The Workday survey finds that companies in EMEA are more than willing to embrace AI and machine learning, although some obstacles remain. The report examines how Artificial Intelligence and Machine Learning will influence the future of the world of work. I study Preparing to Power Up: EMEA Leads the Way to an AI-Driven Future reveals that entrepreneurs are aware of the benefits that AI and ML would bring to their companies. The study also highlights how data repositories and bureaucracy are major barriers to adoption.
Key findings for EMEA companies
L’optimism and high propensity to invest are attributed to better regulation. 48% of business leaders in Italy welcome the opportunities offered by AI and ML for their companies, compared to 50% in the Americas and 46% in APJ. Austria (62%) and the United Kingdom (60%) are the countries where AI and ML are used most enthusiastically. Norway (40%), Denmark (44%) and Germany (45%) are the least enthusiastic. Additionally, 44% of EMEA companies have made changes to ensure their businesses are agile enough to allow resources to be reallocated quickly and at scale.
Growing trust
The investigation suggest also that EMEA business leaders are generally more confident about AI and ML. After the introduction of the General Data Protection Regulation, the EU is proposing a new legal framework for Artificial Intelligence: the EU AI Act. The aim is to strengthen governance on data quality, transparency and supervisory activity carried out by humans, encouraging greater trust in technology. Enthusiasm for AI and ML among EMEA business leaders, supported by regulatory advances, is helping to increase appetite for investment. Northern European companies are leading the way in investments in these technologies. Those in southern Europe have a more conservative approach.
There are different opinions on the adoption of AI and ML by the boards of directors of companies in the EMEA area
While enthusiasm is high, different offices have different opinions on AI and ML, as well as the implementation of these technologies. THE CEO they support AI and ML, however they are concerned about the potential errors that AI and ML could run into.
The opinion of the Finance sector
Finance leads the way in implementation. In fact, finance teams are more advanced in implementing these technologies into their daily work. 19% of CFOs said their teams are implementing AI and are at an advanced stage. EMEA finance leaders are using AI/ML to improve forecasting, budget decisions and scenario planning. As well as to support strategic planning between the different business lines.
HR is behind schedule
HR shows AI adoption rates lower, with 44% of EMEA HR leaders excited about the potential. But with 49% having not yet begun to adopt these technologies within their teams. IT leaders are the most likely (51%) to say that AI and ML will make it easier for IT to support other business teams or enable them to deliver greater strategic value. This indicates that a positive cultural shift towards these technologies is taking place in EMEA IT teams.
Data stores and bureaucracy hold businesses back
In addition to different adoption rates, the development of Artificial Intelligence and Machine Learning is also influenced by other issues. The study highlights how data management and excessive bureaucracy represent disadvantages obstacles for business leaders to fully embrace and adopt AI and ML. 60% of EMEA companies say their data is siled. This makes it difficult to access information that can be used in real time. Furthermore, only 22% of companies have made significant progress in eliminating some bureaucratic steps that slow down the decision-making process.
EMEA companies welcome AI and ML
For many organizations, increased use of Artificial Intelligence and Machine Learning requires a significant cultural shift. For this to happen, senior management must agree. Nonetheless, according to the research, 42% of executives in Italy believe that their companies’ managers are not yet aware of the fundamental role that these technologies will play.
It’s time to act now
EMEA executives are excited about the potential of AI and ML to improve their businesses. Especially if this is used to improve HR or financial processes. By adopting cutting-edge AI-based solutions, companies can significantly improve business outcomes and achieve success.
Expectations and reality
Jens Löhmar, Continental CTO and DACH at Workday
To maximize the business value of AI and ML, you need to start aligning expectations with reality. Furthermore, prioritize initiatives aimed at solving company problems. Make sure your company is ready to implement these technologies effectively by identifying and closing skills gaps. Choose AI and ML opportunities that align with your business strategy and needs, and create a clear roadmap with defined goals and metrics. Constantly evaluate their effectiveness and adapt to the evolving needs of your business.