AI leadership fast gaining traction, could soon replace CEOs
What's the story
Artificial intelligence (AI) could potentially replace CEOs, according to experts.
Phoebe Moore, a professor at the University of Essex Business School, noted that many people have become comfortable with not having a human boss post-COVID.
The financial benefits of replacing high-salaried executives with AI are also driving this trend.
Former MIT Computer Science and AI Lab director Anant Agarwal believes that "80% of the work that a CEO does can be replaced by AI."
AI efficiency
Potential in decision-making and other roles
AI can perform tasks such as decision-making, which are often data-driven.
An impartial AI could process more data and make logical decisions free from personal biases and emotions.
Consultant Vinay Menon at Korn Ferry stated, "We've always outsourced effort. Now we're outsourcing intelligence," but emphasized that "while you may not need the same number of leaders, you will still need leadership."
Acceptance
Business leaders acknowledge AI's potential
A survey by IT consulting firm AND Digital revealed that 43% of business leaders believe an AI might take over their jobs.
Additionally, 45% admitted to already making major business decisions with ChatGPT.
Some companies, like Polish drinks maker Dictador, have already appointed AI leaders. Dictador named a humanoid robot called Mika as its "experimental CEO."
Accountability
Concerns raised over AI's limitations
Despite the growing trend toward AI leadership, experts warn that it is not without flaws.
AIs can be biased based on the data they're trained on and lack human accountability.
Sean Earley, Managing Director at executive consulting firm Teneo, expressed concerns about accountability stating, "AI may be exploited in some way to shield folks from having to take fiduciary responsibility."
Nevertheless, companies continue to explore AI leadership as a means to streamline operations and make data-driven decisions.