NEW YORK, NY, 1 May 2019–In the coming years, artificial intelligence (AI) will exert an enormous impact on economic development and the nature of work. It will also radically reshape the competitive dynamics of many industries. A new Deloitte Global study released today, “Future in the balance? How countries are pursuing an AI advantage – Insights from Deloitte’s State of AI in the Enterprise, 2nd Edition survey,” examines the growing importance of AI and what we can learn from early adopters across seven countries.
The survey found that 57 percent of early AI adopters believe it will transform their company within the next three years. Early AI adopters are using AI to improve both their external and internal capabilities – enhancing products and services and optimizing internal business operations. Sixty-three percent of early adopters say that AI technologies are “very” or “critically” important to their business success today, and that number is expected to increase to 81 percent in just two years.
Yet, AI initiatives also present an array of challenges and risks, some of which are perceived differently across regions. Globally 43 percent of executives said they have major or extreme concerns about potential AI risks. Filling the AI skill gap is a significant issue, with 68 percent of global respondents indicating moderate-to-extreme skill gaps. Other top concerns include cybersecurity vulnerabilities and making incorrect decisions based on AI recommendations.
Paths to successful AI implementation and use differ greatly, and countries are at varying stages of the process. By examining countries’ challenges and how they are addressing them, we can glean some essential best practices
says Paul Sallomi, Deloitte Global Technology, Media & Telecommunications industry leader.
"For example, some countries are more concerned about addressing skill gaps. Others are focusing on how AI can improve decision-making or cybersecurity capabilities. While there is intense competition among countries and companies, all adopters can learn from one another and early success will depend on getting execution right."
There is a growing realization of AI’s importance, including its ability to provide competitive advantage and change work for the better,
says Jeff Loucks, executive director, Deloitte Center for Technology, Media and Telecommunications, Deloitte LLP.
"To tap into these opportunities and ensure AI success, organizations must excel at a wide range of practices, including strategy development, pursuing the right use case, building a data foundation, and possessing a strong ability to experiment. These capabilities are critical now because, as AI becomes even easier to consume, the window for competitive differentiation will shrink."
Key takeaways from the report’s country analysis of AI readiness and adoption include:
Please visit Deloitte Insights to read the full report.
As used in this press release, “Deloitte” refers only to the Deloitte Touche Tohmatsu Limited member firms and their affiliates.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (DTTL), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our people deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society, and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide make an impact that matters at www.deloitte.com.
Press contact(s):
Steve Dutton
Deloitte Global
Tel: +1 202 738 7586
Mobile: +1 202 734 3207
sdutton@deloitte.com