Ignoring AI today could prove costly in the future
Many companies are still complacent about artificial intelligence (AI). Yet, their complacency means they risk missing out on technological advancements, and consequently losing their competitiveness – a risk that, according to a PwC study, is underestimated.17 Mar. 2019 David Schahinian
The consultancy company surveyed a total of 500 decision makers in private-sector companies on the subject of AI. 255 of those surveyed were considered pro AI and 245 anti AI. In other words: 48% did not deem the technology relevant for their company. Just under a third of respondents estimated the risk of losing market shares to AI-savvy competitors as high or very high. The survey also found that data analyses for decision-making processes and the automation of existing business processes are currently regarded as the main fields of application. Data quality and the development of employees’ AI skills were among the factors cited for the successful use of AI applications. According to PwC, AI is “rapidly” becoming a key technology.
The study was designed as a cross-industry survey, but it is likely that AI will play a far bigger role in industry than in many other sectors. A survey conducted by Hewlett Packard Enterprise (HPE) focused on the effect AI has in the industrial sector today. The majority of the 858 survey participants said that they were already engaged with AI. On average, they expect to grow their revenues 11.6% by 2030 as a result of the technology.
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