The Covid-19 pandemic puts the power of AI solutions in the spotlight as companies use them to predict trends in real-time, personalize customer experiences and even research vaccines against the coronavirus. However, the crisis also shows the limits of the previous use of AI in business.
- A new study by ESI Thought Lab and several manufacturers, including Cognizant, examines the prevalence of AI solutions in companies in 15 countries.
- Half of the companies surveyed are in the early stages of developing AI solutions.
Artificial intelligence models had to be reprogrammed to continue functioning in a time of dramatic change. As the pandemic catapults companies into a digitized world, AI is becoming one of the most important drivers for growth and competitiveness. As digital executives know, this technology is not a silver bullet or a one-size-fits-all solution. AI solutions can fail if the wrong business case is chosen, the correct data is not identified, processed incorrectly, or the model is not designed to scale. This is why AI results vary so widely today.
AI Solutions: More Than Half Of Companies In The Early Stages
To help executives drive the ROI of AI solutions, ESI Though Lab and providers of AI solutions, including Cognizant, conducted a benchmarking study with around 1,200 companies in 15 countries. In Europe, more than half of the companies surveyed are in the early stages of AI development and are classified as either beginners or implementers.
AI Solutions Play An Essential Role In Performance
The most significant advantages of companies are reflected in their more human-centered approach to AI. In addition to higher productivity , increased customer satisfaction and greater employee engagement also play an essential role. In return, however, executives also expect these advantages to increase profitability .
Companies Need To Accelerate To Meet AI Goals
Companies are lagging behind their options in the field of AI. They must accelerate their efforts to implement the ambitious public sector plans and catch up with America and the Asia Pacific competition. Compared to other regions.
Europe Is Lagging When It Comes To Implementing AI Applications
Companies are also lagging behind those in America and Asia-Pacific when implementing almost all AI applications. They are weakening, especially on the personal side: developing and recruiting AI talents , using the ecosystem and coordinating AI -Experts and business teams The only area where companies are ahead is in defining business scenarios and implementation plans, which reflects their thoughtful approach to AI.
Challenges In Using AI Solutions
For companies, the main issues are the implementation of AI solutions and project management , regulatory restrictions , risk and ethics management , data management and limited AI capabilities and -Talents . Some relate to internal restrictions in managing projects and data. Others, such as regulatory constraints and limited talent, reflect the realities of doing business.
Make Investments In AI Technology
To catch up with competitors in North, Central and South America and the APAC region, companies wisely invest considerable sums in AI . In terms of sales, they invest almost as much as Asian companies and significantly more than their competitors in America . Companies are increasing their spending faster than American companies and expect their budgets to double in growth over the next three years.
“For companies, the level of development of AI determines the next step. The lessons learned from your predecessors can help you move forward. When starting, it’s important to get the foundation right. That is why two-thirds of AI beginners emphasize ensuring that their IT architecture and data management system can support AI. A further 57 percent advise providing a sufficient budget. As the company matures, these basic IT, data and budget hurdles decrease. At the same time, other organizations and personnel challenges emerge,”.
“AI leaders understand the benefits of working together, both inside and outside their company. You value the collaboration between AI specialists and business teams to identify use cases. They are also taking proactive steps to expand their ecosystem of AI partners, suppliers and consultants. To scale AI, executives understand how important it is to have an entrepreneurial mindset and set up a workforce plan to get employees on board. “
Cognizant is a service and consulting company that aims to transform companies’ business, operating, and technology models into the digital era. The industry-based consulting approach helps them to build and manage a more innovative and efficient company.