At a recent corporate governance meeting attended by several hundred board members serving on companies of all sizes and types and in every industry, the question was posed about how many of them currently use AI. About half the directors in the room put up their hands. But when asked if they were engaging with AI in any depth to assist with their governance responsibilities, only 10% of the hands were raised.
Although anecdotal, this survey of directors shows both the limitations and the potential of AI to assist boards of directors. Using AI for information gathering and analysis is not widespread among boards. However, there are indications that this trend is catching on as part of the overall inroads AI is making into organizations, from the mailroom to the boardroom.
There is a massive potential for AI to change the fundamental way an organization is run. Nearly 80% of companies in a recent McKinsey survey reported using AI in areas such as workflows, business processes, and data generation and analysis. Already, boards are devoting more time and attention to discussing the use of AI within their organizations, including more than 62% of directors who reported participating in full-board discussions about AI policies for their companies.
