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AI will drive future business, yet barely any firms use it

(Image credit: Image Credit: Razum / Shutterstock)

Most businesses agree that artificial intelligence (AI), paired with other state-of-the-art technologies, will drive future business success.

However, according to a new report from Wipro, barely any companies are taking advantage of the technology.

The report claims that the use of AI, analytics, machine learning, deep learning and automation creates what’s known as an “Intelligent Enterprise”. While most organizations (80 percent) recognize the importance of being “intelligent”, less than one in five (17 percent) would classify themselves as such.

Being an “intelligent enterprise” helps businesses solve problems and drive innovation. These technologies are considered critical for improving operational efficiencies, reducing employee time spent on manual tasks and enhancing both employee and customer experiences, the report claims.

In order to become “intelligent”, businesses need to first collect data, and then combine it with a host of technologies to create and then leverage insights. Organizations that fast-track these tools and processes stand to gain “an immediate competitive advantage” over the competition.

“Organizations now need new capabilities to navigate the current challenges. The report amplifies the opportunity to gain a first-mover advantage to being Intelligent,” said Jayant Prabhu, Vice President & Head - Data, Analytics & AI at Wipro Limited.

“The ability to take productive decisions depends on an organization’s ability to generate accurate, fast and actionable intelligence. Successful organizations are those that quickly adapt to the new technology landscape to transform into an Intelligent Enterprise.”

Becoming “intelligent” has its advantages, but getting there isn’t as easy as it sounds. Most organizations claim that data barriers - mostly around security, quality and seamless integration - prevent them progressing with AI projects.

At this moment in time, only 17 percent of the respondents can leverage AI across the entire organization.