Forward-looking enterprise leaders know that AI will eventually impact every role, and they aren’t waiting to implement it
The AI IQ report from Workday highlights the growing pressure on business leaders to integrate artificial intelligence (AI) tools into their organizations. According to the survey of 1,000 business decision-makers, 73% feel the need to adopt AI tools, yet a majority express reservations about relinquishing too much decision-making power. Notably, 93% of respondents believe it’s crucial for humans to maintain oversight of AI or machine learning, especially in significant decision-making processes.
Workday’s Chief Technology Officer, Jim Stratton, emphasized that while business leaders recognize the importance of AI and machine learning for future success, many organizations lack the necessary skills to implement these technologies. Concerns related to data integrity, ethics, and potential job displacement also contribute to hesitations. Stratton underscores that successful AI and ML adoption requires a commitment to keeping humans involved in decision-making and collaborating with partners dedicated to responsible AI practices.
— Jim Stratton, Workday
As executives in finance, HR, and IT contemplate the future, it is imperative to ensure they possess high-quality data, clearly defined AI use cases, and strategies to address potential AI skills gaps.
“These tools can change how your security team thinks about the world,” notes Sayan Chakraborty, Co-President and Head of Product and Technology at Workday. “They can also make your CFO’s job easier, and they can completely change your CHRO’s talent strategy.”
Liberating finance for more strategic work
AI and ML are proving instrumental for CFOs in streamlining their fundamental and often laborious responsibility: closing the books. Whether at quarter-end or year-end, this task involves scrutinizing hundreds or even thousands of transactions to identify outliers and anomalies—areas where AI excels. Workday’s platform facilitates a shift toward a “continuous close” by employing ML algorithms to identify problems as they arise.
The platform enables individuals to “focus on more business-critical things, provide more leverage in the problems they’re able to solve, and better answer questions for the business,” according to Chakraborty. The outcome is increased time for the finance team to apply their skills in ways that generate value for the company.
CFOs responding to the Workday survey acknowledge this potential. Thirty-four percent believe AI will eventually help improve forecasts and budget decisions, 32% anticipate improvement in scenario planning, and another 32% foresee planning support across business lines, optimizing financial processes.
For IT leaders, enhanced security and responsiveness
According to the Workday study, 48% of IT leaders believe AI and ML will be transformative for their function, and 47% expect it to make their jobs more rewarding. However, 33% admit their teams are not fully prepared for AI and ML, with 37% adopting a wait-and-see approach, potentially lagging in adoption.
Proactive IT leaders are realizing optimal returns by leveraging AI tools in two key ways, as outlined by Chakraborty. Firstly, by alleviating alert fatigue for the security team. With the surge in volume and complexity of cyberattacks, IT professionals often feel overwhelmed by a constant stream of alerts. Machine learning excels in this scenario, identifying patterns that signal trouble and freeing human operators from the drudgery of monitoring alerts, reducing the risk of missing critical issues.
Secondly, forward-thinking IT teams are using AI and ML tools to automate employee support. Given the similarity of many inquiries, they are well-suited for quick and efficient handling by chatbots.
Empowering a skills-based approach to talent
To comprehend how these tools contribute to organizational success and enhance the HR function, consider the evolving nature of hiring. The contemporary job market emphasizes skills over traditional credentials, necessitating a shift in how skills are assessed within the workforce or a vast candidate pool—a task traditionally deemed nearly impossible, given the lack of uniformity in classifying skills across industries.
AI and ML tools offer leaders visibility into the talent their organization requires. For instance, Workday’s Skills Cloud, utilizing AI and ML, aids organizations in understanding existing skills within their workforce and identifying gaps. By analyzing data from over 60 million Workday users on a unified platform, Skills Cloud produces results that foster opportunities for skills-based hiring and support well-informed talent strategies.
To illustrate how such a tool can enhance and diversify a workforce, consider the case of young military veterans. These individuals in their 20s assume responsibilities typically reserved for those in their 50s in the corporate world. Despite their lack of traditional experience, machine learning can effectively extract valuable signals from the noise.
Believe the hype
While 61% of businesses have taken initial steps, only 39% have started piloting AI and ML. This suggests that even the most enthusiastic decision-makers may lack direction and understanding in their efforts to implement these cutting-edge tools.
By partnering with the right company, especially one like Workday, which has seamlessly integrated AI and ML into its platform for nearly a decade, businesses can initiate the adoption of these technologies and avoid falling behind.
“This is as significant as the advent of cloud computing, the rise of smartphones, and the growth of the internet. You must actively get involved with it,” emphasizes Chakraborty.
