Jan 15, 2024 - Technology

Executives say they're not ready for AI

Animated illustration of a robot tightening and adjusting its necktie, followed by its teeth sparkling.

Illustration: Brendan Lynch/Axios

Top executives are admitting they're far from ready to deal with changes wrought by generative AI, more than a year after ChatGPT exploded on the business scene, according to a new global survey by Deloitte's AI institute.

Why it matters: The problems may only get worse. Executives who reported the most investment and knowledge in generative AI capabilities are the ones most worried about the technology's impact on their business.

Details: The survey of 2,800 director to C-suite level executives— released as the World Economic Forum in Davos kicks off — found that only 1 in 5 executives believes their organization is "highly" or "very highly" prepared to address AI skills needs in their company.

  • Just 1 in 4 believe their organizations are well-prepared to address AI governance and risks.
  • Only 47% say they are sufficiently educating employees about AI.

The majority of executives said their organizations were focused on the tactical benefits of AI, such as improving efficiency and cost reduction, rather than using it to create new types of growth.

What they're saying: "If you're going to look at this as some side initiative — a department of generative AI that's going to come up with all the use cases — it's going to be a massive failure," Joe Ucuzoglu, Deloitte Global CEO, told Axios in an exclusive interview.

  • "You need an ecosystem mindset," he said.
  • "There's a talent scarcity in the key areas it takes to activate all of this, so it's impossible for any organization to have all the expertise within its own four walls," Ucuzoglu said.
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