Businesses Are Lining Up To Deploy AI
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MIT Technology Review Insights has been examining how organisations are using Artificial Intelligence (AI) now and examining what they might be planning to do with it is the future. Featuring a global survey of 1,004 AI experts conducted in January and February 2020, it explores AI adoption. The survey looks at the leading use cases, benefits, and challenges, and seeks to understand how organisations might share data with each other to develop new business models, products, and services in the years ahead.
AI’s benefits will be felt unevenly across sectors. Consulting firm McKinsey estimates the annual potential value created by AI and analytics to range between $9.5 trillion to $15.4 trillion across industries.9 Chatbots alone are expected to bring savings of $7.3 billion by 2023 globally. Accountancy PwC estimates North America to be one of the biggest winners when it comes to the use of AI, which could drive a boost of 14.5% of GDP to 2030 (or $3.7 trillion).
A majority of firms surveyed (61%) report efficiency and cost reductions as their biggest gains from AI (compared to 41% in Asia) and 48% report the biggest benefits in improved management decision- making (compared to 43% of respondents in the rest of the world).
They are struggling, however, to realise revenue gains, with only 21% reporting improvements, compared to 28% of respondents in other regions.
The Main Surevy Findings:
- The US has closed the AI gap with Asia and Europe. American organisations were among the earliest to launch AI, with 11% deploying AI as early as 2015. Then adoption slowed, with Asian and European businesses pressing ahead faster in the subsequent years.
- But by the end of 2019, more than 85% of US respondents, report that they had launched AI initiatives.
- Sales and marketing will become a priority area for AI. The business functions to which AI was being most actively applied by North American firms currently are customer services (selected by 55%), followed by R&D (48%) and manufacturing and operations (40%).
- The biggest expected increase in activity will be in sales and marketing, rising from 30% to 60%, and human resources (from 7% to 20%).
- US respondents are positive about data sharing. Almost a quarter of respondents (23%) are “very willing” to share data with third parties for building new value chains, products, or services, and a further 52% described themselves as “somewhat willing.”
- Those willing to share data would specifically seek out faster and more innovative product development as well as greater visibility across supply chains. Just 20% said they were unwilling to share data, compared with 40% of respondents in Europe and the Middle East and Africa.
- AI is also widely expected to drive important benefits across health systems, by increasing efficiency and improving patient outcomes. Benefits range from increasing the amount of time clinicians can spend with patients and on cross-care team collaboration to enhancing the ability to deliver preventative care.
These trends are only expected to grow with the survey results indicating that nearly 80 percent of healthcare institutions plan to increase their spending on AI in the next two years, including diverse technologies ranging from medical imaging and diagnostics to patient data and risk analytics.
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