In today’s rapidly evolving technological landscape, Artificial Intelligence (AI) is transforming businesses across industries. Through Watermark’s 2024 Interim Executive Survey, we gathered information on AI from Interim Executives, who are in a unique position to observe numerous different AI strategies in many different companies due to the nature of their work. This blog aims to highlight the lessons learned from these seasoned professionals, providing a comprehensive look at how different organisations are navigating AI.
AI Still in Its Infancy
At Watermark, we have many conversations with leaders who are convinced other companies are further advanced on the AI journey than they are. However, despite the hype, AI is still in its early stages of adoption. Watermark’s 2024 Interim Executive Survey respondents believe that AI use across the whole enterprise is minimal (42%) or emerging (37%).
The overall view is no organisation has AI fully integrated or has even figured out which AI tools are best to use in each part of the organisation. There are pockets in organisations that are doing it well but overall, the uptake across the functional areas of a business is ad hoc and still at the trialling stage.
Where in an Organisation is AI Being Used?
All functional areas are using AI for data analytics and then each area is experimenting with how and where there might be additional benefits or efficiencies to be gained. Watermark’s 2024 Interim Executive Survey shows that CEOs are embracing AI for oversight across data (54%), cybersecurity (49%) and customer experience (36%), process improvement (35%) and risk management (33%).
Chief Information Officers are using AI for cybersecurity (77%) and data analysis (52%). Finance uses AI for data (70%) process improvement (43%) and risk (40%). HR leaders are tapping into AI for process improvement (40%), data (36%) and employee engagement (31%). The operations and supply chain teams are looking for AI to help them get operational efficiencies and process improvement (61% and 59% respectively) and the marketing team is looking to AI to help improve the customer experience (65%).
Individuals Leaning into AI
Interim Executives are open to, and very actively engaged with, learning new skills and staying at the front end of the curve as it relates to technology. It is no surprise then, that when we asked our Interim Executive Survey respondents using AI about their knowledge, more than half (54%) suggested they are at intermediate level, meaning they have a moderate grasp of AI and can navigate basic tools.
Conclusion
We wanted to lift the lid on where and how AI is being adopted using the fresh eyes of Interim Executives and share what they see across the multiple organisations they help. AI is still in its infancy so you have not ‘missed the boat’ of adopting AI into your organisation. Different functional areas are still trialling the best way AI can enhance their core responsibilities. It is encouraging to see a willingness from Interim Executives to learn and stay abreast of AI.
If you want to know more about AI or talk about how an Interim Executive can help your organisation with the adoption of AI, please reach out to the Interim Team here.