4 in 10 executives don’t trust their data to generate accurate AI output
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240522830408/en/
The study was conducted for Teradata by NewtonX, the world's leading B2B market research firm, and included expert interviews and quantitative interviews with executives and decision makers with inside knowledge of their companies' AI strategy and execution. Includes research. All of those surveyed are responsible for or use AI in their work. 61% said they have complete confidence in the reliability and validity of their company's AI output, but 40% do not believe their data is yet in a state where they can achieve accurate results. yeah.
“The foundation of AI is clean, reliable data because it is the backbone of AI output,” he said.
AI is essential, but a clear and coherent strategy is lacking
Although 89 percent of business executives believe AI is necessary to remain competitive, only 56 percent say their company has a clear AI strategy, and only 56 percent say their company has a broader AI strategy. Only 28 percent believe it is closely aligned with and supports business objectives. Most successful AI implementations occurred at the departmental level, with only 12 percent of companies deploying AI solutions and 39 percent deploying AI in some departments.
Executives cite significantly improved productivity (51 percent) and improved customer experience (50 percent) as the most important benefits of AI. But despite the potential for customer-facing applications, most executives prefer to work on AI projects that enhance internal processes. These projects tend to minimize AI risk and are thought to be more likely to improve cost control than drive growth.
- Nearly half of the executives surveyed have used AI to improve employee productivity and collaboration (54 percent) and support decision-making (50 percent), but only a third are using AI for product development (30 percent) or sales and revenue forecasting (30 percent).
- More than half (57%) of executives surveyed said they were concerned about how AI failures could impact customer satisfaction, the company's reputation, or both. He pointed out that for AI to be successful, it is necessary to improve the integration between AI and business planning.
- Even for internal projects, 63 percent of executives surveyed reported using a combination of private and public data sets, but fewer rely solely on private data sets. Only 29% of people do.
- Barriers to effectively scaling AI projects include:
- AI technical talent shortage (39%).
- They lack the necessary budget to scale their AI projects (34%).
- Difficult to measure business impact (32%)
- Insufficient technology infrastructure (32%).
While 73 percent of those surveyed considered their company to be an early adopter of many technologies, 60 percent said their level of AI adoption was “on par” with competitors, and 60 percent said their company's level of AI adoption was “on par” with its competitors. Only 27 percent believe they are leading the way.
Increasing trust is an obligation
Trust in AI projects and outcomes is critical for executives. One participant said, “…we want to make it clear to our customers what data was used to train the model,” adding that choosing the wrong set can easily introduce bias into the model. I pointed out that there is a sex. Another said, “…master data management is not sexy, but…if you base everything on data and the data is flawed, you have a problem.”
In addition to unbiased data, survey participants also said that their organization's commitment to new AI implementations includes improving operational efficiency (74%), demonstrating successful use cases (74%), and improving decision-making processes (57%). stated that this is the main factor that indicates trust. Also critical to trust in AI is prioritizing vendors and partners that facilitate seamless integration with top-tier AI solutions (67%).
Among other findings, survey participants noted:
- Reliable and verified results (52%), consistency/reproducibility of results (45%), and the brand of the company building the AI (35%) are the three most important factors in building trust in AI There are two elements.
- Key aspects of trustworthy AI include security (61 percent), transparency (55 percent), governance (45 percent), and improving company performance (40 percent).
Contributing to AI success
Respondents cited clear strategic vision and leadership support (46%), effective communication of AI benefits to stakeholders (46%), and AI technology as key factors in AI success to date. and adequate investment in infrastructure (41%).
The majority of respondents (84%) expect results from an AI project to be seen within a year of implementation, and more than half (58%) say the results can be quantified within six months. Masu. Additionally, 60% said they were already seeing a “clear ROI” with their existing AI solutions.
“There's a huge opportunity to improve trust in AI through greater alignment of business and AI planning. But having a plan can only go so far,” said Woods. “Working with the right partners and solutions can accelerate trust by quickly showing accurate results and ROI from AI projects. But remember, every successful AI project starts with a foundation of clean, reliable data (I call this 'golden data') that provides full transparency based on solid data sets. That's where Teradata can help.”
About the investigation/method
This survey was distributed in the United States;
About Teradata
At Teradata, we believe that trusted information helps people thrive. We offer the most complete cloud analytics and data platform for AI. Delivering harmonized data and trusted AI to make more confident decisions, innovate faster, and drive the impactful business outcomes your organization needs most. .
Find out how at Teradata.com.
About NewtonX
The world's leading companies are seeing the benefits of using NewtonX. We are the only B2B research company that connects today's insight leaders with verified business expertise to solve their challenges. Our AI-powered algorithm, NewtonX Graph, custom recruits the perfect audience for your business questions from his open network of 1.1 billion experts across 140 industries. All his 100% verified by experts, so you can take your next bold move with confidence.
For more information, visit newtonx.com.
The Teradata logo is a trademark and Teradata is a registered trademark of Corporation.
View source version on businesswire.com.
https://www.businesswire.com/news/home/20240522830408/ja/
jennifer.donahue@teradata.com
Source: Teradata
