State Of AI In The Enterprise, 2018: from Deloitte; 82% See Positive ROI

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DELOITTE’S STATE OF AI IN THE ENTERPRISE, 2ND EDITION; EARLY ADOPTERS COMBINE BULLISH ENTHUSIASM WITH STRATEGIC INVESTMENTS.

Highlights from from Deloitte’s State of AI in the Enterprise, 2nd Edition; Early adopters combine bullish enthusiasm with strategic investments.

  • 82% of enterprise AI early adopters are seeing a positive ROI from their production-level projects this year.
  • 69% of enterprises are facing a “moderate, major or extreme” skills gap in finding skilled associates to staff their new AI-driven business models and projects.
  • 63% of enterprises have adopted machine learning, making this category the most popular of all AI technologies in 2018.
  • 59% are using AI-enabled enterprise software purpose-built to provide insights and intelligence that streamlines sales cycles, processes, and workflows.
  • 37% of AI leaders say their companies have invested $5 million or more in cognitive technologies.

These and many other insights are from the Deloitte’s State of AI in the Enterprise, 2nd Edition; Early adopters combine bullish enthusiasm with strategic investments. Deloitte interviewed 1,100 IT and line-of-business executives from US-based companies in the 3rd quarter of 2018. Every respondent was required to be actively involved in their company’s use of artificial intelligence. Please see page 2 of the study for additional details regarding the methodology.

Key insights from the study include the following:

  • Tech, media, entertainment, and telecommunications enterprises are earning an average 20% or greater ROI on their AI investments today. Enterprises competing in these industries are in a race to create and license as much intellectual property (IP) as possible. With the global market for cognitive technologies predicted to reach $19.1B globally, patents are key to creating new markets. In addition to the billions of dollars Apple, Google, IBM, Microsoft, and others are investing in AI and cognitive technologies this year, Netflix is using AI to improve customer experiences. Using AI, Netflix found that if customers search for a movie for more than 90 seconds, they give up. Netflix estimates they’ve saved $1B a year in lost sales by having AI recommend movies that are the most interesting. Manufacturers are also adopting AI to understand better how to predict machinery reliability, stability and performance over diverse production runs.
  • 59% are using AI-enabled enterprise software to gain insights and intelligence that streamlines sales cycles, processes, and workflows. More enterprises gain cognitive capabilities through enterprise software including CRM and ERP systems than by any other method. Salesforce’s Einstein is an example of how AI integrated into CRM helps organizations achieve their revenue and customer goals. Earlier this year Salesforce announced they have successfully created an advanced NLP model for handling multiple use cases that typically require different models. Enterprise software vendors are in a race to scale their AI capabilities, with Salesforce setting a fast pace in CRM and related markets. Deloitte found that IT automation (47%), quality control and detecting defects (46%) and cybersecurity (41%) are the top three AI use cases. The following graphic compares how enterprises acquire and develop AI today, including top use cases. Please click on the graphic to expand for easier reading.Read

Read the source article in Forbes.