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Survey: 80 Percent of Enterprises Investing in AI, but Cite Significant Challenges AheadSAN DIEGO, Oct. 11, 2017 /PRNewswire/ -- A whopping 80 percent 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 a survey of 260 large organizations that operate globally, conducted by leading technology industry market research firm Vanson Bourne on behalf of Teradata (NYSE: TDC), the leading data and analytics company. Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8075951-teradata-state-of-artificial-intelligence-ai-for-enterprises/ "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 Think Big Analytics, 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." Companies are Doubling Down on AI Investments The industries where respondents expect to see the most impact from AI are IT, technology and telecoms (59 percent); business and professional services (43 percent); and customer services and financial services tied for third (32 percent). The top three challenges where businesses expect AI to drive revenue are product innovation/research and development (50 percent); customer service (46 percent); and supply chain and operations (42 percent). This mirrored some of the top areas of AI investment, which include customer experience (62 percent), product innovation (59 percent) and operational excellence (55 percent). While adoption rates are high and companies expect AI to prove its worth, there is a lot of opportunity for future implementation:
Challenges Lie Ahead for AI Realization
While executives currently rely on existing technology leaders like CIOs and CTOs to steer AI adoption and strategy, they believe the future of AI will be so relevant for creating a strategy across business practices that they will need a CAIO (Chief AI Officer) to coordinate and mandate implementation throughout the enterprise.
What it Means "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." Enterprises expect AI to be a technology with longevity, planning to double their investment in five years and triple it within 10 years. But to maximize this ROI, companies realize they must reimagine how AI will disrupt all aspects of their businesses and create a suitably agile strategy to gain ROI. More Information About Teradata Teradata helps companies achieve high-impact business outcomes. With a portfolio of business analytics solutions, architecture consulting, and industry leading big data and analytics technology, Teradata unleashes the potential of great companies. Visit teradata.com. Get to know Teradata: Teradata, Aster, and the Teradata logo are registered trademarks of Teradata Corporation and/or
View original content:http://www.prnewswire.com/news-releases/survey-80-percent-of-enterprises-investing-in-ai-but-cite-significant-challenges-ahead-300534439.html SOURCE Teradata |