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article imageLess than one-third of businesses plan to invest in AI: Survey

By Tim Sandle     Mar 30, 2019 in Business
Despite the potential that artificial intelligence can deliver, a new survey of IT and business decision makers on automation of applications management and AI-driven technology shows very few business leaders are planning to invest in the technology.
The new survey of business decision in relation to automation and AI-driven technology comes from independent research firm Vanson Bourne and DXC Technology, a leading independent, end-to-end IT services company.
The survey polled some 500 Information Technology and business decision makers, and the results showed that while 82 percent agree company wide strategies to invest in artificial intelligence driven technologies would offer significant competitive advantages, only 29 percent (less than one-third) said their companies have those strategies in place.
In terms of acknowledging the importance of artificial intelligence, a large majority of respondents (86 percent) indicated that the ability to predict and prevent future challenges with applications would be a “game changer”. The sector that was most likely to be ahead with the technology was the insurance sector. Insurers were most likely (45 percent) to have implemented company wide strategies to transform the running and maintaining of legacy and digital applications.
An example of artificial intelligence disrupting insurance is with behavioral policy pricing. This involves the application of
Internet of Things sensors to provide personalized data to pricing platforms, allowing safer drivers to pay less for automobile insurance (usage-based insurance) as well as those deemed to have healthier lifestyles to pay less for health insurance.
Other sectors ahead of the pack are travel and transportation, who are beginning to invest in systematic automation of applications management, for reasons of customer retention and improved customer experience. A further area is with banking.
The survey found several reasons for this lack of concrete planning. One of the key reasons was due to culture, with a degree of uncertainty about artificial intelligence within a business standing out. The survey found that only 36 percent said their peers are completely accepting of new technologies like AI and automation to improve applications quality. Another reason is due to diverse application portfolios, which can present challenges for implementing systematic application automation.
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