While businesses and IT professionals are increasingly using artificial intelligence and machine learning (ML), measuring and proving the business value of the technologies remains a challenge for organizations.
Rackspace recently released a survey on AI and ML, where 1,870 IT leaders from differing areas – including manufacturing, finance, retail, government and healthcare – weighed in on the subject.
The survey found that while 62 percent of respondents said AI and ML is a high priority within their respective organizations, 36 percent said that “measuring and proving its business value remains the most common challenge.”
Further, the survey uncovered three barriers for implementing AI and ML: legacy technology barriers; difficulty in identifying return on investment; and lack of skills and/or staff.
“Almost every AI/ML project seeks to leverage insights gained from data. Converting the numbers into actions is a goal of every organization that operates AI/ML,” the survey says. “However, data and management obstacles associated with AI/ML can often impede or delay adoption.”
The survey highlights a number of different trends when it comes to organizations adopting AI and ML, including:
- AI and ML is seen as critical for business strategy and was consistently ranked in the top two most important strategic technologies;
- AI and ML have an overwhelmingly positive impact on businesses with 70 percent reporting positive impacts of AI/ML on brand awareness and reputation, revenue generation, and expense reduction;
- AI and ML budgets are increasing; and
- AI and ML are still only partially understood by those who consider it vital for business and IT strategy.