AI growing in significance but costs, lack of skilled personnel hampering adoption: IDC
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.
More than 60% of the 2,473 organisations surveyed reported that changes were made to their business model following the adoption of AI. Information technology operations, customer service and fraud/risk management are the leading business areas in which AI is employed.
The report also found that most organisations reported some failures among their AI projects and that lack of skilled personnel and unrealistic expectations were identified as the top reasons for the failure.
"Organisations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins, and productive employees,” Ritu Jyoti, program vice president, artificial intelligence strategies, IDC, said. “Organisations 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."
Last year, a study commissioned by network services provider Cisco and conducted by IDC said that digital disruption in India is expected to add nearly 1.4 million information technology jobs in the country by the year 2027.
Another IDC report, also from 2018, estimated that the Indian IT and business services market will grow 7.9% yearly to $13.9 billion (around Rs. 99,000 crore) by the end of 2019.