Business owners uncertain of how to leverage AI
Only one quarter of business leaders feeling they have the right skills and capabilities to harness the potential of AI within their organisation according to this year’s IMI Leadership Barometer.
According to the report, the main barrier to navigating an AI future was found to be uncertainty (39%), indicating a pervasive lack of knowledge in the business community regarding the potential applications and impact of this technology.
Lack of capabilities to drive change (36%) was also identified as a major obstacle, with leaders believing their workforce lacks critical skills to enable digital transformation. Such findings reflect the growing importance for leaders in upskilling and reskilling every level of their organisation – from the leadership level down – in order to harness the power of innovation.
Although senior leaders are prioritising innovation, conflicting priorities (41%) and organisational culture (27%) were found to be critical innovation challenges. However, the importance of strong leadership in overcoming these barriers and fostering a culture of innovation is clear: 48% of survey respondents stated that strong leaders who foster and champion innovation is critical for innovation success.
Looking ahead, the majority of leaders felt overcoming skills and talent shortages (59%) to be the key factor for future business success – a persistent challenge in an exceptionally tight labour market. Leading digital transformation (27%) was also deemed critical for future success unsurprisingly, with leaders keen to harness the potential productivity boom created by AI and other emerging technologies. Only 9% of business leaders consider advancing the ESG agenda to be critical for future success.
Shane O’Sullivan, interim CEO of the IMI (pictured), said: “With ongoing advances in AI and disruptive digital technologies, the fact that only 25% of business leaders feel they have the necessary skills in place to support these changes is of significant concern. Top-down leadership is critical for driving this fundamental transformation of how we work. Otherwise, we cannot harness the powerful productivity gains of AI and other digital technologies. Business leaders must consider a lifelong learning approach to equip themselves with the right skills, capabilities and knowledge.
“It is reassuring to see almost half of senior leaders in Ireland recognise the importance of their role in driving a thriving culture of innovation within their organisation. Leaders must develop a culture of innovation by acting as role models in the development of ideas, while fostering collaboration and creativity between different teams and departments throughout their organisation.”
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