Executives highlighted increased productivity (51%) and enhanced customer experience (50%) as significant benefits of AI. Nevertheless, they are cautious about AI projects due to potential risks, preferring to focus on internal processes which are perceived to improve cost control rather than drive growth.
The study also pointed out that more than half of the executives (54%) have successfully used AI to enhance employee productivity and collaboration. Yet, concerns remain about how AI missteps could impact customer satisfaction and company reputation, with 57% of executives voicing these fears.
There are many challenges to scaling AI projects. 39% of executives cited a scarcity of AI technical talent, while 34% mentioned a lack of budget. Additionally, difficulties in measuring business impact (32%) and insufficient technology infrastructure (32%) were significant barriers.
Survey participants echoed the sentiment that trust in AI is crucial. One executive highlighted the importance of transparency in data usage to avoid bias in AI models. Enhanced operational efficiency, successful use cases, and improved decision-making processes were identified as top factors that bolster organisational trust in AI.
The survey further revealed that 73% of companies view themselves as early adopters of many technologies, but only 27% consider themselves leaders in AI adoption within their industries. Factors contributing to AI success included a clear strategic vision and leadership support (46%), effective communication of AI benefits to stakeholders (46%), and sufficient investment in AI technology and infrastructure (41%).
Almost all respondents expect to see results from AI projects within a year, with 58% believing the results would be quantifiable within six months. A strong majority (60%) have already observed demonstrable returns on investment from their existing AI solutions.
