Bottom line: Artificial intelligence has been identified by most organizations as a critical technology that must be implemented but for some, the hurdles between successful adoption have made it more of a buzzword than anything.
Artificial intelligence initiatives are already in place at thousands of organizations around the globe. Two thirds of the 2,473 organizations surveyed by International Data Corporation (IDC) in May said they are emphasizing an “AI First” culture while half view the emerging tech as a priority yet only a quarter have developed an enterprise-wide AI strategy.
Organizations are interested in AI for a bevy of reasons including boosting productivity, increasing business agility, reducing time to market with new products and services and heightening customer satisfaction via automation.
Of course, being interested in AI and executing a successful strategy are two entirely different things. IDC found that a quarter of organizations with AI projects are reporting failure rates up to 50 percent. The market intelligence firm identified a lack of skilled staff and unrealistic expectations as the primary reasons for project failures.
Ritu Jyoti, program vice president of artificial intelligence strategies at IDC, said organizations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins and productive employees. To get there, Jyoti added, organizations will need to evaluate their vision and transform their people, processes, technology and data readiness to unleash the power of AI and thrive in the digital era.
Masthead credit: Cybernetic Brain by Sergey Tarasov