AI at a crossroads: building trust as the path to scale
The rapid adoption of AI means senior leaders need to move quickly to understand and develop AI governance while the technology continues to advance in real-time. But most leaders are not moving quickly enough.
More than 90% of organisations can improve their AI governance according to a new report from Deloitte Access Economics and the Deloitte AI Institute but many don’t realise the extent of what needs to be done.
The report - AI at a crossroads: building trust as the path to scale – groups organisations as ‘Basic’, ‘In Progress’ or ‘Ready’ in terms of their AI Governance maturity, based on 12 indicators across five pillars. The indicators were applied to nearly 900 senior leaders in 13 locations across Asia Pacific to understand the current state of play.
The report found organisations with better AI governance have deployed AI solutions in three additional areas of the business, potentially reaping higher productivity gains. These areas include customer service, marketing and sales, operations & production, and research & development (R&D).
Organisations with better AI governance have 28% more staff using AI solutions and have close to 5% higher revenue growth. On top of that, 45% of organisations report improved reputation among customers as a key benefit associated with Trustworthy AI.
The report also shows many leaders appear to think they understand AI risks better than they actually do. Around a quarter (23%) say they are ‘highly prepared’ to manage AI risks, but a deeper look shows only 9% have a ‘Ready’ level of governance. Organisations with formal reporting systems see five times more queries and twice as many reported incidents, indicating those without these systems may be blind to emerging risks.
