Top executives at large global companies are finding themselves in a tight spot when it comes to adopting generative artificial intelligence (GenAI), managing the escalating complexities of data, and dealing with a growing skills gap. These challenges are highlighted in a recent survey conducted by IDC and sponsored by Teradata.
Pressure Builds for GenAI Implementation
Although almost 80% of the 900 executives surveyed from around the world expressed considerable trust in the potential of GenAI to enhance their company’s future offerings and operations, the survey indicates that there is still much work to be done.
The report reveals that 86% of respondents feel that stronger governance is necessary to ensure the quality and integrity of insights derived from GenAI. Additionally, 66% of participants raised concerns about the potential for bias and misinformation with GenAI.
One prominent issue is the widening skills gap in relation to GenAI. Only 30% of respondents feel highly prepared to utilize GenAI at present, and merely 42% are completely confident that they will have the required skills to implement GenAI within 6 to 12 months.
Despite these challenges, the urgency to implement GenAI is growing. Approximately 56% of those surveyed confirmed that they are under significant pressure to incorporate GenAI within their organizations within the next 6 to 12 months.
Evolving Concerns about Ethics
The survey also delved into concerns about data privacy and ethics, particularly in the wake of the rapid rise of technologies like ChatGPT.
Companies globally emphasized the importance of data ethics and responsible data use, with 92% of respondents emphasizing its significance. An overwhelming 97% claimed they were closely familiar with data ethics and responsible data use within their own organizations. Furthermore, almost 90% reported having a formal ethical data resource or board in place.
Digital Maturity and IT Complexity
The survey indicated that companies are advancing in their digital maturity journey. Around 54% of participants noted that information flows freely within their organizations.
Regarding value creation from data, 49% of respondents felt their companies excelled beyond the average, and 33% believed their organizations were at an expert level in extracting value from available data.
The Impact of IT Complexity
The survey also revealed how corporate changes over the last two years have impacted organizations.
Executives mentioned that their companies had encountered new or significantly increased focuses on economic challenges, geopolitical changes, supply chain disruptions, remote and hybrid work models, and environmental/social and corporate governance.
In the face of these challenges, nearly 70% of respondents observed an increase in data complexity within their organizations. Looking ahead, 85% of respondents believed that data complexity would either remain steady or worsen in the next two years, with 20% anticipating significantly greater complexity.