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Artificial intelligence

AI Adoption Hurdles Remain Despite Ambitious Forecasts

Strategic Insights

— 1 min read

As businesses strive to harness the power of artificial intelligence, a new report reveals significant hurdles in the journey from pilot projects to enterprise-wide deployment. The report, produced in collaboration with MIT Technology Review Insights, highlights the need for strategic and organizational shifts to leverage AI effectively.

Key Takeaways:

  • AI ambitions are substantial, with 95 percent of companies surveyed already using AI and 99 percent expecting to use AI in the future, but few have scaled beyond pilot projects, with 76 percent having deployed AI in just one to three use cases.
  • AI-readiness spending is set to rise significantly, with nine in ten respondents expecting to increase AI spending on data readiness and adjacent areas, with four in ten expecting to increase spending by 10 to 24 percent and one-third expecting to increase spending by 25 to 49 percent.
  • Data liquidity is a critical attribute for AI deployment, enabling firms to seamlessly access, combine, and analyze data from various sources, while data quality is a major limitation, cited by half of respondents as the most limiting data issue in deployment.
  • Governance, security, and privacy are the biggest brakes on the speed of AI deployment, cited by 45 percent of respondents, and a full 65 percent of respondents from the largest companies.
  • Companies are prioritizing AI foundation building, data quality, and data liquidity, with 98 percent willing to forgo being the first to use AI if that ensures they can deliver it safely and securely.

Statistics:

  • Only 5.4 percent of US businesses utilized AI to produce a product or service in 2024.
  • 76 percent of companies surveyed have deployed AI in just one to three use cases.
  • Nine in ten respondents expect to increase AI spending on data readiness and adjacent areas in 2024.
  • Four in ten expect to increase AI spending by 10 to 24 percent, and one-third expect to increase spending by 25 to 49 percent.
  • Data quality is cited as the most limiting data issue in deployment by half of respondents.
  • Governance, security, and privacy are cited as the biggest brakes on the speed of AI deployment by 45 percent of respondents.

Sources:

  • "A Playbook for Crafting AI Strategy" report, produced in collaboration with MIT Technology Review Insights.
  • Boomi, an intelligent integration and automation company.

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