Board members have too little expertise when it comes to AI
Published: Thursday, Aug 29th 2024, 06:20
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The boards of directors of Swiss companies are struggling with artificial intelligence. According to a survey, they recognize the importance and risks of AI, but do not yet have sufficient expertise.
Most Swiss companies are not fully exploiting the potential of so-called "generative artificial intelligence" (GenAI), Deloitte quoted from the latest "swissVR Monitor" on Thursday. According to the board members surveyed, the technology is only being used in certain areas.
A large majority (79%) of companies are focusing on increasing efficiency and productivity within the company with the help of GenAI. Cost reduction (43%) or improved products and services (40%) follow at a considerable distance. However, AI is used less frequently for strategic benefits such as the generation of new ideas and insights (34%) or increased innovation and growth (31%).
And where AI is used, there is hardly any human control: only 17% of companies have all AI-generated content checked by at least one person. Three out of five board members surveyed identified potentially erroneous results as the greatest risk to their company.
It would therefore be important to acquire the relevant skills in this area and recruit AI experts to the board of directors, concludes Deloitte. Or to bring in external expertise, according to the management consultant.
Deloitte conducted the survey together with the Swiss Association of Directors (SwissVR) and the Lucerne University of Applied Sciences and Arts. Almost 400 board members were surveyed.
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