A new report has claimed businesses are still struggling with achieving AI outcomes at scale despite recognizing its importance for future success.
The latest edition of Deloitte’s State of AI in the Enterprise report quizzed 2,620 business leaders, with 94% saying that AI will be critical to success over the next five years, which has seen adoption and subsequent deployment increase.
Moving forward, more than three-quarters (76%) plan to increase investment in the technology in the forthcoming fiscal year, while one in five (20%) will continue to spend similar amounts, leaving 4% either decreasing their spend or undecided.
Using AI in the workplace
This follows an already strong year where 79% had reported deploying three or more full-scale AI applications, which was up from 62% in the year prior.
According to 87% of the participants, payback for AI investments was either being returned in line with their expectations, or quicker, and has included a reduction in costs, the discovery of valuable insights, and an improvement in collaboration.
It’s not all good news, though. Deloitte says that around 22% of the respondents were considered “underachievers”, meaning that despite a significant amount of development and deployment, they hadn’t adopted enough leading practices to help them achieve more meaningful outcomes.
Deloitte says it has created four action points for businesses looking to improve their adoption of AI.
They include: taking advantage of workers’ optimism and enthusiasm for AI by investing in the workplace culture and establishing new ways of working; redesigning its operations to accommodate the new technology; run tech and talent in harmony; and to focus investments in AI that can help add value in their specific industries.
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