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KPMG Report Shows Industry Leaders Support AI Ethics Company Policy; Sreekar Krishna, Tim Zanni Quoted

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KPMG has released a report stating that close to 90 percent of tech industry leaders support the implementation of a company Artificial Intelligence (AI) ethics policy across all industries to help government AI initiatives, KPMG reported on Thursday

"Companies that are embedding AI and other forms of digitization into every process and functionality are disrupting the competition," said Sreekar Krishna, KPMG Principal Innovation and AI-enabled Digital Transformation. "Those with big legacy technology infrastructures, who have been hesitant to invest, are being left behind."

KPMG’s report has been based on a survey of 150 U.S. tech sector leaders. The study is a part of a larger KPMG-commissioned survey of 751 business decision-makers across five sectors, technology, transportation, retail, healthcare, and financial services. 69 percent of the surveyed group are in favor of some level of government involvement in regulating AI. 

The company’s research has revealed that tech executives have common views on the future of AI within the sector as well as the steps they plan to take to maximize benefits and mitigate challenges. KPMG has divided the report into two sections, AI and Jobs and AI adoption by technology companies.

In AI and Jobs, the report found that more than a third of technology industry decision-makers are worried that AI could replace their positions. The report has stated that while 61 percent feel existing employees are prepared for AI adoption, leaders need more workers who are prepared for AI transformation and need to improve how to integrate the technology into the business.

AI adoption by technology companies has reported that 62 percent of respondents believe that AI adoption is moving at an appropriate speed across their industry and 73 percent think the respective companies should be even more aggressive in AI investment and adoption, specifically within organizational improvement efficiencies.

"The tech sector's search for talent, not only in AI but across multiple digital skills, is one of the factors contributing to the rise of tech hubs, where talent, infrastructure and economics converge to produce these capabilities," said Tim Zanni, KPMG Global and U.S. Technology Sector Leader. "Tech companies must address the needs of their current and future workforces, and quickly achieving that balance sets the stage for long-term success."

About KPMG

KPMG is one of the world's leading professional services firms, providing innovative business solutions and audit, tax, and advisory services to many of the world's largest and most prestigious organizations.

KPMG is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do, and a strong commitment to community service, inclusion and diversity, and eradicating childhood illiteracy.