HCLTech and MIT Technology Review Insights report

• 24 Jan 2025
• TM Team
• 0 Comments

A study by HCLTech, a leading global technology company, and MIT Technology Review Insights has revealed that while 87% of business executives believe that responsible AI principles are critical to adopt, 85% of all the executives say they are not well prepared to implement them.

The findings reveal that despite the recognized importance of responsible AI, a significant gap exists between the acknowledgment of its importance and the ability to implement it effectively.

The challenges attributed to the adoption vs preparedness gap include:

• Complexity of implementation
• Lack of expertise
• Difficulties in managing operational risks
• Regulatory compliance challenges
• Inadequate resource allocation

On a more optimistic note, the study revealed that business executives plan to increase investments in building responsible AI in the next twelve months.

The report — Implementing Responsible AI in the Generative AI Age — was released at the sidelines of the World Economic Forum’s Annual Meeting in Davos. It outlines the key challenges faced by enterprises as they integrate responsible AI, with major concerns including bias and fairness, data privacy and security, compliance with regulations, operational disruptions and user adoption. The report also details how organizations can integrate responsible AI effectively and sustainably following best practices to enhance readiness.

The quantitative study is based on a survey of senior business leaders across multiple industries globally.

Some of the key report findings:

• GenAI and AI-driven transformation are progressing from proof of concept to wider adoption, with executives acknowledging AI's potential to drive productivity and innovation in key business functions like customer service, software development and marketing.
• Responsible AI can provide competitive advantage. Most executives say their business will increase investments in building responsible AI in the next twelve months.
• Agentic AI, which operates autonomously with minimal human involvement, is being adopted and gaining traction in lower-risk areas, such as IT operations, where it can work alongside humans.

While half of respondents are confident in managing operational risks, less than a quarter feel prepared to handle issues related to user adoption, change management and bias.