But employers struggling with issues like change management, privacy regulations
Most employers (60 per cent) expect AI to be used in up to 30 per cent of their business processes in three years’ time — with financial services providers, manufacturers and technology companies having the highest expectations — according to research by the Massachusetts Institute of Technology (MIT) Technology Review Insights.
The research is part of an MIT program developed in association with Genesys, Philips, and National University of Singapore (NUS) Business School’s Centre on AI Technology for Humankind, and includes a survey of more than 1,000 leaders and interviews with AI experts worldwide.
Some of the findings are as follows:
- More than half of the companies struggle most with the change management involved in modifying business processes to leverage AI.
- Nearly half (48 per cent) struggle with integrating unstructured data and interfacing with open-data platforms.
- About 60 per cent of manufacturers and pharma companies are using AI to improve product quality. Nearly half of retail and consumer firms (47 per cent) are using it in customer care.
- More than 50 per cent of energy firms are leveraging AI for monitoring and diagnostics, while 58 per cent of financial services providers are using it for fraud detection and 52 per cent of tech firms use it to strengthen cybersecurity.
Two-thirds (66 per cent) of companies were willing to share data externally to help develop new AI-enabled efficiencies, products, or even value chains. However, businesses are still cautious, and more clarity is needed in privacy regulation and industry standards, say 64 per cent and 58 per cent of respondents, respectively, before data sharing takes hold, found MIT.
Earlier this year, the Canadian government nixed the idea that AI will result in massive job losses.