AI ambition and execution poles apart for many organisations, research finds
A gap remains between organisations who are interested in artificial intelligence (AI) and those who have taken the plunge, according to a new research study.
MIT Sloan Management Review and The Boston Consulting Group have released their new, jointly conducted, report titled “Reshaping Business with Artificial Intelligence: Closing the Gap Between Ambition and Action” which surveyed more than 3,000 business executives, managers, and analysts in 112 countries and 21 industries.
The research found more than three quarters of business executives to be anticipating that AI will create a competitive advantage or new lines of business for their companies. Yet only one in five companies has adopted AI in some offerings or processes till date, while out of 20, only one has widely applied AI into its offerings or processes. Also, less than 40% of all companies have a set AI strategy, whereas large organisations (with 100,000 or more employees) are the most likely to have an AI strategy in place.
AI implementation in organisations will lead to job loss – this is what is being widely speculated, but less than half (47%) of the participants are expecting their companies to narrow down the workforce within the next five years while nearly 80% believe current employees’ skills to be augmented. Only 31% of the survey respondents are reportedly apprehensive that their AI will take away some of the current tasks in their own jobs.
Following the AI trend, Canadian publicly traded corporation Relevium Technologies took the initiative to optimise and automate business operations in its recently acquired health and wellness company, BioGanix.
The technology will be used in developing new products, dynamic pricing of products, logistics and supply chain management. Relevium has hired agileDSS, a local strategic data services consulting firm, to build the case for the Product Trend Recommendation Engine and confirm the commercial viability of the project. Company president and CEO Aurelio Useche said that Montreal is fast becoming a global hub for data analytics and AI as demonstrated by recent investments made by Google, Microsoft and the Element AI record setting Series A round.
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