Desperately seeking tech-savvy CEOs

Dr Raoul-Gabriel Urma warns the number of tech-proficient CEOs must double by 2026 for UK business to survive the AI transformation

 

I’m not exactly breaking the mould when I say that AI will revolutionise every sector. There’s been a lot of hype around AI in business, but when it comes to those at the top, the CEOs and board members who have to roll out the tech, there’s an uncomfortable silence. Business leaders are lacking fundamental data and AI familiarity, breeding a worrying ‘tech anxiety’ – they need upskilling, and sooner rather than later.  

 

To put it mildly, the current level of tech expertise among CEOs just isn’t up to scratch. In a recent study, Accenture found that only 23% of UK business leaders were what they defined as ‘tech-proficient’ (IT Pro). Considering that AI tech will be relevant to almost every industry, we’ll need more than a quarter of business leaders to understand how it works. 

 

CEOs are the ones steering the ship; they’re the business heads who make the high-level, broad-stroke decisions that direct the firm toward long-term success. So, it’s vital they can identify, understand, and react to the obstacles and opportunities approaching the business. AI is definitely one of these.  

 

Realistically, if UK businesses are going to make the AI transformation work for them, as many CEOs as possible need to be confident in making tech decisions. At the very least, we must double the number of ‘tech-proficient’ CEOs, and by 2026 at the latest.  

 

I speak to many C-suite executives who are pretty stressed out about emerging tech; they’re hearing all the talk about AI and its impact, and they know they need to put the wheels in motion for its implementation, but they don’t know where to begin. This appears to be a sector-wide trend; this year, research from BT found that 9 out of 10 business leaders were worrying about tech and AI so much that it was affecting their sleep (BT).  

 

In some cases, CEOs are deploying AI blindly, scrambling to at least introduce the tools to the business. They’re completely overwhelmed by the scale and pace of the inevitable AI transformation.  

 

And, to be fair, the lack of AI know-how is understandable; the tech is developing quickly, and it’s an intricate puzzle involving huge datasets. It can be easy for any of us, CEOs included, to feel that we have a grasp of where AI is heading, but the reality is far more complicated.  

 

When it comes down to it, CEOs need to peer behind the curtain of AI technology, they need to look under the hood and get comfortable with the mechanics of any AI tool.  

 

Data is fundamental to any AI technology. They are constantly extracting, processing, and analysing it to glean the most information possible and then using that information to do all manner of helpful things. That could be forecasting, automating, giving feedback, or educating, to name a few. 

 

So, it stands to reason that data skills are pretty crucial for understanding AI. Grasping what data the AI tool crunches, how it’s crunching it, and how it will turn the insights into a prediction or an action will help business leaders pinpoint the areas of their business that could benefit from AI and select which tool they need. 

 

As AI is such an immersive technology, hands-on experience is an effective way for CEOs to gain the necessary data and AI skills. So, I wanted to make sure Cambridge Spark’s training programmes offered a chance for people to learn AI skills on the job.

 

We launched EDUKATE.AI so that learners could experiment with their new data and AI skills in a sandbox-style environment. Data science can be a lot to get your head around, so having a completely safe virtual space to put new skills into action and practice is a game-changer. These technologies really are easier to understand when you get up close to them. 

 

It’s also important to acknowledge that upskilling CEOs in AI tech isn’t a case of watching one video course and calling it a day. Technology is developing rapidly, so CEO upskilling must match it, continuously evolving alongside technological advancements. Staying on top of innovations will be a long-term commitment, but incredibly worthwhile. With up-to-date, robust knowledge of how AI tech works, leaders can accelerate their firm’s use of AI and reap the rewards.  

 

And, make no mistake, there are numerous rewards to be had. AI tech can look beyond the numbers, drawing connections and finding patterns that paint an accurate, detailed picture of the business and identify where there is room for improvement. AI can see these patterns much faster and with a greater degree of accuracy than we can, maximising productivity and efficiency.  

 

At the end of the day, that’s why I founded Cambridge Spark. It was obvious that data & AI could help businesses tap into previously unrealised potential, but that a monumental skills gap was getting in the way.  

 

The digital skills gap is widespread, affecting the entire workforce, not just CEOs. In fact, in 2023, 93% of UK businesses identified an IT skills gap (Forbes). The issue is acute, but this is yet another reason why organisations should ensure their CEOs have the necessary skills under their belt. With a thorough understanding of AI tech, leaders will see the gaps in their workforce more clearly, as well as the need for upskilling. They can ensure that the training employees receive properly equips them for the use of AI throughout the business, in line with the overall business strategy. 

 

There’s absolutely no hiding from the AI era, and I don’t think we’ve seen a technology with this much cross-sector transformative potential for a long time. Every industry has been permanently altered by one technological innovation or another, but AI has the potential to affect every organisation and every CEO out there.  

 

AI advancements aren’t showing signs of abating any time soon. Let’s get ahead of the curve and double the number of UK business leaders with the AI and data science know-how they need. It’s the only way to ensure businesses emerge from the AI revolution triumphant.

 

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Dr Raoul-Gabriel Urma is an ed-tech entrepreneur and founder of the education technology company Cambridge Spark which helps businesses upskill their workforces in AI and data skills through immersive, practical, educational programmes

 

Main image courtesy of iStockPhoto.com and Manoj Madusanka