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Despite the hype, most organizations are not doing much with AI. For AI to work properly, businesses have to understand both the outcomes and the inputs.
Unfortunately, businesses currently focus on the outcomes, and they've not invested in the right data sets to use AI engines or predictive models in the right way.
It surveyed over 600 senior-level decision makers on their 2018 technology investments, the motives behind those investments, and how ready they really feel for these new technologies.
Companies seem to fall for the hype and are jumping into new technologies that do not align with their current digital transformation pain points. The survey revealed that the majority of companies are investing in technology that they do not feel confident using.
A quarter of companies have invested more than 25 percent of their 2018 budgets in AI, blockchain, voice, or facial-recognition tech. However, over half (53 percent) do not feel prepared to effectively use AI, blockchain, or facial-recognition tech.
Company decision makers invest in technologies often without taking a step back and assessing how those technologies fit into their larger digital strategy and business goals.
Instead of companies collaborating across departments and focusing on where they are going, the survey showed that 60 percent of departments fight one another over budget and resources, and 90 percent waste time tracking down digital information internally.