FICO, a global analytics software firm, released a new report from the market intelligence firm Corinium that found the demand for artificial intelligence (AI), data, and digital tools is soaring as the COVID-19 pandemic continues to put a strain on many enterprises.
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Conducted by Corinium and sponsored by FICO, the report – Building AI-Driven Enterprises in a Disrupted Environment – surveyed more than 100 c-level analytic and data executives and conducted in-depth interviews to understand how organizations are developing and deploying AI capabilities. The study found that the uncertainties caused by the pandemic have forced many organizations to adopt a more committed, disciplined approach to becoming an AI-driven enterprise, with more than half (57 percent) of the chief data and analytics officers saying that COVID-19 has increased demand for AI, digital products and tools.
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Enterprises are seeking new AI-driven ways to mitigate risks and navigate through uncharted territories in the current economic environment. The report reveals the central role AI has in shaping the future as global markets work through and begin to recover from COVID-19; as well as how to mitigate future risk and disruption going forward.
Some key findings include:
Organizations Rally to Add AI Capacity
Most data-driven enterprises are now aggressively investing in their AI capabilities, in fact 63 percent of respondents have started scaling AI capacity within their organization. However, enterprise chief data and chief analytics officers are facing a wide range of challenges as they increasingly look to grow AI. 93 percent say ethical considerations represent a barrier to AI adoption. Other barriers identified include:
- Building a team with the right skill set (66 percent)
- Integrating new technology with legacy systems (62 percent)
- Regulatory and compliance risks (60 percent)
