In the age of digital transformation, artificial intelligence (AI) and machine learning are essential. According to recent reports, these two technologies are crucial in determining a company’s competitiveness, productivity, and efficiency.
Although 20% plan to incorporate AI into their enterprise-wide operations this year, many are failing to adopt the technology altogether. A recent survey from RELX Group polled 1,000 US senior executives in order to determine how companies are using AI.
Using AI to become more competitive
Overall, 88% of senior executives said that AI and machine learning will help their business become more competitive. A recent Deloitte survey also found that companies believe AI plays a critical role in their competitiveness.
Only 56% of surveyed organisations said that they had implemented AI and machine learning, despite their evident value. In addition, just 18% said that they planned to increase investment in these technologies.
Kumsal Bayazit, Chair of RELX Group’s Technology Forum commented on the trend. “Organisations who can successfully use emerging technologies such as AI and machine learning to provide their customers with better products and advanced analytics can emerge as the leaders of the future,” she said.
“While awareness of these technologies and their benefits is higher than ever before, endorsement from key decision makers has not been enough to spark matching levels of adoption. Acknowledging that the world is changing needs to be coupled with significant investment and focus on these emerging technologies to stay competitive in today’s business landscape,” Bayazit added.
Most popular use cases
69% of those surveyed said that emerging technologies had already made a positive impact on their industry. Overall, 51% said that AI and machine learning were crucial in increasing efficiencies and worker productivity.
Moreover, the two technologies informed future business decisions for 41% of respondents. 39% also revealed that they had implemented AI and machine learning in order to streamline their processes.
However, just two-fifths (39%) of the respondents said that their company was getting the most value out of the technologies. As a result, less than half (40%) of the senior executives believed that the US was a world leader in AI development.
Looking to innovate with AI? Take a look at the Top 10 promising AI startups in 2019