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A new report states that companies are still struggling to achieve AI outcomes at scale, despite recognizing its importance for future success.
The latest edition of Deloitte’s State of AI in the Enterprise Report (opens in new tab) surveyed 2,620 business leaders, with 94% saying AI will be critical to success over the next five years, driving adoption and subsequent deployment.
Going forward, more than three-quarters (76%) plan to increase investment in the technology in the coming fiscal year, while one in five (20%) will continue to spend similar amounts, leaving 4% to cut spending or undecided .
Using AI in the workplace
This follows an already strong year in which 79% reported deploying three or more full AI applications, up from 62% the year before.
According to 87% of participants, the payback on AI investments was either recouped in line with their expectations or faster, and included reducing costs, discovering valuable insights, and improving collaboration.
However, it is not all good news. Deloitte says that about 22% of respondents were considered “underachievers,” meaning that, despite a significant amount of development and implementation, they hadn’t adopted enough leading practices to help them achieve more meaningful results.
Deloitte says it has created four action points for companies looking to improve their AI adoption.
These include: capitalizing on employees’ optimism and enthusiasm for AI by investing in workplace culture and developing new ways of working; redesigning its operations to accommodate new technology; let technology and talent work in harmony; and to focus investments in AI that can help add value in their specific sectors.