Findings reveal widespread AI usage and its impact on business roles
AI is playing a critical role in driving innovation and efficiency across various sectors with adoption rates at an all-time high. This is according to a new report produced by international law firm Womble Bond Dickinson.
Featuring key insights from a panel of experts, each bringing a wealth of experience and knowledge to the table, the report, titled 'The View From The Top: How Business Leaders Are Operationalising AI', provides a comprehensive analysis of AI adoption and its transformative impact on businesses. It highlights several key findings from a survey conducted among CEOs and CTOs, offering valuable insights into the opportunities and challenges associated with integrating AI into business operations.
Widespread AI adoption
The report reveals that AI adoption is at an all-time high, with 87% of CEOs and 97% of CTOs actively integrating AI into their business operations, underscoring AI's critical role in driving innovation and efficiency across various industries.
Impact on jobs
The report also highlights the significant impact of AI on the workforce. A notable 73% of CEOs and 88% of CTOs believe that AI will completely replace certain roles. However, there is optimism about the creation of new opportunities, with 69% of CEOs and 90% of CTOs anticipating the emergence of new roles within their organisations.
Challenges in operationalising AI
Despite high adoption rates, the report identifies several challenges that businesses face in operationalising AI. High implementation costs, ethical concerns, regulatory requirements, and data quality issues are among the main worries cited by business leaders. Over half of the CTOs surveyed have formal ethical frameworks in place and many have developed or are developing formal policies and guidelines.
Caroline Churchill, partner in Womble Bond Dickinson's commercial team, said:
"For many clients, AI adoption is driven by practical needs like managing complexity, scaling data processes and reducing regulatory risk through smarter automation. It is also driven by the need to drive costs down and improve competitive advantage."
"AI is undoubtedly revolutionising the business landscape. While companies are eager to harness its potential, they must navigate significant challenges to achieve successful integration."
Womble Bond Dickinson's "The View From The Top: How Business Leaders Are Operationalising AI" report provides valuable insights into the current landscape of AI adoption and offers practical recommendations for businesses looking to harness the power of AI. The report is available for download on our website.
This article is for general information only and reflects the position at the date of publication. It does not constitute legal advice.
