A recent study by Kin + Carta has revealed that an overwhelming 94% of business leaders around the world admit to experiencing “tech anxiety” that keeps them up at night. This anxiety is a result of the rapid pace of digital and technological change, which is causing concerns about how their businesses operate. As a result, these executives are being prompted to invest more in digital transformation.
The term “tech anxiety” refers to the feeling of unease that senior leaders experience due to the fast advancements in technology. According to the study, the top source of this anxiety is cybersecurity, which accounts for 24% of the concerns. Close behind are worries about artificial intelligence (AI) and machine learning at 19% and anxieties about sustainability strategy and tracking at 17%.
The research reveals that investment in AI and machine learning is seen as the top priority among global companies. Approximately 15% of leaders plan to invest in these areas this year, with cybersecurity ranking second at 12%. Furthermore, 75% of leaders believe that further investment in digital transformation initiatives is necessary within the next 12 months to combat their anxiety. More than half, or 58%, plan to spend more in the coming year compared to previous years.
The findings of the study were compiled into the “2024 Leadership Priorities in Tech” report. This report presents the priorities and concerns of 800 senior business leaders in the US and UK, including C-suite executives, senior vice presidents, vice presidents, directors, and other key decision-makers in organizations with a turnover of £800 million or revenue of $1 billion or more.
The report highlights how the accelerating pace of technology change in areas such as AI, data, and cybersecurity is causing stress for leaders across various business sectors. As a result, managing these developments and risks has become a top priority on the corporate agenda.
Richard Neish, the Global Chief Strategy Officer at Kin + Carta, commented on the findings of the study. He noted that tech anxiety among leadership is primarily triggered by factors and technologies that have the potential to disrupt established ways of working. Reports about the massive potential impact of AI have raised concerns, just as cloud computing, mobile technology, and the birth of the internet have previously altered the way businesses operate.
Furthermore, the study emphasizes the potential disruption and ethical implications associated with AI and machine learning. The top three contributory factors of concern are the speed of technological change (35%), the internal skills gap (29%), and access to the right talent (28%).
Neish concluded by stating that while technology is advancing rapidly, concerns such as data trust and the internal skills gap can be managed as long as businesses invest in the right areas. This suggests that organizations should prioritize investing in the necessary resources and expertise to navigate the challenges and opportunities presented by the evolving tech landscape.