Artificial intelligence will have a profound impact on our lives and work. Soon it will be everywhere, from our homes to our cars to our offices. Many believe it will cause a massive displacement of jobs. Others argue that it will enhance our decision-making and make us smarter. But, what do business executives at some of the world’s largest organizations believe about AI? What are they investing in today? What are the biggest barriers and challenges? What value are they expecting from their AI investments? And, what about the impact of AI on jobs and employee morale?
To find out the answers to these questions, and more, Teradata commissioned technology research company Vanson Bourne to conduct a survey of global executive decision-makers on the topic of artificial intelligence for the enterprise. Senior VP and C-Level executives at 260 organizations globally – 50% of which are organizations with annual revenue $1B or more – responded to the survey, resulting in some very interesting insights.
At the highest level, the Teradata “State of AI for Enterprises” survey found that:
- Businesses are all in on AI – 80% of enterprises already have some form of AI (machine learning, deep learning, etc.) in production today
- And, they have high hopes for business impact – for every dollar invested today, they expect to double the return in 5 years, and triple in 10 years
- But, 91% see big barriers ahead – lack of IT infrastructure (40%) and lack of talent (34%) are the biggest ones
- To set the strategy, a new role is emerging – 62% expect to hire a Chief AI Officer in the future
- And, what about the big question of AI taking jobs? – 95% think AI will have some impact on human work by the year 2030, but only 21% think AI will replace humans for most enterprise tasks; And, only 20% think AI will impact employee morale.
Check out the complete report and infographic for a deeper dive on how business are using AI today, how they expect to use AI in the future, the big roadblocks along the way and how AI will impact some of the biggest companies in the world.