Released
The New Skills in Finance Report 2022
In a digital-transforming era, there is a widening skills gap for those who cannot adapt to the new digital world in finance.
CFTE and Elevandi published the report with the discussion with leading experts to help governments, organisations and individuals address the current skills gap in finance and build a digital-resilient workforce in the industry.
Key Insights
Key takeaways from The "Cultural Benefits of Artificial Intelligence in the Enterprise" report published by MIT Sloan Management Review
CFTE summarised “The Cultural Benefits of Artificial Intelligence in the Enterprise” report by MIT Sloan Management Review. The report explores the cultural benefits of artificial intelligence in enterprises, highlighting how AI enhances organizational effectiveness and strengthens team and enterprise cultures.
Key Aspects
- The report emphasises that AI’s impact goes beyond improved efficiency and decision-making, contributing to a stronger organizational culture where teams perform tasks with more pride, confidence, and collaborative effectiveness.
Table of Contents
- Executive Summary
- Introduction: Cultural Benefits of AI
- Team-Level Cultural Benefits
- Building Trust to Cultivate AI Benefits
- Defining Organizational Culture
- Innovating With AI Improves Competitiveness
- Using AI to Reassess Key Assumptions, Set New Objectives, and Realign Behaviors
- Significant Change Advancing Values
Key Findings and Insights
This report will give you an insight into:
- AI-Related Cultural Benefits: More than 75% of survey respondents saw improvements in team morale, collaboration, and collective learning from AI implementations. These cultural changes are intertwined with financial benefits, enhancing organizational performance.
- Trust and Acceptance of AI: Building trust in AI systems is crucial for their successful adoption. This includes involving end users in the development process and ensuring clear communication about AI's recommendations and decisions. Lack of understanding (49%) and insufficient training (46%) were identified as significant obstacles to building trust in AI among end users.
- Organisational Culture Dynamics: Organisational culture consists of practices, espoused values, and underlying assumptions. AI can influence these aspects by potentially bridging gaps between behaviors and stated values, aligning actions more closely with the organization's strategic goals.
- Competitive Advantages with AI: Organisations using AI for innovating existing processes or exploring new ways of creating value report enhanced competitiveness. For instance, respondents using AI primarily to explore new ways of creating value were 2.5 times more likely to report improved competitiveness against rivals.
- Realigning Assumptions and Objectives: AI implementations help organizations reassess their strategic assumptions and performance measures. For example, 64% of organizations that extensively use AI adjusted their KPIs following AI implementation, leading to better alignment with strategic values and goals.
- Change and Morale Improvement: AI adoption, coupled with significant business process changes, is associated with improved morale. The more extensive the change, the greater the morale boost, illustrating the positive relationship between AI adoption and organizational culture enhancement.
Key infographics
Be AI-ready in this digital era
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