Concerns around use of AI was more prominent among smaller firms, Gen Zs and Millennials. Ethics, governance, and regulation of AI are major factors, the study notes
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Business leaders are experiencing a COVID-19 whiplash from the pace of artificial intelligence (AI) adoption, according to a report by audit firm KPMG. They see this acceleration to be moving “too fast”, but still are confident that AI can solve several challenges.
In its study titled Thriving in an AI World, the advisory firm notes that nearly half of business leaders in manufacturing, retail, and technology sectors believe AI is moving faster than it should. KPMG surveyed 950 business leaders across seven industries including technology, financial services, manufacturing and healthcare.
And within the industry group, leaders in healthcare and life sciences overwhelmingly said that AI helped them to monitor COVID-19 pandemic, develop vaccines and distribute them. The sentiment had resonated with executives in Financial Services, who noted that AI’s ability to detect fraud proved very effective this year.
Concerns around use of AI was more prominent among smaller firms, Gen Zs and Millennials. Ethics, governance, and regulation of AI are major factors, the study notes.
“Moreover, many business leaders do not have a view into what their organisations are doing to control and govern AI and may fear risks are developing,” said Traci Gusher, principal of AI at KPMG.
In December, another global audit firm PwC noted in its report that AI use in India during the pandemic was greater than in countries like the U.S., Japan and the U.K.
KMPG’s survey also notes that executives prefer a regulated path for AI as opposed to a ‘Wild Wild West’ model – – a lawless and unruly.
“Additionally, a more robust regulatory environment may help facilitate commerce,” said Rob Dwyer, principal at KPMG. “It can help remove unintended barriers that may be a result of other laws or regulations, or due to lack of maturity of legal and technical standards.”