AI Strategy: Your Move
Artificial intelligence (AI) spending shows no signs of slowing, with 82% of decision-makers saying they’re very likely to increase their AI investment or capabilities in the next two years, says a report from Modzy. Decision-makers should consider the following factors in their AI strategy, the report says:
- Recognize the value. About 66% of decision-makers surveyed say they experience significant value from their AI systems. Just 2% say they experience little or no value. While 88% of companies significantly impacted by at least one AI technology are extremely or very likely to increase investments, only 52% of low-impact organizations say the same.
- Big data is a roadblock. The most common way companies use and benefit from AI is by analyzing large data sets. However, 49% say their organizations lack important data inputs and 42% are missing a clear strategy for accessing data. Data accessibility and preparation are key in overcoming these challenges.
- Lack of explainability and trust. Cultural challenges are pervasive, with 64% of decision-makers reporting their employees do not trust or understand AI. Decision-makers must identify ways to build trust among groups with differing levels of technical understanding and evaluate tradeoffs between explainability and accuracy to manage risks and promote trust.
- Security threats are increasing. About 72% of organizations report experiencing security breaches or threats to their AI systems. This suggests many haven’t updated their security protocols in response to emerging threats. Anticipating ongoing security challenges, 90% of decision-makers say strong security features are a top priority when evaluating AI technologies.
- Outsourcing is cost-effective. Expense is seen as the biggest barrier to implementation. About 90% of respondents say it’s more cost-effective to rely on external companies than building an internal team (see chart). Rather than competing for scarce talent, organizations can leverage vendor expertise to empower their teams to build and manage solutions.