49% Indian CEOs Looking For New Roles: IBM Report Industries are deploying various advanced technologies in their organizations and with this need Indian CEOs are also stepping up their game by hiring for roles in GenAI that did not even exist a year ago
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India is rapidly evolving in advanced technologies be it Artificial Intelligence, Machine Learning, Generative AI, and Robotics among others. And, this digital transformation is coming up with lots of new opportunities and challenges. Industries are deploying various advanced technologies in their organizations and with this need Indian CEOs are also stepping up their game by hiring for roles in Generative Artificial Intelligence (GenAI) that did not even exist a year ago.
According to a recent study by the IBM Institute for Business Value and Oxford Economics, 49 per cent of Indian CEOs are actively recruiting for GenAI positions within their organizations. However, incorporating modern technologies like AI into business operations also introduces new challenges that concern leaders.
"As Indian CEOs navigate AI-led transformations within their organizations, they recognize the need for AI guardrails so that they derive real business value responsibly for growth and competitive success. However, our study reveals a gap between their intention and actual implementation. This scenario highlights the complexity of implementing AI governance, hence making a strong case for partnering with trusted experts to develop and execute effective practices and policies," said Sandip Patel, Managing Director, IBM India & South Asia in the report.
AI Governance: A Crucial Need
According to the survey, seven out of ten Indian CEOs believe that AI integration is only possible when a robust governance structure is in place. Yet, only 42 per cent of these leaders feel they currently have good generative AI governance.
Workforce and Cultural Challenges
As per the Indian CEOs, 34 per cent of their employees will need retraining and re-skilling over the next three years. This is a sharp increase from the global figure of just 6 per cent in 2021. Additionally, 71 per cent of Indian CEOs believe that the success of AI integration depends more on people's willingness to adopt the technology than on the technology itself.
Transforming company culture to embrace AI-driven decision-making is another challenge Indian industries have to fix. Seventy-five per cent of CEOs reported that inspiring their teams with a common vision yields better results than setting strict standards and targets. However, about one-third of employees do not fully understand how strategic decisions affect them, making it harder to align everyone with the new AI initiatives.
The Need for Collaboration
For technologies such as AI to truly succeed in industries, proper collaboration is very important between different departments of the industry. Yet, 70 per cent of Indian CEOs think their company's success hinges on the quality of collaboration between finance and technology departments. Despite this, nearly half (48 per cent) admit that competition among top executives can sometimes hinder effective collaboration.
Pushing for Innovation Amid Constraints
Further, the report said that Indian CEOs' top priority is customer experience and innovation in products and services over the next three years. Many are willing to sacrifice operational efficiency to achieve greater innovation. However, regulatory constraints pose a significant barrier, with almost half of the CEOs citing it as their main challenge to innovation.
Investment in AI
When it comes to funding AI projects, only 32 per cent of Indian CEOs are using new IT budgets. 68 per cent are reallocating existing technology funds, indicating a cautious approach towards new spending in uncertain times.
