Artificial intelligence (AI) continues to gain traction among enterprises, with a companion analysis to Cognizant and Oxford Economics' 2023 study revealing cautious optimism driving the adoption of generative AI. The analysis surveyed 2,200 executives from 23 countries and 15 industries, providing valuable insights into the current state of AI adoption [d89e77e8].
According to the survey, 77% of global companies expressed a desire to grow revenues through AI, indicating a strong belief in the potential of AI to drive business growth. The average planned AI investment for this year is nearly $50 million, highlighting the significant financial commitment that companies are willing to make to leverage AI technologies [d89e77e8].
However, the survey also revealed that only 26% of companies have implemented cross-enterprise use cases for AI, suggesting that there is still room for growth and expansion in terms of AI integration across different business functions. To address this gap, 54% of companies plan to upskill their workers to bridge the skills gap and ensure that employees are equipped with the necessary knowledge and expertise to effectively utilize AI technologies [d89e77e8].
Despite the enthusiasm for AI adoption, the survey found that 70% of companies feel they are not moving fast enough in adopting AI. This sentiment is driven by the recognition that delay in execution could place them at a competitive disadvantage. It is clear that companies are aware of the potential benefits of AI and the need to embrace it quickly to stay ahead in the market [d89e77e8].
The survey also highlighted regional differences in AI adoption. North America leads the way with a momentum score 15% above the global baseline, indicating a strong commitment to AI integration. On the other hand, EMEA and APAC trail behind, with EMEA at -4% and APAC at -14%. These regional variations suggest that there are still challenges and barriers to overcome in certain parts of the world when it comes to AI adoption [d89e77e8].
In a separate study on AI trends and regulations shaping hiring in 2024, it was found that hiring is not slowing down despite economic headwinds. Candidates believe that AI can help address bias in hiring, with 49% expressing this sentiment. Additionally, 66% of hiring leaders have a more positive attitude towards AI in the workplace, recognizing its potential to improve the hiring process [d0c01e8d].
Transparency in AI technology is seen as crucial in building comfort and trust. AI regulations are becoming more robust, and HR professionals are setting up internal teams and hiring external resources to assess compliance. However, 52% of HR professionals lack confidence in their current vendors meeting new AI standards, indicating the need for more reliable and compliant AI solutions [d0c01e8d].
HireVue, a company advocating for responsible AI hiring practices, is pushing for static and deterministic algorithms, comprehensive audits, notice and transparency, and the provision of demographic data in AI hiring. They have also joined the U.S. Artificial Intelligence Safety Institute Consortium and signed a joint letter calling for funding for NIST (National Institute of Standards and Technology) [d0c01e8d].
Overall, while there is cautious optimism and a strong desire to leverage AI for business growth, there are still challenges to overcome, such as the need for cross-enterprise use cases, upskilling of workers, and ensuring compliance with AI regulations. Companies that can effectively address these challenges and embrace AI quickly stand to gain a competitive advantage in the market [d89e77e8] [d0c01e8d].