A new report shows that AI will be crucial for businesses in the next few years

In this new era of technological development advancing day by day, the usage and the role that AI is playing in both our domestic and business life is becoming more and more relevant. Today, there is almost no doubt as to the implementation of AI becoming more and more common.

This was the belief the team at Deloitte had when they set out to embark on the journey of Deloitte’s State of AI 5th Edition research report, in which they published the result that 94% of Business leaders and tycoons agree that AI is going to be critical if they want their company to succeed the next 5 years in the market.

However, alongside this, there is one unexpected outcome as well. This is that as the amount of AI utilization increases, the outcomes of those utilizations are still behind and cannot be seen in most cases. According to Beena Ammanath who is the Executive director of the global level institute Deloitte AI. Even though 79% of respondents said that they had successful full-scale AI deployments that included about 3 or more types of AI, the amount of AI that did not perform well in the field rose from 17% last year to 22% this year. However, the good news is that the amount of well-performing went up to 79% as compared to 62% last year.

The reason for some of the AI not performing well might be that the survey respondents described some of the challenges they were facing with deployment. For the inception of any new AI project, the top challenges faced by companies were

This may be because survey respondents reported varying challenges depending on where they are at in their AI implementation. When starting new AI projects, the top challenge reported was proving AI’s business value (37%). This was followed by a lack of executive commitment (34%) and choosing the right AI technologies (33%).

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