AI can solve data challenges, shows MIT survey

IT leaders who work with data are more likely to see the value in AI

Future business growth relies on the intelligent use of data: whether that is in anticipating demand, developing new business models or understanding a changing market. As the amount of data available to companies grows, this is becoming a significant challenge - and is fuelling interest in artificial intelligence.

A global survey of more than 2,300 IT and business leaders, by MIT Technology Review Insights and Pure Storage, found that 86 per cent said that data is key to making better business decisions. However, almost 80 per cent had concerns about how to analyse data; specifically naming volume, collection and analysis as challenges.

Business feel compelled to keep up with competitors who have adopted agile ways of working and who are using analytics in new ways to deliver value through their data. However, analytics professionals are in high demand, and SMEs in particular are struggling to take on new staff with appropriate skill sets.

Automation may be a solution: 83 per cent of leaders said that AI will be ‘a game changer' for data processing, and the same proportion expected automation to significantly enhance processes across industries. Almost 80 per cent of respondents said that they had been asked to evaluate AI for the business.

"Without a doubt, in the not-so-distant future, artificial intelligence will certainly replace tasks that are repetitive, mechanical, and don't require much thinking," said a respondent from the Japanese manufacturing industry.

However, not everyone is enthusiastic. People are afraid of job losses, loss of human skills and the unreliability of automated systems. These concerns are more pronounced amongst those who are have less involvement with data-driven decision making; those who work more closely with data were consistently more enthusiastic about adopting AI in the business.

There is a chance that the attitudes of those with lower involvement towards AI could slow its adoption for some organisations, unless they make an effort to educate their staff about its use and benefits.

In terms of practical concerns, respondents pointed to cost, infrastructure readiness and a lack of skilled staff as the primary barriers to adoption. Businesses must be ready to evaluate actual use cases to determine the return on investment, and may need to change their recruitment practices as well.

Despite the concerns, more than 80 per cent of IT and business leaders expect that AI will have a positive impact on their industry, and almost two-thirds expect to invest in Ai solutions in the near future.