AI Artificial Intelligence digital transformation innovation

Five business areas worth implementing AI

26 October 2018

Companies are moving from experimenting with Artificial Intelligence to implementing it – shows recent report by IBM and Oxford Economics. CEOs surveyed by the researchers point to five areas where they expect AI to be the most beneficial to their businesses.

AI capabilities are becoming more and more mature, and enterprise adoption is becoming widespread. More executives than ever are declaring plans to implement it into their business. At the same time, they are more discriminating about the areas in which they think AI would be most beneficial.

Researchers surveyed more than 5,000 C-level executives and top functional leaders about the use of Artificial Intelligence and cognitive computing in their companies. Among the businesses that see themselves as outperformers, at least 93 percent consider AI adoption.

When asked to select business functions where AI could add the most value, more than half of executives pointed to these five:

  • IT (87 percent)
  • information security (81 percent)
  • innovation (67 percent)
  • customer service (63 percent)
  • risk (55 percent)

Two years ago, the results were much more evenly spread. As much as 11 out of 13 business areas were selected as worth implementing AI by at least 65 percent of CEOs. This points to the transition from the experimentation phase into more focused approach.

Especially IT and information security stand out, cited by more than 80 percent of respondents. They can benefit from AI-enabled helpdesk assistants, process automation and threat detection algorithms.

“Innovation involves strategic opportunities and is often where an AI center of excellence resides” – the report said. The customer service will benefit from the virtual assistant capabilities. AI-powered algorithms can also help with risk management as well as fraud prevention and detection.

However, CEOs also see some challenges to AI adoption. 63 percent of them pointed to the poor availability of skilled resources or technical expertise as the biggest obstacle in AI implementation.

Euvic has worked with AI solutions for years and have both the knowledge and capability to answers to the biggest challenge of AI adoption.

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