Investments in AI top leadership tech priorities for 2024
Technology investment is a priority as change accelerates in almost every organisation.
That’s according to a survey of over 800 executives across the UK and US by Kin + Carta, which reveals a picture of an enterprise landscape that’s constantly shifting - creating huge opportunities and challenges.
A standout finding from the 2024 Leadership Priorities in Tech report is that the vast majority of senior leaders are currently facing a state of what Kin + Carta describes as ‘tech anxiety’.
The report showcases priorities and concerns from senior business leaders, comprised of a mix of C-suite, senior VPs, VPs, directors and other key decision-makers in US$1bn+ revenue organisations.
Senior leaders facing a rising sense of ‘tech anxiety’
‘Tech anxiety’ is defined as the feeling senior leaders have as a result of the rapid pace of advancements in technology that are causing concern when it comes to how their business operates. While the top source of that anxiety is cybersecurity (cited by 24% of respondents), close behind, and rounding out the top three, are concerns over AI and machine learning (19%), and anxieties about sustainability strategy and tracking (17%) respectively.
“Fears around complex black-box technology, information security, and GenAI hype are causing tech anxiety levels to rise,” comments Richard Neish, Chief Strategy Officer at Kin + Carta. To succeed, leaders must be flexible, leverage data, and build transformation around business needs.”
“Fears around complex black-box technology, information security, and GenAI hype are causing tech anxiety levels to rise,” comments Richard Neish, Chief Strategy Officer at Kin + Carta. To succeed, leaders must be flexible, leverage data, and build transformation around business needs.”
AL, machine learning are top priorities for investment
Investment in AI and machine learning is seen as the number one priority among global companies, Kin + Carta found, with 15% of leaders saying they plan to invest in it this year, followed by cybersecurity (12%).
Meanwhile, 75% of leaders believe that further investment in digital transformation initiatives is necessary within the next 12 months to combat this anxiety. More than half (58%) plan to spend more in the coming year compared to previous years.
Kin + Carta’s research highlights that the potential disruption and ethical implications associated with AI and machine learning, in particular, are substantial. When it comes to specific concerns, the top three contributory factors are the speed of technological change (35%); the internal skills gap (29%); and access to the right talent (28%).
“Overall, it appears that tech anxiety among leadership is primarily triggered by factors and technologies with the potential to significantly disrupt the established ways of working,” Neish adds.
“We’ve all seen reports about the huge potential impact of AI, while previously we have seen cloud, mobile and indeed the birth of the world wide web completely alter the way businesses operate.
“There’s no doubt that technology is moving incredibly quickly, but concerns such as data trust and the internal skills gap can be managed, as long as businesses invest in the right areas.”
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