95 percent of business leaders expect AI/ML investments to boost revenue

A new survey of 100 chief data officers (CDOs) and chief data analytics officers (CDAOs) at companies with $1B in revenue shows that 95 percent say their company leadership expects investments in AI and ML applications will result in a revenue increase. The study for Domino Data Lab, carried out by Wakefield Research, shows 67 percent are adopting a more offensive data policy seeking to drive new business value with analytics, ML and AI applications. However, the study suggests that data science is not sufficiently funded to live up to leadership expectations -- only 19 percent say their data science teams have been provided sufficient AI and ML resources to meet leadership's expectations for a revenue increase. "Data science executives need proper resources, empowerment and support to achieve revenue and transformation goals," says Nick Elprin, co-founder and CEO of Domino Data Lab. "Boards and the full C-suite must invest in CDOs and CDAOs and put them in charge of people, process and AI/ML technologies, or risk existential competitive pressures."