40% of executives say AI not ready to achieve accurate outcomes: report – CFO.com
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Barely half of companies even have a clear AI strategy, a new report claims.
Most corporate executives recognize that artificial intelligence (AI) is already reshaping the business and financial landscape. Further, they know the pace of AI-based change is certain to continue accelerating.
They are not, however, necessarily confident of either their ability to soundly execute their company’s AI-related strategies, or their data-readiness “to ensure the reliability of AI outputs,” according to a new report.
At least, so claims a new report commissioned by AI company Teradata and conducted by market research firm NewtonX. The report is based on a quantitative study of C-suite executives and AI decision-makers at large companies (at least 1,000 employees and $750 million in annual revenue).
Among those surveyed, 40% said they don’t think their data is ready to achieve accurate outcomes, according to the report. “That’s not much better than a coin-flip difference between trusting AI outputs and not,” the report said.
Further, seven in 10 study participants said their company’s AI strategy is misaligned with their overall business strategy. Only 56% said their organization has a clear strategy for AI. And, while 73% of respondents said they view their company as an early adopter, just 27% said they view themselves as leading AI adoption in their industries.
AI is most frequently used at the departmental level, according to the report. Only 12% of responding executives said they have deployed AI company-wide.
How to instill internal confidence that AI deployments can have big impacts? The best way, according to Teradata’s report, is through successful use cases. But there may not be enough of those to do the job. “Most AI proofs of concept fail to make it into production,” the report said. It added that most executives expected to see a return on AI investment within six months (58% said so) or a year (84%).
However, survey takers pointed to several barriers to AI success, topped by a shortage of skills.
Almost half (46%) of the respondents saw business leaders as the most important drivers of increased trust in AI. The top strategies for doing so included encouraging a culture of experimentation (57%) and demonstrating a clear vision for AI and its potential impact on the organization (53%).
The Teradata survey is based on approximately 300 responses from C-suite executives and AI decision makers in companies with at least 1,000 employees and more than $750M in revenues, and was distributed in the U.S., Europe, the U.K. and Asia.
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This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
Barely half of companies even have a clear AI strategy, a new report claims.
Most corporate executives recognize that artificial intelligence (AI) is already reshaping the business and financial landscape. Further, they know the pace of AI-based change is certain to continue accelerating.
They are not, however, necessarily confident of either their ability to soundly execute their company’s AI-related strategies, or their data-readiness “to ensure the reliability of AI outputs,” according to a new report.
At least, so claims a new report commissioned by AI company Teradata and conducted by market research firm NewtonX. The report is based on a quantitative study of C-suite executives and AI decision-makers at large companies (at least 1,000 employees and $750 million in annual revenue).
Among those surveyed, 40% said they don’t think their data is ready to achieve accurate outcomes, according to the report. “That’s not much better than a coin-flip difference between trusting AI outputs and not,” the report said.
Further, seven in 10 study participants said their company’s AI strategy is misaligned with their overall business strategy. Only 56% said their organization has a clear strategy for AI. And, while 73% of respondents said they view their company as an early adopter, just 27% said they view themselves as leading AI adoption in their industries.
AI is most frequently used at the departmental level, according to the report. Only 12% of responding executives said they have deployed AI company-wide.
How to instill internal confidence that AI deployments can have big impacts? The best way, according to Teradata’s report, is through successful use cases. But there may not be enough of those to do the job. “Most AI proofs of concept fail to make it into production,” the report said. It added that most executives expected to see a return on AI investment within six months (58% said so) or a year (84%).
However, survey takers pointed to several barriers to AI success, topped by a shortage of skills.
Almost half (46%) of the respondents saw business leaders as the most important drivers of increased trust in AI. The top strategies for doing so included encouraging a culture of experimentation (57%) and demonstrating a clear vision for AI and its potential impact on the organization (53%).
The Teradata survey is based on approximately 300 responses from C-suite executives and AI decision makers in companies with at least 1,000 employees and more than $750M in revenues, and was distributed in the U.S., Europe, the U.K. and Asia.
Get the free daily newsletter with financial industry insights and practical advice for CFOs.
CFO’s annual conference and events calendar tracker ensures finance executives know about the most essential in-person events.
Get the free daily newsletter with financial industry insights and practical advice for CFOs.
Get the free daily newsletter with financial industry insights and practical advice for CFOs.
Want to share a company announcement with your peers?
Get started ➔
CFO’s annual conference and events calendar tracker ensures finance executives know about the most essential in-person events.
The free newsletter covering the top industry headlines
This article was autogenerated from a news feed from CDO TIMES selected high quality news and research sources. There was no editorial review conducted beyond that by CDO TIMES staff. Need help with any of the topics in our articles? Schedule your free CDO TIMES Tech Navigator call today to stay ahead of the curve and gain insider advantages to propel your business!
