Growing number of organizations look to AI for operational benefits
The adoption of artificial intelligence has continued to climb in the last year as a growing number of organizations believe they can find significant operational benefits from the technology, according to a report by RELX, a provider of data analytics and decision tools.
The company commissioned research firm Ipsos to survey 1,028 senior executives and decision makers in the U.S. in July 2019, and found that the use of AI at organizations increased from 48 percent in 2018 to 72 percent in 2019.
The catalyst for the rise could be attributed to a shift in perception from U.S. business leaders, 93 percent of whom think these technologies have a very or somewhat positive impact within their industry. Across industries, AI technology is being used to increase efficiencies and productivity, streamline processes, and reduce cost.
More than half of the respondents (54 percent) said AI technology is helping their teams optimize systems and reduce costs. However, half of the executives who are aware of AI but not using it cited budget constraints as the primary reason. Other reasons include lack of technical expertise (36 percent), unproven return on investment (30 percent), and lack of C-suite or board buy-in (16 percent).
The survey showed that 64 percent of organizations expanded the areas of their business touched by AI in the last year. More than half (56 percent) increased their data scientist and technologist headcount to support their AI tech expansion, while 54 percent created new roles focused on emerging technology. With the increase in hiring, 54 percent of organizations were able to implement additional AI strategies.