These challenges include addressing deficiencies in organizations’ data management and infrastructure, as well as internal structural and process rigidities and talent gaps. Roughly 72% of the technology leaders we interviewed for this study say data issues are more likely to be the reason when their organizations aren’t meeting their AI goals. Improving processing speed, governance and data quality, and making it appropriate for models, are the key data enablers to ensure AI can scale, say survey respondents.
This report sheds light on these and other data constraints organizations must address to unlock the potential of AI for their businesses. It also identifies the investments and other actions companies are planning to align their data capabilities more closely with their AI ambitions. The study’s findings are based on a global survey of 600 chief information officers, chief technology officers and other senior technology leaders. We also gained insights from in-depth interviews with 10 such executives.
The most important results of the study are as follows:
- Organizations view wider adoption of AI as mission critical to their future. From today’s mostly limited use of AI across the organization, the executives surveyed plan to significantly expand use cases across all core functions over the next three years. Well over half expect the use of AI to be widespread or critical in their IT, finance, product development, marketing, sales and other functions by 2025. While most will pursue a variety of use cases, many also aim to amplify the impact of AI on the top-line, increasing returns from revenue-generating uses.
- Successfully scaling AI is priority one for the data strategy.The data and AI strategies of the companies surveyed are closely interlinked. Over three-quarters (78%) of the executives we surveyed — and almost all (96%) of the executive group — say scaling AI and machine learning use cases to create business value is their top priority for the organization’s data strategy in the next time is 3 years.
- Significant spending growth is planned to strengthen the data foundations of AI . The CIOs surveyed—particularly those in the top bracket—plan to make significant increases in investments through 2025 to strengthen various parts of their data and AI foundations. Leader spend on data security will increase by 101% over the next three years, on data governance by 85%, on new data and AI platforms by 69% and on existing platforms by 63%. (The analogous numbers for the sample as a whole are 59%, 52%, 40%, and 42%, respectively.)
- Investment growth intentions are strongest in the financial services industry. Among the fourteen industries in the survey, AI leaders are most numerous in retail/consumer goods and automotive/manufacturing companies. Expected investment growth in these industries in the aforementioned areas of data management and infrastructure is higher than in other areas, with one exception: Projected increases from financial services companies will significantly exceed those in all other industries.
- Multi-cloud and open standards are integral to AI advancement.Most survey respondents (72%)—and nearly all executives (92%)—appreciate the flexibility that a multi-cloud approach offers to AI development. The CIOs interviewed for the study also emphasize the role of open architectural standards in supporting multi-cloud and the importance of both to advancing their AI development.
Download the full report.
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