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93% of big companies see AI equal to success, yet struggle with talent shortages
Industry News- Aug 29,24
Diversity within AI teams also emerged as a concern, with 80% of respondents emphasising its importance.
A significant majority of large organisations view artificial intelligence (AI) as essential for their success, but they are grappling with a severe shortage of skilled AI professionals, according to research commissioned by digital transformation company UST.
The report, titled ‘AI in the Enterprise,’ highlights that while AI is becoming increasingly vital, many companies are struggling with in-house AI skills gaps, complex regulatory requirements, and ethical concerns. These challenges are slowing down AI implementation and preventing the technology from achieving its full potential.
The survey, which included 600 senior IT decision-makers from large companies with revenues exceeding $500 million across the US, UK, India, and Spain, found that AI enablement remains a top priority. Over half (54%) of the companies are integrating AI throughout their operations, while 28% are using AI in an unstructured way, and 16% are in the early stages of AI experimentation. Notably, 93% of respondents believe that AI will be critical to their success within the next five years.
Despite this enthusiasm, only 8% of companies reported facing no barriers to achieving their AI goals. The majority (76%) cited a severe shortage of AI-skilled personnel as a major obstacle. As a result, nearly nine in 10 companies (89%) acknowledge the need for external guidance on AI implementation, with over half (57%) planning to engage third-party AI experts in the next three years. Additionally, 67% indicated a lack of sufficient external advisors specialising in AI, and 31% noted challenges in upskilling their current workforce.
Diversity within AI teams also emerged as a concern, with 80% of respondents emphasising its importance. However, 32% admitted that their AI teams lack diversity, and 70% expressed worries that this could lead to biased outcomes.
"AI is a transformative technology driving innovation across industries, boosting productivity, and expanding possibilities in unprecedented ways," said Krishna Sudheendra, CEO, UST. "This research sheds light on the significant benefits and challenges businesses face with AI. By identifying these hurdles, we aim to assist enterprises in developing effective strategies for greater AI adoption."
(ET)
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