A new survey by the International Data Corporation (IDC) of global organisations that are already using artificial intelligence (AI) solutions found only 25 per cent had developed an Enterprise-wide AI strategy. At the same time, half of the organisations surveyed acknowledged AI was a priority and two thirds emphasised an “AI First” culture.
“Organisations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins, and productive employees. Organisations worldwide must evaluate their vision and transform their people, processes, technology, and data readiness to unleash the power of AI and thrive in the digital era,” said Ritu Jyoti, Program Vice President, Artificial Intelligence Strategies, in a statement.
Other key findings from the survey include:
- More than 60 per cent of organisations reported changes in their business model in association with their AI adoption.
- IT operations is the number 1 business area for employing AI, followed closely by customer service and fraud/risk management.
- Trust, bias, and ethics considerations are gaining importance: nearly 50 per cent of organisations reported having a formalized framework to encourage considerations of ethical use, potential bias risks, and trust implications, and close to 25 per cent have established a senior management position to ensure adherence.
- Most organisations reported some failures among their AI projects with a quarter of them reporting up to 50 per cent failure rate; lack of skilled staff and unrealistic expectations were identified as the top reasons for failure.
The IDC report, Artificial Intelligence Global Adoption Trends & Strategies (IDC #US45120919), summarises the results of a global survey of 2,473 organisations that are using artificial intelligence (AI) solutions in their operations, either developing them in-house, using COTS, or a combination of both.