A study by HCLTech, a leading global technology company, and MIT Technology Review Insights revealed that 87% of business executives believe that responsible AI principles are critical to adopt. However, 85% of all the executives say they are not well prepared to implement them.
Responsible AI and its future
The findings reveal that despite the recognized importance of responsible AI, a significant gap exists between the acknowledgment of its importance and the ability to implement it effectively.
The challenges attributed to the adoption vs preparedness gap include:
Complexity of implementation
Lack of expertise
Difficulties in managing operational risks
Regulatory compliance challenges
Inadequate resource allocation
Some of the key report findings:
GenAI and AI-driven transformation are progressing from proof of concept to wider adoption, with executives acknowledging AI's potential to drive productivity and innovation in key business functions like customer service, software development and marketing.
Responsible AI can provide competitive advantage. Most executives say their business will increase investments in building responsible AI in the next twelve months.
Agentic AI, which operates autonomously with minimal human involvement, is being adopted and gaining traction in lower-risk areas, such as IT operations, where it can work alongside humans.
