Despite belief in the importance of Artificial Intelligence and the creation of an “AI First” culture, most companies don’t have an enterprise-wide AI study.

So says a new report from research firm International Data Corporation.

Only 25 percent of firms already using AI have a company-wide strategy, the survey found.

However, half of companies see AI as a priority.

And two thirds are seeking to build what IDC calls an “AI First” culture.

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“Organizations that embrace AI will drive better customer engagements and have accelerated rates of innovation, higher competitiveness, higher margins, and productive employees. Organizations 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,” said Ritu Jyoti, IDC’s program vice president for Artificial Intelligence Strategies.

Enterprises are focused on improvements in productivity, business “agility” and customer satisfaction in their use of AI as well as faster time to market for products and services.

Holding back on AI implementation are the costs, lack of skilled personnel and bias in data, the study says.

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Other findings from the survey include, IDC notes:

  • More than 60% of organizations reported changes in their business model in association with their AI adoption.
    IT operations is the number 1 business area for employing AI, followed closely by customer service and fraud/risk management.
  • Trust, bias, and ethics considerations are gaining importance: nearly 50% of organizations reported having a formalized framework to encourage considerations of ethical use, potential bias risks, and trust implications, and close to 25% have established a senior management position to ensure adherence.
  • Most organizations reported some failures among their AI projects with a quarter of them reporting up to 50% failure rate; lack of skilled staff and unrealistic expectations were identified as the top reasons for failure.

“For many organizations, the rapid rise of digital transformation has pushed AI to the top of the corporate agenda. However, as AI accelerates toward the mainstream, organizations will need to have an effective AI strategy aligned with business goals and innovative business models to thrive in the digital era,” said Jyoti.

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