Advertisement
Recent research from MIT Technology Review Insights and Telstra shows that despite widespread interest in AI, businesses are still struggling to overcome significant challenges related to its adoption. The survey reveals the complex nature of AI adoption, highlighting key challenges and needs of business leaders.
While data privacy, governance and IT infrastructure emerge as a significant issue, only a small percentage of business leaders surveyed (only 9%) are introducing productive AI use within their organizations. However, expectations for the potential of AI remain high; executives predict that the use of artificial intelligence in many sectors will double by 2024.
Stela Solar, first director of Australia’s National Artificial Intelligence Centre, explains misconceptions about AI intelligence in a mature, industry-ready AI. Solar stated that solutions related to data quality, privacy measures and artificial intelligence management will be critical for success.
While expansion plans using AI are beneficial, the research highlights some challenges to widespread deployment. Concerns about IT resources and capabilities, combined with limited budgets and administrative constraints, act as key barriers to adoption. Additionally, cybersecurity risks and a lack of AI-related skills are hindering adoption.
Laurence Liew, head of AI innovation at AI Singapore, emphasized the importance of regulatory controls and security procedures to mitigate risks associated with AI. producing. AI Companies should prioritize network security measures to prevent data leaks and privacy breaches.
As competition approaches, the study highlights the positive aspects of the general consensus on the transformative potential of generative AI in business. Despite the impact of AI technology, most respondents view generative AI as an opportunity rather than a threat. Telstra International South Asia General Manager Geraldine Kor talked about the game changer that artificial intelligence performance will create when implemented.
Looking ahead, generative AI is expected to transform many industries, including sales, marketing, customer service, software development and R&D. McKinsey estimates that generative AI could contribute approximately $4.4 trillion to the global economy each year, demonstrating that it has huge potential to spur innovation and growth.
As companies grapple with the challenges of driving AI adoption, overcoming the challenges and seizing the opportunities will be challenging for businesses. It is important to stay competitive in this AI-driven world.