According to Deloitte’s State of AI 5th Edition research report, 94% of business leaders agree that AI is critical to success over the next five years.
However, despite the increase in the use of artificial intelligence, the results lag behind. Even though 79% of respondents said they had achieved full-scale deployment for three out of more applications than 62% last year, the percentage of underachievers (high /deployment /low outcomes) rose from 17% last year to 22% this year, according to the report.
Some of the reasons for the low results vary depending on where organizations are in their AI deployment. Challenges for those starting new AI projects include proving AI’s business value (37%), lack of executive commitment (34%) and choosing the right AI technologies (33%).
For those starting and scaling projects, 29% faces the challenge of choosing the right AI technologies, 30% have insufficient resources for AI technologies and solutions and 29% have no technical skills.
However, there is hope as 87% of respondents agree that they are now finding the length of the payback period to land within their expectations or faster.
The report found that one of the problems with low AI dividends is that AI focuses too much on cost savings, and that “the transformational opportunities that AI can offer, which often have less predictable timelines, are being overlooked or ignored.”
To help improve the outcomes of AI efforts, the report identified four actions organizations can take: investing in culture and leadership; redesigning operations that can meet the unique needs of new technologies; structuring their approaches to AI based on available skills; and selecting use cases that can help them increase value.
The sources for this piece include an article in TechRepublic.