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Artificial Intelligence in the Real World – the business case takes shape

Artificial Intelligence in the Real World: The business case takes shape is a report from The Economist Intelligence Unit (EIU) sponsored by Wipro  Limited. The report, was written by Denis McCauley and edited by Charles Ross. It draws upon a survey conducted in the second half of 2016 of 203  executives around the globe. Respondents were evenly split among the financial services, manufacturing, retailing, as well as the health and life  sciences industries. Just less than half (48%) had an annual global revenue of greater than US$1bn. C-level executives formed 50% of the sample, and  those located in Asia-Pacific (35%) and North America (36%) formed the majority of respondents.

The purpose of the study has been to gauge corporate attitudes toward AI in different regions and different industries. Based on a global survey of  203 senior executives, it finds that, especially in North America, companies in health and life sciences, in retail, in manufacturing and in financial  services are actively testing the waters. Amongst this group, AI technologies and applications are in the exploratory phase at around one-third of  companies, but another third have moved on to experimentation, and one tenth have begun to utilize AI in limited areas. A small handful (2.5%) have even deployed it widely.

Following are other key findings from the research:

  • The pace of adoption is quickening
  • North America and the health sector lead the way
  • Competition—or the anticipation of it—is spurring companies on
  • Better user experience is the key prize for many
  • Better decisions should also result
  • Efficiency and flexibility gains beckon for retailers and manufacturers
  • Cost, data quality and cultural resistance hold companies back
  • Building the AI business case is anything but straightforward

The study includes the following sections:

  • Executive summary
  • Introduction
  • Testing the waters
  • Hopes and expectations
  • Industry perspectives on the AI impact
  • Rising to the challenges
  • A question of disruption
  • Conclusion: embracing the unknown

Download the report HERE.

 

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