A new survey by international tech company UST shows that most big companies think artificial intelligence (AI) is essential for their success. However, they also face significant challenges, like not having enough people skilled in AI, concerns about ethics, and the need for better rules to manage AI.
Key Findings of the Survey
The survey results put emphasis on the importance of AI in today's corporate landscape. 92% of respondents confirmed that AI implementation aligns with their strategic goals, while 93% predict that AI will be vital to their operations within the next five years.
However, despite this enthusiasm, only a small number of companies (just 5%) report having no major problems with using AI. Most large companies still say that they struggle with issues, especially not having enough skilled workers to execute AI-related tasks. Dealing with complicated rules and guidelines also makes it more challenging, and worrying about ethical concerns remains a growing concern among the big players.
As AI continues to grow, more companies realize they need help from outside experts. 89% of the respondents say that they are planning to bring in third-party advisors to help them work with AI.
Not Enough AI Experts
While many large companies claim to want to hire more AI experts, the reality of the job market is making that goal challenging. Over three-quarters (76%) say they don’t have enough AI experts in their team, which is slowing down their progress. This shortage not only makes it harder to adopt AI but also affects how well their AI systems work.
As a result of that statistic, 31% of companies say they can’t train their existing employees quickly enough to meet AI demands, so they’re turning to outside advisors for help, which, again, are hard to find. There are also concerns about whether the available external experts are affordable and credible, which adds another layer of difficulty.
AI's Impact on Industry and Environment
The survey also found that nearly 90% of companies believe AI can help them reach environmental goals, like reducing carbon emissions and improving sustainability. However, they acknowledge that to fully realize these benefits, there needs to be strong AI governance to guide its use responsibly. As AI becomes more common in businesses, the need for a monitored guideline is becoming all the more necessary.
While 91% of companies agree that it’s important to have policies in place to ensure AI is used responsibly, less than 40% feel confident in how they’re actually managing the ethical challenges of AI usage. This highlights the awareness of AI utilization and the challenges it presents for many of these companies.
Looking Forward To A Future with AI
The CEO of UST, Krishna Sudheendra, stresses the importance of having strong guidelines and rules to manage AI effectively. The report suggests that companies need to speed up their efforts to develop and implement responsible AI practices to ensure AI’s potential is fully realized in a way that’s ethical, inclusive, and sustainable.
“AI is a groundbreaking technology already accelerating innovation across industry sectors, improving productivity, and redefining what is possible in unimaginable ways,” says Sudheendra. “By shining a light on the dominant hurdles to effective AI integration, we hope to help enterprises identify the right tactics and facilitate greater adoption of AI.”
As AI continues to change the business landscape, companies need to address these challenges to unlock AI’s full potential in a responsible way.
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