A recent survey shows that businesses are still trailing behind in adopting generative AI technology despite the considerable buzz surrounding its potential.
CNBC reported that in the global survey of more than 300 business leaders conducted by MIT Technology Review Insights and Australia's top telecom firm, Telstra, only 9% of them were significantly using AI in their operations.
MIT, Telstra Survey Reveals Businesses Lag Behind AI Adoption
The survey reveals that data privacy concerns, regulatory hurdles, and limitations in IT infrastructure were the primary barriers hindering the widespread use of AI.
While leaders are optimistic about AI's potential, current usage remains limited. Early adopters primarily employ the technology to automate repetitive tasks requiring minimal human intervention.
Stela Solar, Inaugural Director at Australia's National Artificial Intelligence Centre, emphasized in the survey report the misconception on how easy it is "to run mature, enterprise-ready, generative AI."
Solar highlighted the need for improvements in data quality and capability, privacy measures, AI skilling, and organizational safe and responsible governance to facilitate its adoption.
Despite the current lag, most business leaders expect a substantial increase in the deployment of generative AI across various functions by 2024. Areas such as customer service, strategic analysis, product innovation, supply chain logistics, and sales were identified as potential targets for AI integration.
Obstacles to Generative AI Adoption
However, the survey underscores significant obstacles to the widespread rollout of generative AI, particularly concerning IT resources and capabilities.
Many respondents express doubts about their IT infrastructure's readiness to support the adoption of generative AI, citing budget constraints and regulatory compliance as additional challenges.
Data privacy and security emerged as paramount concerns, with regulatory compliance cited as a significant barrier to rapid AI deployment.
Despite these challenges, the survey reflects a generally positive outlook on the future role of generative AI in business, with most respondents viewing it as a competitive opportunity rather than a threat.
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