With all the potential benefits promised by the use of AI, it’s no wonder companies are wanting to get in on the action. But a new survey from Capital One reveals a stark disconnect between how confident business leaders are in their company’s ability to implement AI and how the technology professionals actually implementing the technology feel.
According to the report — which surveyed almost 4,000 leaders and technology professionals — 87% of leaders believe their company has a data ecosystem equipped to handle AI, 82% are confident in their ability to mobilize resources for AI, and 78% are confident in their ability to handle the growing complexity and volume of data associated with AI.
Eighty-four percent of leaders also believe that their company has the necessary processes, tools, and platforms to properly manage their data.
Eighty percent of them said the data they need to do their jobs is easy to find, 78% say it is easy to understand, and 77% say it is easy to understand.
The responses from technology professionals tell a different story, however. Only 35% of tech practitioners believe they have a strong data culture, and those that don’t blame inconsistent support and education.
Seventy percent of the tech practitioners surveyed said they spend up to four hours per day fixing data issues, conducting quality checks, or correcting errors.
“The amount of time tech practitioners spend addressing data issues indicates that companies may be overlooking key elements of data management, which can impact their ability to execute on AI strategies,” said Terren Peterson, VP of data engineering at Capital One. “AI amplifies the need for high-quality, trustworthy data that is error-free, has clearly described lineage and metadata, and is only used where permitted. As data complexity grows, companies must invest in strong data governance to ensure responsible and effective use.”
Additionally, though 78% of tech practitioners and 82% of leaders agree on the importance of having an AI strategy, only about half of them — 53% of tech practitioners and 55% of leaders — are actually fully familiar with their company’s AI strategy.
The report also found that 36% of tech practitioners believe their organization has the proper skills for implementing complex AI projects, compared to 47% of leaders. Further, only 33% of tech practitioners and 41% of business leaders actually report having successfully scaled AI.
“Ultimately, the confidence gap revealed in the survey findings illustrates a significant disconnect within organizations. While leaders report confidence in their data ecosystems, the data management struggles of tech practitioners, lack of data-driven culture and lack of clarity around AI strategy reveal a more complex reality. Recognizing and bridging this disparity is essential to building a foundation for AI capabilities and use cases that can lead to meaningful business outcomes in the long term. Companies that close this gap will be better positioned to leverage AI’s full potential and unlock more durable, long-term value in the years ahead,” Capital One wrote in a blog post.
For the survey, Capital One teamed up with Morning Consult to survey business leaders and tech practitioners from July 19-30, 2024. Approximately 2,100 business leaders at companies with over 500 employees and 1,800 tech practitioners at similarly sized companies were surveyed.