In fact, research respondents cited AI as the biggest challenge their business will need to react to in the short-to-medium term.

Based on research with over 100 UK C-Suite professionals from FTSE 350 companies, the report found that AI has helped to significantly streamline organisational processes for 37% of respondents, with 35% actively using AI to support their change and transformation projects.

Almost half of respondents claimed to be clear on who within their business was responsible for AI, with 2 in 5 saying that their business has a dedicated head of AI.

Miranda Di Rosa, Chief Development Officer at Grayce, said: “With AI only really gaining pace over the past couple of years, it is interesting to see how quickly C-Suite professionals have incorporated AI into their workflows. It’s also promising that so many businesses are clear on who is responsible for AI, as clarity is a crucial aspect of ensuring that AI strategies are effective and impactful.”

Over a third of respondents said they have already implemented an AI strategy, while 36% have invested in briefing and educating their employees on this strategy. However, 38% claimed that their organisation doesn’t have enough skilled AI professionals and 41% said that they are worried about the ethical implications of AI.

Miranda continued: “While our research shows that many C-Suite professionals have been quick to implement AI strategies and are recognising the benefits the technology can have on efficiency and productivity, there’s still a degree of caution. Understandably, many are still apprehensive about AI, which for some will result in a reluctance to embrace it.

“However, with our research demonstrating the benefits of AI integration, there is a real possibility that those who adapt to such technological advancements will overtake the rest. For effective AI integration, leaders must invest in training and development to equip employees with proper AI skills, as well as promoting cross-functional teams to create a mix of AI expertise.

“At Grayce, we’ve done exactly that with the launch of our AI Lab this September. The Lab is upskilling our Analysts in the fundamental principles of artificial intelligence to ensure that whichever organisation they join, they can provide valuable knowledge to support AI strategies.”