Executives can't wait to get the most out of AI. Source: Shutterstock

Executives can’t wait to get the most out of AI. Source: Shutterstock

7 in 10 business executives believe that AI adoption should be accelerated

BUSINESSES across various industry segments are evidently getting braver and more progressive when it comes to their “experimentation” with artificial intelligence (AI) capabilities.

When proven to be a viable solution with impactful outcomes, the executives of these businesses grow their confidence in the technology and become even more keen to deploy AI at scale to augment operations.

In fact, across five industries namely retail, transportation, healthcare, financial services, and technology, executives are finding great success with AI – surprisingly even causing frustration that AI is not being scaled more quickly.

This is evident in a survey cited by Forbes where 751 executives revealed how their companies are progressing with the new-age technology, the outcomes they are seeing, and the challenges they are facing.

Reportedly, at least seven in 10 business executives admitted that they want their organizations to be more aggressive in adopting AI capabilities. Based on their views, AI implementation should be accelerated.

However, there are also executives who feel like the speed of adoption within their industry segments is just right at the moment.

The need for a greater adoption rate is clearly driven by the fact that positive results are seen with AI deployment across these industries.

For example, a majority of financial service executives – precisely 85 percent – believe AI is the solution to detecting fraud, a prominent issue in the industry. Additionally. 64 percent expressed that AI is a critical disruptor of traditional bank services.

On the other hand, 90 percent of the healthcare segment believes that AI will augment patient care experiences.

When it comes to the processes that AI will significantly impact, 47 percent said diagnostic will be most impacted, followed by electronic health records at 41 percent and robotic tasks at 40 percent.

In retail, fifty-six percent of executives expressed that AI will have a momentous impact on customer intelligence with 80 percent claiming that AI is helping resolve customer service issues more quickly.

While it may seem like when tangible outcomes are promoted by AI, the next main agenda is to scale the technology. There are several considerations that are worth noting before a more extensive deployment plan can be put in place.

The first being that AI requires time to be of value, even if its effectiveness has been recorded. The time that has been previously invested by executives to see these results will still be a common denominator in future development plans.

Another important point is that the targeted AI-powered results must be in-line with long-term business goals and development strategies. AI has to be embedded in business processes for executives to truly harvest its operational value.

Last but not least, executives must also be mindful of the challenges that are still inherent when it comes to AI deployment. These issues must be resolved before pursuing its adoption on a bigger scale.

Nevertheless, such frustration serves as a testament to how incredibly awaited and in-need AI solutions are in business operations and industrial segments.