According to a report by UST, 93 per cent of large companies view artificial intelligence (AI) as essential to success. However, more than three-quarters face severe talent shortage.
The report mentioned that obstacles that effect implementation frequently include a lack of in- house Al skills, increasingly complex regulatory requirements and mounting ethical concerns. These factors create uncertainty, slowing AI implementation and preventing the technology from reaching its full potential.
As per the report, Al enablement continues to be of paramount importance for large businesses, with 54 per cent respondents using and integrating Al throughout their organisations, 28 per cent using it throughout the business but in an unstructured way, and 16 per cent respondents just starting to experiment with Al. Meanwhile, only 1 per cent respondents said they do not use Al and they have no plans to do so. Notably, 92 per cent respondents said their company’s Al implementation aligns with their strategic goals, while 93 per cent respondents said they believe Al would be essential to success in the next five years. However, only 8 per cent respondents said that they do not face barriers to these goals, highlighting that despite the broad recognition of Al’s importance and strategic value, most organisations encounter substantial obstacles that hinder Al implementation.
Further, the report stated that about 89 per cent respondents said their organisation needs to increase spending on Al implementation to keep up with its competitors. 76 per cent respondents stated that there is a severe shortage of Al- skilled personnel within their organisation. Consequently, almost 89 per cent respondents said their organisation needs external guidance on implementing Al effectively, with 57 per cent respondents planning to engage with external third-party Al expertise in the next three years.
Furthermore, 67 per cent respondents believe that there are insufficient external advisors focusing on Al implementation, and 38 per cent respondents mentioned that external expertise is less expensive than in-house. Further, 31 per cent respondents said that they cannot upskill their own workforce.
The company has surveyed 600 senior information technology (IT) decision-makers in large companies ($ 500 million, plus revenue) across the US, UK, India and Spain, representing a combined revenue of more than $ 10 trillion.
