What: C-suite knows that AI is key for the business but its implementation is harder than expected.

Why it is important: The main question is to know where to start. The answer to when is “now."

A global survey by Deloitte's AI Institute reveals that top executives feel unprepared for the challenges and changes brought about by generative AI, more than a year after ChatGPT's emergence in the business world. This concern is significant as the World Economic Forum in Davos begins.

Key findings of the survey, which involved 2,800 executives from director to C-suite levels, include:

1. Lack of Preparedness: Only 20% of executives believe their organization is highly prepared to address AI skills needs.
2. Governance and Risk Management: Just 25% feel their organizations are well-equipped to handle AI governance and risks.
3. Employee Education: Less than half (47%) report that their employees are sufficiently educated about AI.
4. Focus on Tactical Benefits: Most executives indicated that their organizations primarily use AI for efficiency and cost reduction rather than for creating new growth opportunities.

Joe Ucuzoglu, Deloitte Global CEO, emphasizes that treating generative AI as a side initiative would lead to failure. He highlights the scarcity of talent in critical areas necessary to activate AI capabilities, suggesting that organizations cannot rely solely on internal expertise for AI implementation. This sentiment reflects the broader challenge businesses face in integrating AI effectively and responsibly into their operations.

Now decides next: Deloitte releases its report on AI