Untapped AI Potential Threatens Business Growth Amid Demand

The majority of organisations are already on board with AI, but are still lacking a skilled workforce to navigate these areas of potential.

A report by UST suggests that 93% of large companies view AI as essential to success, but more than three-quarters are facing severe talent shortages. The organisation suggests that companies need guidance to navigate the AI landscape, which is fraught with increasingly complex regulatory requirements and rising ethical concerns.

As a result, UST finds that AI implementation is slowing down on account of uncertainty - preventing the technology from reaching its full potential in vital business contexts.

This comes in the midst of widespread public concerns about the technology, particularly as it impacts the global workforce.

An urgent need for clear AI frameworks

Whilst the majority of those surveyed find that AI implementation aligns with their strategic business goals, only 5% currently report that there have been no significant changes in deployment. 

Regarding AI workforces, 80% of those surveyed by UST say that diversity is crucial or very important. However, 32% believe their AI team is lacking diversity, with 70% of those surveyed by UST finding that a lack of diversity within their AI workforce is already leading to biassed outcomes. This approach can be catastrophic for businesses, as biassed AI can lead to greater levels of mistrust both within the workplace and for customers. 

To mitigate this, AI frameworks are essential for businesses to make good on their strategic goals. This is particularly the case if they define clear ways for AI to be harnessed to help achieve overall business goals.

Currently, fewer than 40% of organisations have confidence in their responsible AI frameworks - something that Heather Dawe, Chief Data Scientist, UK and Responsible AI at UST, tells Technology Magazine is an essential component of business innovation.

“Such a framework is essential as it serves as a roadmap for organisations to develop, deploy and manage AI solutions that drive real business value for the business and their customers,” she explains.

The UST report also finds that businesses are lacking the tools to navigate the complexity of regulatory concerns, with 91% of those surveyed agreeing that their organisation must have a responsible AI framework or policy. However, fewer than 4 in 10 (39%) consider their current approach to be effective. 

Additionally, 91% believe more regulation is required for successful and responsible AI implementation in their industry, as these processes are currently challenging. Regulation is paramount as, according to the report, a lack of strategy can lead to security concerns (40%), a shortage of in-house expertise (33%) and compliance and regulatory challenges (33%). 

According to UST, respondents say neither their government (71%) nor industry (64%) is doing enough regarding AI regulation.

Heather adds: “With a clear framework, businesses can better allocate resources and invest in the right areas including the upskilling of staff. Appropriate Organisational Objectives and Keys Results (OKRs) and Key Performance Indicators (KPIs) should be developed and monitored alongside implementation of the roadmap to ensure progress towards these goals is maintained.”

Investing in the workforce

Despite organisations recognising the importance of AI in a fast-changing business landscape, there remains the significant challenge of in-house expertise. In fact, 31% of respondents cannot currently upskill their own workforce.

“These findings show that we must accelerate efforts to develop and implement sound AI governance policies to create a future where AI systems fulfil their potential as powerful for the common good,” comments Adnan Masood, Chief Architect, AI & Machine Learning at UST.

In order for organisations to remain competitive, Heather suggests that businesses can upskill by understanding what skills are required and providing tailored training programmes accordingly. She tells Technology Magazine this is to “address gaps and align with specific roles.

“At UST, we are leading the charge with our Gen AI training initiative, which is adaptable and customisable for our 29,000 employees. We cover everything from foundational AI concepts to cutting-edge applications, as well as offer hands-on-learning experience using industry-leading tools and platforms.”

The initiative aims to train roughly 80% of UST’s workforce in Gen AI and is announced in the wake of unveiling AlphaAI, the company’s consolidation of AI offerings. AlphaAI is designed to enhance business agility, streamline operations and accelerate digital transformation journeys. 

“AI is a groundbreaking technology already accelerating innovation across industry sectors, improving productivity, and redefining what is possible in unimaginable ways. This research comprehensively shows AI's myriad benefits and challenges for businesses,” comments Krishna Sudheendra, CEO at UST.

“By shining a light on the dominant hurdles to effective AI integration, we hope to help enterprises identify the right tactics and facilitate greater adoption of AI.”

******

Make sure you check out the latest edition of AI Magazine and also sign up to our global conference series - Tech & AI LIVE 2024

******

AI Magazine is a BizClik brand