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 per cent 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 optimising internal business operations. Sixty-three per cent 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 per cent 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 per cent of executives said they have major or extreme concerns about potential AI risks. Filling the AI skill gap is a significant issue, with 68 per cent 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 focussing 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 realisation 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, organisations 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.