Today more and more companies are looking for ways to deploy Artificial Intelligence (AI) in order to leverage big data for success and staying ahead.
In order to accelerate AI adoption, companies are making huge investments. This also includes focus on new AI related executive roles within the organizations as well as partnerships to harness the potential of artificial intelligence.
According to the Tortoise Global AI Index 2021, total AI investment reached a record $77.5bn in 2021 while the United States pulled in a whopping $51bn alone. But wait, this isn’t just about spending on technology! Many companies have actually started making good money from this technology.
The findings of Data and AI Leadership Executive Survey 2022 by NewVantage Partners (NVP) reveal that 92.1% of companies say they are achieving returns on their data and AI investments.
Similarly, a new high of 73.7% of organizations surveyed have appointed a Chief Data and Analytics Officer (CDAO), up from 12.0% when the NVP survey was first conducted in 2012.
“….data and AI initiatives are becoming well-established, investments are paying off, and companies are getting more economic value from AI”, reads the executive summary of the survey findings.
At the same time, the survey also identifies the lack of progress in data-driven culture and the human/organizational barriers, something preventing greater success.
According to IBM’s Global AI Adoption Index 2021, lack of AI skills and increasing data complexity are some of the top challenges vis-à-vis AI adoption and deployment by companies. As per the survey findings, larger companies are almost 70% more likely than smaller companies to have actively deployed AI as part of their business operations.
While AI has the power to transform any industry by leveraging data and technology, a Forbes report says healthcare, automotive, finance, transportation & travel and e-commerce are among top enterprises implementing successful AI projects and reaping the benefits of artificial intelligence.