Enthusiasm for AI is currently high among organizations. According to a recent report compiled by Deloitte Consulting LLP, early adopters of this technology are reporting massive returns as well as planning to invest heavily in additional projects.
The second edition of the company’s State of AI in the Enterprise report indicates that firms “may want to tap the brakes if only to more skillfully navigate the inevitable twists and turns that lie ahead.”
Deloitte looked at 1,100 US executives drawn from firms that are considered to be early artificial intelligence adopters and discovered that 82% have given a positive report with respect to their return on investment. What ’s more, the median return hit 17%.
Some industries are currently more skilled than others in making artificial intelligence investments bear fruit.
For instance, telecommunications, entertainment, media, and technology firms are said to have an estimate median ROI of 20% from all their AI operations.
The report revealed that artificial intelligence (AI) tech penetration is persistently growing among most early adopters, with the most advanced technologies boasting the highest levels of adoptions. This includes deep learning neural networks (50%), computer vision (57%), natural language processing (NLP) (62%), and machine learning (63%).
Complex enterprise software is making things easier for firms to benefit from artificial intelligence (AI), with 59% of the businesses surveyed through enterprise software alongside AI. According to Chief Analytics Officer and Principal of Deloitte David Rudini, most of the advanced problems that enterprises require solving today call for humans who work with machines.
To attain true ROI from artificial intelligence investments calls for the need to define various enterprise outcomes as well as understanding the cascading impacts, talent implications and the costs at the inception stage.
Respondents of the survey have several concerns regarding AI technologies. In this case, cybersecurity weaknesses feature at the top of this list. Nearly one-third of the individuals responded that their company has gone through an AI-based breach in the past two years.
About 30% of the respondents asserted that they have slowed an artificial intelligence (AI) project in a bid to deal with cybersecurity worries. Furthermore, one out of five people has made the resolution not to release any AI initiative due to cybersecurity concerns.
About 40% of the respondents asserted that they have a major concern regarding the regulatory and legal risks concerning AI. On the other hand, 32% of the respondents claimed that ethical risks make up another major worry.
Ethical risks consist of the ability of artificial intelligence (AI) to not only spread false information but also the possibility of bias in artificial intelligence algorithms, particularly those that skew suggestions in areas like career recruitment and lending.
Another problem is dealing with artificial intelligence (AI) talent gap. Most of the firms asserted that they are currently dealing with a “moderate, major, or extreme” skills gap in artificial intelligence (AI).
Even with such concerns, companies cannot afford to remain idle and observe their competitors attaining a competitive edge through AI. Whether through investment in artificial intelligence companies or in house initiatives.
About two-thirds of the companies (63%) are currently utilizing AI to keep up, catch up or even slightly remain ahead of their competitors. Furthermore, 37% of them are leveraging AI to broaden their lead in all their markets.