A new report says companies are still struggling to achieve AI outcomes at scale despite realizing its importance to future success.
Latest version of The State of Deloitte’s Artificial Intelligence in the Enterprise . Report (Opens in a new tab) He interviewed 2,620 business leaders, with 94% saying AI will be critical to success over the next five years, which saw adoption and subsequent upsurge.
Going forward, more than three-quarters (76%) plan to invest more in technology in the next fiscal year, while one in five (20%) will continue to spend similar amounts, leaving 4% either decreasing their spending or hesitating.
The use of artificial intelligence in the workplace
This comes after an already strong year with 79% reporting the deployment of three or more large-scale AI applications, up from 62% the year before.
According to 87% of respondents, the payoff on AI investments was either back in line with their expectations, or faster, and included cutting costs, discovering valuable insights, and improving collaboration.
However, not all news is good. Deloitte says that about 22% of respondents were considered “low,” which means that despite a great deal of development and deployment, they haven’t adopted enough pioneering practices to help them achieve more meaningful results.
Deloitte says it has created four action points for companies looking to improve their adoption of AI.
They include: capitalizing on workers’ optimism and enthusiasm for AI by investing in workplace culture and creating new ways of working; redesign its operations to accommodate new technology; run technology and talent in harmony; and focus investments in artificial intelligence that can help add value in their specific industries.