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The role of technology in the short – and long – term strategies

December 13, 2023

Today’s innovation chiefs are working with organizations that are capturing new value in a rapidly changing marketplace. These companies are developing assets meant to help them create new opportunities beyond their walls, by capitalizing on the excitement—while acknowledging some of the unknown territory—of AI capabilities.

Nearly all respondents in Deloitte’s new survey report they are on the AI adoption curve, with 41% of respondents saying they were exploring AI, 30% saying they were piloting AI solutions, and one-quarter of respondents saying they have active AI applications. Almost half of the respondents say ‘improved customer trust and confidence’ is something they need to improve upon within their cyber defense efforts.

However, respondents are finding it difficult to build a workforce with AI expertise. Nearly one-third of financial services companies report that AI ethics officers are in short supply, which tracks with an overall labor-market squeeze and evolving regulatory pressures that are driving demand for compliance officers.

When asked to identify the challenges their companies are facing related to AI, leaders report different concerns depending on their industry—which may reflect how companies are struggling to align culture, ethics, and strategy in their AI adoption journey:

AI concerns related to talent

  • Employee perception of AI: 56%
  • Internal employee resistance to advanced AI: 38%
  • Lack of available talent: 33%

AI concerns related to trust

  • Ethical use of AI: 42%
  • Customer concerns or perceptions of AI: 38%

AI concerns related to business strategy

  • Lack of business engagement: 36%
  • Lack of an innovative culture to take chances: 30%
  • Lack of enterprise strategy around AI focus: 29%
  • No real business and tech alignment around AI: 29%

“There’s an infinite number of AI use cases that can provide value to an organization; however, to truly scale, companies should start their journey by focusing on a single use case that’s promoted all the way to production. This can provide the foundation for future AI-led innovation throughout the organization,” said Deborshi Dutt, AI Strategic Growth offering leader, at Deloitte Consulting LLP.

According to the authors, as CIOs, CFOs, and other executives who are driving technology priorities for their organizations prepare for the next chapter, they should consider the following items:

  • Ensuring their organizations have a solid digital foundation with data quality that’s sufficient to enable technologies such as AI;
  • Developing plans to manage the internal ethical challenges as they relate to technologies such as AI, as well as the external ethical complexities that arise as they pursue growth in sectors within and beyond their industries;
  • Increasing their ability to have regulatory compliance at the top of the board and leadership agenda, especially as industry lines continue to blur.

Source: Deloitte US