Questions raised about businesses' readiness to embrace AI

Wednesday 13 March 2024

Fears that businesses in Guernsey are not prepared for the opportunities and risks presented by AI have been raised by an IoD survey.

There is a desire to see AI integrated into organisations, the survey indicates, but a majority of people do not believe it is happening quickly enough.

The survey results were released during the IoD Guernsey’s Mid-Term event this morning, which focussed on AI in the boardroom.

"As investment in AI explodes, it's clear that embracing technological innovation is not an option but a necessity. Directors and boards tasked with driving their organisations forward are responsible for navigating these challenges proactively,” said  keynote speaker Bob Semple, Chartered Director and Consultant at the Corporate Governance Institute.  

"As more and more practical implementations of AI emerge, it's imperative that directors equip themselves with the knowledge and tools necessary to harness its potential as a positive force to elevate their boards' performance." 

IOD Guernsey online survey results (63 respondents)

• half of respondents do not believe that their boards are making good use of AI and other technology in their boardroom  
• only a third believe that their board is making sufficient progress in overseeing the use of AI in the organisation 
• only a quarter believe their strategy has been updated to properly reflect the opportunities and risks arising from AI 

IoD Guernsey Chair Glen Tonks said: “IoD members and business leaders are excited by the promise and opportunities AI offers, such as increased productivity and lower operating costs, but are worried about the risks posed, with some directors advocating for increased regulations and establishing a global regulatory body to oversee its development.”

More to come…

Pictured top: Bob Semple at the IoD Mid-Term. Picture by Chris George.