53% of enterprises spending more than $20 million a year on AI technology, talent

Among seasoned adopters, 68% have spent more than $20 million over the past year on AI, according to Deloitte.

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Managing AI and ML in the Enterprise

The AI and ML deployments are well underway, but for CXOs the biggest issue will be managing these initiatives, and figuring out where the data science team fits in and what algorithms to buy versus build.

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Fifty-three percent of enterprises adopting artificial intelligence have spent more than $20 million over the past year on technology and talent, according to a survey by Deloitte.

The State of AI in the Enterprise survey, based on 2,737 information technology and line of business executives, highlights how AI implementations are moving into production at a rapid pace. Deloitte's respondent base included 26% "seasoned adopters," 47% "skilled" adopters and 27% "starters." The respondents were classified based on AI adoption and systems launched into production.

Among seasoned adopters, 68% have spent more than $20 million over the past year on AI, according to Deloitte. In addition, 81% of seasoned adopters have reported payback on investment in less than two years.

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As for the AI technology portfolio, 67% of respondents are using machine learning today with 97% planning to with 54% using deep learning and 58% using natural language processing, said Deloitte.

These AI adopters see more efficient processes as the primary justification for deployments with improving decision making also a key goal. AI adopters are also generally buying more technology than building it, but only 47% of respondents said they have skill selection suppliers, said Deloitte.

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Other key findings include:

  • 45% said they have a high level of skill around integrating AI technology into their existing IT environment.
  • 93% are using cloud-based AI with 78% using open source AI.
  • 61% said they thought AI will substantially transform their industries.
  • 62% said they had major and extreme concerns about cybersecurity vulnerabilities with AI, followed by failures impacting business operations and using personal data without consent. Liability and changing regulations were also top concerns.
  • 95% of respondents were concerned about the ethical risks of deploying AI.
  • 62% of respondents said AI technologies should be heavily regulated.  
  • The main beneficiaries of artificial intelligence success are IT departments themselves
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