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Artificial Intelligence

44% of the organisations view AI as key to competitive edge

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A recent report reveals that 44% of organisations view Artificial Intelligence (AI) as crucial for maintaining a competitive edge, with many experiencing a significant productivity boost through AI integration. The study, based on responses from 1,000 professionals and interviews with 50 industry experts, highlights the growing role of AI across various sectors.

AI is recognised as a driver of innovation, with 21% of organisations noting its pivotal role in developing new products, services, and business models. Sectors like finance, healthcare, manufacturing, and marketing are particularly benefiting from AI advancements.

Around 33% of organisations are using AI for product development, while 29% are leveraging AI for customer service, utilising chatbots and robotic process automation (RPA). Additionally, 19% of businesses use AI for trend analysis in marketing, and 13% have applied it to improve supply chain management.

Despite the benefits, many organisations face challenges in fully harnessing AI’s potential. A shortage of AI-trained personnel affects 34% of businesses, indicating a need for enhanced education and continuous learning programs. To address this, 31% of organisations have implemented mentorship initiatives to develop AI talent.

Sector-specific benefits and challenges were also noted. In finance, AI improves risk management but 18% face regulatory issues. Healthcare has seen advancements in diagnostics, though ethical concerns persist for 18% of professionals. Meanwhile, 23% of manufacturing firms report process optimisation through AI, though 21% struggle with legacy system integration.

Ethical concerns remain a key issue, with 20% citing algorithmic bias and 22% raising data privacy concerns. To mitigate these risks, 38.3% of organisations have adopted ethical AI guidelines, prioritising transparency, and responsible governance.

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