A whopping 80% of enterprises are investing today in AI, but one in three business leaders believe their company will need to invest more over the next 36 months to keep pace with competitors. At the same time, enterprises are anticipating significant barriers to adoption and are looking to strategize against those issues by creating a new C-suite position, the Chief AI Officer (CAIO) to streamline and coordinate AI adoption. These results come from survey of 260 large organizations that operate globally, conducted by research firm Vanson Bourne on behalf of Teradata.
“There is an important trend emerging evident in this report — enterprises today see AI as a strategic priority that will help them outpace the competition in their respective industries,” says Atif Kureishy, Vice President, Emerging Practices at ThinkBig, a Teradata company. “But to leverage the full potential of this technology and gain maximum ROI, these businesses will need to revamp their core strategies so AI has an embedded role from the data center to the boardroom.”
The survey results found that companies are bullish and expect their AI investments to be worth the upfront cost. The industries where respondents expect to see the most impact from AI are IT, technology and telecoms (59%), business and professional services (43%), and customer services and financial services were tied for third (32%).
The top three challenges where businesses expect AI to drive revenue are product innovation/research and development (50%), customer service (46%), and supply chain and operations (42%). This mirrored some of the top areas of AI investment, which include customer experience (62%), product innovation (59%) and operational excellence (55%).
“As we continue to adopt AI solutions across our business, we’re finding it is a proven differentiator for creating opportunities to streamline our operations and drive revenue,” says Nadeem Gulzar, Head of Global Analytics, Danske Bank. “Finding the right talent is always a challenge in emerging tech fields and having service-based options, as well as off-the-shelf, will be important to fill the gap as we continue to invest in this technology.”