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As CIOs know, tech debt will keep piling on until it’s taken care of. Estimates from HFS Research indicate Forbes Global 2000 companies are carrying $1.5 trillion to $2 trillion worth of tech debt. But bringing AI into the workplace, HFS and Publicis Sapient say in a new report, has the potential to eradicate that tech debt and get enterprises to modernize. The report calls AI the jackhammer that can smash through tech debt, and highlights a path for companies to use AI to fully modernize—something 80% of surveyed leaders believe it can do.

“Enterprises need to stop tinkering with outdated models and start smashing through the barriers holding them back,” HFS Research CEO and Chief Analyst Phil Fersht said in a release. “This is the moment to rewrite the rules of modernization, and those who don’t act decisively risk being left behind in the dust.”

The study shows that only three in 10 enterprises feel they have “fully modernized” their IT applications—nearly the same amount that say they are “legacy-heavy” (25%) or at risk of obsolescence (4%). About half of the survey respondents said that they’re looking to move to AI because existing IT services mostly just maintain these legacy systems. And even though it may seem like every company is already using AI, the study reiterates that it isn’t the case. Just 22% of companies said they are actively scaling AI across multiple IT functions. A third are experimenting with AI in select functions now, while 27% are exploring AI in IT, but not yet implementing it.

The study recommends that an enterprise’s AI transition does away with siloed data and information, instead bringing everything together in a connected value chain that all departments can access. Governance should be built into the foundation through functions like automated controls and real-time monitoring, breaking from traditional steering committees and policy hierarchies. AI stewardship should also be a part of everyone’s job description now, the report recommends. People can focus on using AI to complete tasks and pull information, which will make their workflow more efficient and outcomes more effective. Through making information flow more freely and giving more people the responsibility to work with it, the system is much more likely to adapt alongside technology, reducing the possibility of future tech debt issues.

Protecting data and advancing cybersecurity isn’t just the CIO’s responsibility. CFOs also should be a resource here, especially since the data is often used for projections and forecasts—and breaches can be incredibly expensive. I talked to Abhesh Kumar, chief technology officer at financial advisory firm Springline Advisory, about how CIOs and CFOs can come together. An excerpt from our conversation is later in this newsletter.

Google's logo at a trade fair in Hanover, Germany.

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