Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

DESPITE THE HYPE, AI ADOPTION STILL IN EARLY STAGES PER SAS SURVEY

Challenges remain for 100 European organisations surveyed, from skills gap to ethical issues

The hype surrounding artificial intelligence (AI) is intense. But for most European businesses surveyed in a recent study by SAS, the leader in analytics, AI adoption is still in the early or even planning stages. The good news is, the vast majority of organisations have begun to talk about AI, and a few have even begun to implement suitable projects. There is much optimism about the potential of AI, although fewer were confident that their organisation was ready to exploit that potential.

It isn’t so much a lack of available technology slowing AI adoption; most attest that there are many options available. More often, the challenges come from a shortage of data science skills to maximise value from emerging AI technology, and deeper organisational and societal obstacles to AI adoption.

These were some of the findings of the Enterprise AI Promise Study, a phone survey of executives from 100 organisations across Europe in banking, insurance, manufacturing, retail, government and other industries. The SAS study was conducted in August to measure how business leaders felt about AI’s potential, how they use it today and plan to use it in the future, and what challenges they face.

Societal challenges

Fifty-five per cent of respondents felt that the biggest challenge related to AI was the changing scope of human jobs in light of AI’s automation and autonomy. This potential effect of AI on jobs includes job losses but also the development of new jobs requiring new AI-related skills.

Ethical issues were cited as the second-biggest challenge, with 41 per cent of respondents raising questions about whether robots and AI systems should have to work “for the good of humanity” rather than simply for a single company, and how to look after those who lost jobs to AI systems.

Data science team and organisational readiness

Are organisations’ data scientists ready for the challenge of emerging AI? Only 20 per cent felt their data science teams were ready, while 19 per cent had no data science teams at all.

Recruiting data scientists to build organisational skills was the plan for 28 per cent of respondents, while 32 per cent said they would build AI skills in their existing analyst teams through training, conferences and workshops.

Additionally, trust emerged as a major challenge in many organisations. Almost half of respondents (49 per cent) mentioned cultural challenges due to a lack of trust in AI output and more broadly, a lack of trust in the results of so-called “black box” solutions.

Platform readiness

The study also sought to assess AI readiness in terms of infrastructure required. There was a contrast between those respondents who felt they had the right infrastructure in place for AI (24 per cent), and those who felt they needed to update and adapt their current platform for AI (24 per cent) or had no specific platform in place to address AI (29 per cent).

“While it is increasingly used as an industry buzzword, artificial intelligence has truly astounding potential. When implemented correctly algorithms will be able to perform human tasks automatically like never before,” said Peter Pugh-Jones, Head of Technology, SAS UK & Ireland. “While many organisations are still in the early or even planning stages of adopting AI, it will be those that harness the power of this technology that will not just survive but thrive in the future.”

For additional findings, download the complete survey report: https://www.sas.com/sas/offers/17/the-enterprise-ai-promise.html