There is no end to the application of artificial intelligence (AI). From the deep oceans to outer space and our endeavors to colonize other planets, AI is being used today almost everywhere. This isn’t just about the use of AI. This technology is literally transforming our world and shaping the future. Look around, the world we live in today is different and smarter than ever before.

Gaining unicorn status and more

While AI is fast transforming the world, it has also been helping companies to go beyond the status quo and gain unicorn status–in other words to become a billion-dollar enterprise. This transformative technology helps create a competitive and strategic advantage against competitors and adversaries which has made AI a top priority for the government and private organizations. As competitiveness creates greater value for companies, strategic superiority helps nations to create and gain a position of strength against adversaries.

Those who have realized the real-world potential of AI are struggling to scale up their efforts in order to leverage new advances in artificial intelligence. Nonetheless, the development of working AI adoption practices remains a challenge at large and there are many reasons for that. The barriers to AI adoption vary from organization to organization and so are the approaches and strategies to overcome these barriers.

The challenges

There are many barriers to AI adoption and one thing that stands out is the talent deficit. We explored this particular problem in detail in one of our recent blogs. Among other barriers are scarcity of data (both in terms of quantity and quality), fear and resistance to change and other organizational and cultural barriers.

As per this report by McKinsey & Company, the most common barrier to AI adoption is strategy related. This is followed by a lack of appropriate talent, functional silos that constrain end-to-end AI solutions, and a lack of leaders who demonstrate ownership of and commitment to AI.

According to IBM Global AI Adoption Index 2022, released recently, the top five things that are hindering successful AI adoption for businesses are limited AI skills, high price, lack of tools or platforms to develop models, projects are too complex or difficult to integrate and scale, and too much data complexity.

The good news is despite these challenges; AI adoption is growing steadily across the globe. As per the IBM report, global AI adoption rate grew to 35% this year with a four-point increase from the year before.