Deep Dive: Why companies fail on AI
A global survey of 3,000 managers, scholars, and executives found that most companies are developing AI but have yet to see significant financial benefits. Only 10% said they've seen a significant financial payout from their investment, according to a new report. The news comes as corporate spending on AI is expected to surpass $50b in 2020, up from $37.5b last year, according to IDC.
What the report found:
- 57% of companies have deployed or piloted their own AI projects, up from 44% in 2018, according to MIT and BCG.
- Six out of 10 have an AI strategy this year, up from four out of 10 in 2018...
A deeper look:
- While there have been more investments in tech and data science, the impact line hasn't changed much.
- Companies generally overspend on AI technology and data scientists but fail to change their business processes that could benefit from AI, which reduces their ability to deliver on AI projects...
