AI has become a game-changer for businesses worldwide, with over 70 percent of senior IT leaders acknowledging a positive return on investment for their data science, analytics, and AI initiatives.
The findings come from the latest survey conducted by Dataiku, the platform for Everyday AI, and Databricks, the data and AI company, sheds light on AI’s transformative impact and the remarkable rate of adoption.
More than half (54 percent) of the senior AI professionals surveyed have seen at least a 2x return on their AI investments, while an impressive five percent experienced a return greater than 10x. The survey also confirm that AI, including Generative AI, is now delivering impactful business results, matching its rapid adoption rate.
The survey reached out to over 400 global senior AI professionals across various industries and enterprises in early June 2023. The majority of respondents agreed that AI is instrumental in realising the full value of data within their organisations. However, they also acknowledged certain roadblocks to mass adoption, with data quality and speed of deployment being the top concerns rather than cost or lack of business case.
Interestingly, the survey highlighted a sense of caution among AI leaders, as more than half (55 percent) reported feeling more worried than excited about the future of AI, considering the justified fears surrounding AI’s impact. In response, an equal percentage (55 percent) of respondents called for official regulations for AI to ensure responsible and ethical usage.
The study demonstrated that businesses are heavily investing in AI resources, with nearly half (47 percent) of respondents reporting AI tools budgets over $5 million for the next year, and 17 percent projecting budgets exceeding $20 million. Furthermore, almost two-thirds (64 percent) plan to incorporate Generative AI or Large Language Models (LLMs) within the next year, with 45 percent already experimenting with these cutting-edge technologies.
Jepson Taylor, Chief AI Strategist at Dataiku, expressed that AI and data science are rising to meet high expectations and significant market attention, delivering clear bottom-line results that impress CFOs. “Our survey reveals that where they need the most help is the right AI tools and platforms to convert their mountains of data into market-moving results faster than ever while protecting against potential risk.”
Prem Prakash, Head of AI Marketing at Databricks, acknowledged the significant interest in Generative AI but also emphasised the accompanying challenges, such as data access, privacy, and the need for effective regulation. “As we navigate these challenges, our shared mission with Dataiku stands firm: to democratise data and AI, enabling every organisation to build their generative AI solutions securely and cost-effectively.”
The survey also examined the disparity between AI Pioneers, who have fully integrated AI and are witnessing strong returns, and AI Laggards, who are still exploring AI or experiencing lower returns. Key distinctions between the two groups were evident:
- AI Pioneers were 62 percent more likely to have at least one data leader in their C-suite (70 percent) compared to nascent organisations (43 percent).
- AI Laggards were 43 percent more likely to lack clear owners responsible for data quality (39 percent of AI Pioneers vs. 56 percent of AI Laggards).
- AI Laggards were 37 percent more likely to have issues with trusted and easily accessible data for frontline workers (48 percent of AI Pioneers vs. 66 percent of AI Laggards).
As AI continues to drive transformative change across industries, the survey findings provide valuable insights for organisations seeking to maximise the potential of AI while addressing the challenges associated with its adoption. With the right strategies and tools, businesses can unlock AI’s full potential, gaining a competitive edge and driving growth in the era of data-driven decision-making.
