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Data and analytics company Teradata is out with a new survey saying that “a whopping 80 percent of enterprises are investing today in AI, but one in three business leaders believe their company will need to invest more over the next 36 months to keep pace with competitors.”

It won’t necessarily be easy. “Enterprises are anticipating significant barriers to adoption and are looking to strategize against those issues by creating a new C-suite position, the Chief AI Officer (CAIO) to streamline and coordinate AI adoption,” the survey says, adding, “Enterprises expect AI to be a technology with longevity, planning to double their investment in five years and triple it within 10 years. But to maximize this ROI, companies realize they must re-imagine how AI will disrupt all aspects of their businesses and create a suitably agile strategy to gain ROI.”

Some other results from the survey:

• “The industries where respondents expect to see the most impact from AI are IT, technology and telecoms (59 percent); business and professional services (43 percent); and customer services and financial services were tied for third (32 percent).”

• “The top three challenges where businesses expect AI to drive revenue are product innovation/research and development (50 percent); customer service (46 percent); and supply chain and operations (42 percent). This mirrored some of the top areas of AI investment, which include customer experience (62 percent), product innovation (59 percent) and operational excellence (55 percent).”

• “Eighty percent of respondents report that some form of AI is already in production in their organization, although 42 percent say that there is lots of room for further implementation across the business. Thirty percent still believe that their organization isn’t investing enough and will need to invest more in AI technologies over the next 36 months to keep up with competitors in their industry.”

• “Business leaders are not as concerned about the impact AI and automation will have on employee morale — only 20 percent see this as a barrier — and even less, 19 percent, are worried about making a business case for AI.”

You can see more survey results here.
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