Only 25% of global organizations that are already using artificial intelligence (AI) solutions, have developed an enterprise-wide AI strategy, according to IDC. At the same time, half the organizations surveyed see AI as a priority and two thirds are emphasizing an "AI First" culture. "Organizations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins, and productive employees. "Organizations 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. The primary drivers behind these organizations' AI initiatives were to improve productivity, business agility, and customer satisfaction via automation. Faster time to market with new products and services was another leading reason for implementing AI. The cost of AI solutions, a lack of skilled personnel, and bias in the data were identified as the primary factors holding back the implementation of AI technology in these organizations. "For many organizations, the rapid rise of digital transformation has pushed AI to the top of the corporate agenda.
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.
Only 25% of organisations using artificial intelligence (AI) have adopted an enterprise-wide AI strategy, according to a recent report by intelligence and advisory services platform International Data Corporation (IDC). The Chinese-owned, USA-based advisory firm also said that the findings of its report titled'Artificial Intelligence Global Adoption Trends & Strategies' suggested that half of the organisations surveyed see AI as a priority and two-thirds of them emphasise a culture which gives AI primacy. The survey found that the primary drivers behind the AI initiatives were to improve productivity, business agility and customer satisfaction by leveraging the automation capabilities. Faster time to market new products and services was a leading reason for the implementation of AI by these firms. As per the report, the factors delaying fuller implementation of AI technology in the surveyed organisations were found to be the cost of AI solutions, lack of skilled personnel and biases creeping into the data.
This IDC study provides IDC's 2020 top 10 predictions for artificial intelligence (AI). "Artificial Intelligence is poised to be more prolific and span every aspect of our lives and business. AI disrupters will enjoy a differentiated and sustainable measure of success ranging from superior customer engagements, accelerated rates of innovation, higher competitiveness, higher margins, and productive employees. Organizations 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. "However, AI's rate of adoption will be challenged by evolving national regulations, a lack of an ethical foundation, and a lack of transparent and self-explaining algorithms critical for the trust and avoidance of unintended negative outcomes."
Despite recent uncertainty in the financial markets, the economic outlook for the banking industry remains positive. Regulatory forces are encouraging innovation and new digital technologies provide opportunities to improve customer experiences. There are strong indications that banking organizations worldwide understand the primary trends impacting the industry as well as the actions that are needed to respond to competitive pressures. The question is whether banks and credit unions will prioritize the deployment of human and financial resources to respond to these changes. Will legacy financial institutions embrace change, take appropriate risks and disrupt themselves to meet the needs of consumers, small businesses and corporate customers?