Home Business News SMEs are investing more in AI technology and tools than in hiring and retaining employees

SMEs are investing more in AI technology and tools than in hiring and retaining employees

by LLB staff reporter
8th May 24 6:49 am

G-P (Globalization Partners), the recognised leader in the global employment market and standard bearer for industry compliance, today released a revealing research report providing a comprehensive view of how and where AI will have the biggest impact on global business growth and employment: AI at Work: Unlocking Global Opportunities.

The report found that business leaders around the globe are feeling the pressure to adopt AI with 81% reporting their organisation has an established AI program and 84% planning to invest more in the technology this year.

However, without the right people, processes and technology in place, organisations are often ill-prepared for successful AI adoption.

“AI is redefining the boundaries of what’s possible in global business,” said Nat Natarajan, chief product and strategy officer, G-P.

“But we’ve only just scratched the surface of AI and its potential is still largely unrealised. AI is evolving at exponential rates, strategic planning, investment and continuous learning will be required for businesses looking to leverage the technology to thrive on the global stage.”

Key findings of G-P’s AI at Work report also include that global executives worldwide are thinking of ways AI can help them expand into new markets and build new teams.

96% of executives believe that companies that use AI to support asynchronous work across countries or time zones will soon outpace those that don’t.

Increasing investments SMEs worldwide are investing more in AI than in their people. Close to 60% of executives say they are putting more dollars toward implementing and/or developing AI technology and tools than in hiring and retaining employees.

Getting AI right requires calling in the experts. An overwhelming 98% of executives predict their organisation will need to create new roles to implement and monitor AI successfully.

Execs are losing sleep worrying about incorrect AI use. Two-thirds report that their top concern is the financial consequences of using AI incorrectly – surprisingly, sensitive and proprietary data loss is last on the list.

“AI holds a lot of potential to drive value impact, but only when done in partnership with a future-ready workforce,” said Zachary Chertok, research manager for employee experience at IDC.

“AI is shifting the narrative for digital use cases into a focus on workforce empowerment. Building a winning formula with AI requires organisations to invest in training the workforce for how to collaborate with AI-based tools just as much as it requires them to invest in the tools themselves.”

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