[ad_1]
Australian consulting firm V2 Digital has released the inaugural edition of its State of AI in Australia report, which sheds light on the maturity of AI and the journey ahead of the much-hyped technology. Steve Tzortzidis, director of data and artificial intelligence at V2 Digital, walks through the report’s key findings.
There is a lot of buzz around AI and Gen AI. For many obvious reasons. But V2 Digital’s State of AI in Australia report revealed that despite all the hype, current practice still revolves around experimentation and little action. For some reason, most organizations didn’t leave the gates.
The study surveyed more than 400 professionals at various levels of seniority across industries and departments.
Source: V2
We’ve heard it before; AI will change the game. It differentiates businesses that will be around in 10 or even three years from those that won’t last. The benefits are clear and widely recognized for the economy, businesses and the workforce.
The report showed that more than four-fifths (86%) agree that we should embrace AI, and that AI drives efficiency, competitive advantage and customer engagement above all else.
Source: V2
Therefore, you would think that businesses would be looking to implement technology and relevant training across the enterprise, right? Poorly.
The survey found that while more than three quarters (77%) believe AI is a business priority, organizations are still slow to adopt the technology, with only one in five (21%) respondents describing their organization as AI advanced. This slow rate of adoption is closely linked to a broader challenge: the lack of maturity of many organizations in using data to make decisions.
A major hurdle that companies must first overcome is the development of more robust and mature data capabilities. This foundational step is critical because effective AI implementation relies heavily on an organization’s ability to collect, manage, and effectively use data, suggesting that for many enterprises, the journey to AI maturity begins with addressing and improving their overall data infrastructure and analytics capabilities.
Source: V2
Barriers to AI implementation
So what is the delay? Businesses face a number of obstacles.
Businesses are still suffocating when it comes to actually taking AI action because they don’t know where to start. The data revealed that the number one obstacle to implementation was too many competing priorities (43%), followed by a lack of skills (38%) and a lack of strategy (33%). Other barriers were ethical concerns (29%), regulation and compliance (26%) and fear of artificial intelligence (24%).
This means that AI should be at the top of every business leader’s to-do list today. Map the steps to achieve AI maturity embedded in modern speed control and as an enabler. Good governance helps us to say “yes” responsibly, not just “no”.
With people at heart and enough investment to back it up. It is undoubtedly the single most effective initiative that will lead you to success. Otherwise, make no mistake; there will be a black horse to take your place.
Source: V2
The government lags behind in maturity
The public sector is not keeping pace when it comes to AI. Less than 1 in 10 (6%) of government respondents identified their organization as advanced in AI (compared to 21% overall) and less than half (44%) said AI is a business priority compared to more than three quarters (78%). in the private sector. Government respondents rated the AI skill level of the people in their organization just 2.75 out of 10, and AI training a low 1.56 out of 10.
Despite scoring lower than other industries, an overwhelming majority (75%) of government respondents agree that AI should be adopted. The public sector needs to look in the mirror and shed some weight if it hopes to be a real contender in the AI race. Only then will he have a chance on the track.
Building the right skills
A pedigree horse won’t get far without a caring trainer and jockey to guide the way. Similarly, our research has shown that AI is not the end goal, nor can you simply throw it on your technology stack and hope for the best. The real goal should be to supplement, improve and optimize existing processes, systems and workflows with the help of AI.
He emphasized the need for businesses to implement comprehensive training, allocate budgets accordingly and prioritize AI adoption in strategic plans. This equips the workforce with the skills needed to effectively use technology and realize its benefits.
Source: V2
When asked about the current level of AI skills of people in their organization, the results were disappointing, with only 4.5 out of 10 being the most common response. The larger concern was that current efforts to improve skills were insufficient to remedy this. When asked about their organization’s AI training, Australian professionals offered an average rating of just 3.17 out of 10.
Still, respondents rated the importance of increasing AI skills for future career prospects at 7.5 out of 10. When asked to name all the ways their organization plans to overcome relevant barriers to AI adoption, 42% said they would start a training program and 33% he said to hire AI staff.
AI training isn’t just good for business, it’s also what employees want. With the right support to use the tools effectively, your people will be key to unlocking the potential of your business.
Businesses should start small and scale quickly. Develop small teams of specialists and ensure they are capable with leadership support and clear parameters. Set measurable results with the right data to demonstrate effectiveness before expanding the application of AI across the enterprise where it makes the most sense.
Although AI continues to evolve rapidly, organizations that move towards AI maturity today will drive innovation, efficiency and sustainable growth in the future. While there are obstacles, the ways to overcome them are clear and ultimately help organizations on their way home.
About the Author: Steve Tzortzidis is the Director of Data and AI at V2 Digital, a private equity-backed digital and data consulting firm with nearly 100 employees.
[ad_2]