Enterprises lack the understanding to successfully apply artificial intelligence (AI) solutions, a new study has found.
As many as 51% of large enterprises surveyed had an inadequate understanding of the data infrastructure needed to implement AI at scale, according to a study commissioned by Bengaluru-based IT services provider Mindtree.
The Larsen & Toubro-owned company also found that organisations are finding success in industrialising AI but they still have some way to go in order to derive business value from it.
The study found that six out of 10 organisations believe their data infrastructure as not being well-positioned to deliver business value.
The survey, conducted by market research firm Censuswide, gathered data from 650 global IT leaders from the US and the UK spanning manufacturing, financial services, retail, travel and fast moving consumer goods (FMCG) sectors.
Among the organisations that participated in the survey, 77% have implemented AI-relevant technologies but only 31% are deriving substantial business value from their AI initiatives.
Enterprises should experiment with different use-cases and technologies with agile innovation methodologies, said the report.
“The potential of AI to disrupt, transform and rebuild businesses is clearly felt in the C-Suite even if it is not yet fully understood. To thrive in the digital age, businesses must be agile and unafraid of failure. They must also constantly refine their understanding of how AI will give them a competitive edge and deliver real and measurable business value to maximise their investment in these disruptive and powerful technologies," said Suman Nambiar, head of strategy, partners and offerings, Mindtree Digital.
Recent reports on the adoption of digital solutions
Earlier this month, software company Pegasystems found in its study that most enterprises find robotic process automation solutions effective but have trouble deploying them.
Bengaluru-based IT company Wipro recently said in its report that the lack of digital talent and rigid business models impede the digital transformation journeys of most enterprises.
In July, a study by consulting firm Gartner found that organisations will triple the number of AI and machine learning projects in three years.