While debates about the long-term implications of Artificial Intelligence (AI) are likely to rage on, AI itself is not waiting for answers.
With AI and ML becoming ubiquitous across industries, it has the same potential to refactor the Fortune 500 as the internet has had over the past several decadesThe Machine – making sense of AI
A recent article points to a report by SambaNova that takes the pulse of companies and where they are on their AI maturity. They surveyed 600 AI/ML, data, research, customer experience and cloud infrastructure leaders at the director level and above. The study indicates that over two-thirds (70%) of respondents said their organizations plan to allocate more than $100 million of IT budget toward strategic technology goals, and almost one-third (32%) said more than 20% of their IT budget is dedicated to AI/ML.
Most respondents understand that ultimately, AI/ML needs to drive revenue and business goals, not just cut costs. More than three-quarters (78%) say that AI/ML is very important for driving revenue at their organization, while more than two-thirds (68%) said their organization’s AI/ML strategy was very aligned with business goals.THE RACE TO AI/ML VALUE – SCALING AI/ML AHEAD OF YOUR COMPETITION
A skills gap and insufficient infrastructure have emerged as two of several barriers to realizing value. The report points to several KPIs that leaders are using to measure success: cost savings, revenue growth, time savings, new product development, and time to insight. AI has emerged as an innovation enabler, specifically, deep learning.
As the AI/ML revolution pushes forward, many organizations face a dilemma. On the one hand, they understand the growing need to innovate, increase revenue and drive operational efficiency with AI/ML. On the other hand, they face limitations on scale, including a skills gap and insufficient infrastructure to handle increasingly compute-intensive AI/MLTHE RACE TO AI/ML VALUE – SCALING AI/ML AHEAD OF YOUR COMPETITION
So, while debates about the future continue, leaders face barriers, while focus intensifies. The report provides a look into the thoughts of leaders that face these barriers while advancing the possibilities. Good insight for those exploring these possibilities.