A recent study by HCLTech and MIT Technology Review Insights reveals that while 87% of business executives recognize the importance of responsible AI principles, only 15% feel prepared to implement them.

The study identifies several challenges contributing to this gap, including implementation complexity, lack of expertise, operational risk management, regulatory compliance, and insufficient resource allocation.

Vijay Guntur, CTO of HCLTech, emphasizes that trust is essential for realizing AI's potential for positive change, urging organizations to establish proper governance and protective measures.

HCLTech has established an Office of Responsible AI and Governance, focusing on co-innovation and consulting, and recommends developing robust frameworks and dedicated teams to drive responsible AI initiatives.

The report stresses the need for robust AI governance policies, including algorithmic audits and bias detection tools, to ensure fairness and transparency as AI technology evolves.

Despite the challenges, many executives are optimistic, with plans to increase investments in responsible AI over the next twelve months, highlighting its importance for competitive advantage.

Responsible AI is not only an ethical issue but also a competitive advantage, particularly as AI adoption grows in sectors like customer service, software development, and marketing.

Agentic AI, which operates with minimal human oversight, is increasingly being adopted in lower-risk areas such as IT operations, complementing human efforts.

The findings suggest that AI-driven transformations are moving from proof of concept to broader adoption, with executives recognizing AI's potential to enhance productivity and innovation.

However, Steven Hall of ISG highlights a disconnect between recognizing AI's potential and implementing effective governance and funding for responsible AI.

The survey indicates that only 26% of executives feel equipped to handle bias and fairness issues in AI systems, reflecting a broader lack of confidence in ethical AI practices.

As regulations around AI evolve, particularly in finance and healthcare, only 34% of respondents feel prepared to navigate compliance challenges.