Some of the decision makers are optimistic about the actual impact of the Artificial Intelligence, Internet of Things, blockchain and predictive analytics on the society and business, but costs security concerns and some of the lacking up of skills are barriers to adoption, according to the research.
Titled ‘The Cycle of Progress,’ the study revealed that leaders differ vastly from managers on their organization’s digital transformation.
According to the study which has been revealed, 51% of board members and 33% of the C level respondents believe that they even lead in the adoption of the new latest technologies, in comparison to just 18% of directors and 14% of the departmental heads.
The decision makers in Northern America and Europe are more optimistic about the potential of the digital solutions to boost up their competitiveness as compared with their other peers in Asia and the Middle East, the study started.
The study found that decision makers see a significant positive impact from IoT (48%), predictive analytics (43%) and AI (43%). It also suggested that business leaders in the West tend to have a less optimistic view of AI than their Eastern counterparts. For example, decision-makers in Germany and the UK see AI as having a little or negative impact (29% in both countries), whereas Indian decision makers see it as having a significant or slightly positive impact (95%).
“’The Cycle of Progress’ sounds a warning call for businesses, with a clear ‘perception versus reality’ gap emerging between different levels in organizations, as innovation gathers momentum,” said Srinivasan CR, chief digital officer, Tata Communications.
“CEOs should ask their teams more probing questions and not get carried away by the digital transformation hype. This reality check will help businesses make the most of the latest technology innovations to deliver new customer experiences and reimagine how they operate,” he said.