Cisco: CEOs Fear AI Knowledge Gap Impacts GrowthCisco: CEOs Fear AI Knowledge Gap Impacts Growth

The majority of CEOs in the IT space live in a paradox where they value AI's potential benefits, but fear the gaps in knowledge that might slow decision-making and growth, according to new data gathered by Cisco.

More than four in five (82%) CEOs said that they recognize AI's potential benefits and that they need to experiment with the technology, according to a new Cisco study surveying more than 2,500 CEOs. However, there is some hesitation about the technology due to a lack of training. Three in four (74%) CEOs allege that their gaps in understanding will hinder their decisions in the board room, while 58% claim that these gaps will stifle growth. The hesitancy among these leaders can lead to falling behind the competition.

Cisco's Jeetu Patel

"In a dynamic landscape where competition is fierce, speed decides the winners," Cisco CPO Jeetu Patel said. "Leaders who act decisively today to build resilient, future-proofed networks will be the AI-forward leaders driving real value for their business. Eventually there will be only two kinds of companies: those that are AI companies, and those that are irrelevant."

Effects of AI Knowledge Gaps

The majority of CEOs appear to concur. Seventy percent in the survey said they are concerned about losing ground to competitors due to IT and infrastructure knowledge gaps, while 53% said they are worried that a lack of investment in the technology is putting them at a disadvantage.

Related:Nutanix: IT Leaders Have Generative AI Plans, But Aren't Prepared

What solutions are CEOs considering, then? More than three in five (61%) proposed improving AI education for their company, while 55% proposed expanding the data capacity of their operations. Almost all (96%) CEOs are also turning to partnerships to help future-proof their technology.

Cisco's data corresponds with a study released by Nutanix on Feb. 5, where IT leaders stated that they had plans for incorporating generative AI into their products but had not done enough to prepare.