Market Anticipation for AI Soars: Research Highlights Need for Strategic Preparedness
While businesses worldwide envisage remarkable growth from artificial intelligence (AI), many organizations are held back by inadequate preparation, reveals a report by IFS, the international cloud enterprise software firm.
Eighty-four percent of global executives surveyed are optimistic about the enormous business benefits AI promises. Still, roughly half of them are grappling with the integration of AI technology and are stuck in the proposal evaluation stage, according to the study, Industrial AI: The New Frontier for Productivity, Innovation, and Competition.
The report reveals that organizations are not left untouched by the AI revolution, with about 82 percent of senior decision-makers feeling the immense pressure to adopt AI swiftly. The reasons for this rush towards AI include impacting product and service innovation, gaining improved internal and external data availability and reaping benefits from cost reductions and margin gains. However, the fear of AI integration plans getting stuck in the pilot stage due to lack of extensive research and preparation looms large and is a concern for these decision-makers.
Old wine in new bottles does not cut it when it comes to technology. To leverage the full potential of the latest tech innovations, organizations should have the most recent core infrastructure in place. The report found that about 34 percent of firms still haven't switched to the cloud, thereby indicating their resistance to change. Without cloud technology, scaling effectively and efficiently can be challenging.
A potent mix of cloud, data, processes, and skills forms an essential part of a robust industrial AI strategy, according to IFS. But, unfortunately, businesses are neck-deep in AI readiness issues due to the glaring skills gap. More than a quarter of respondents seem to be at the exploratory stage without any clear strategy or discernible results.
“AI is set to become the most revolutionary tool in the enterprise sector. The fundamental misunderstanding of how to harness its power within an industrial environment is evident,” said Christian Pederson, Chief Product Officer, IFS. He suggests that AI value will be realized faster by incorporating AI across all products and business processes.
While businesses still face initial challenges in adopting AI, optimism has not faded. Companies believe that AI could make a considerable difference to their operations in 1-2 years (47 percent), and about a quarter (24 percent) think it could be within the next year.
In closing, here's a question for you: Is your business ready for the AI revolution?
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