Mind the gap: AI and machine learning lag in adoption
Despite acknowledging the value of AI and machine learning technologies most business organizations are lagging behind in using them reports a survey from RELX Group.
More than 91 percent of senior executives polled understood that AI and machine learning were important but only 56 percent were using them and 18 percent could not say how the technologies were being used in their business.
RELX says the gap in adoption is due to senior leadership not being able to communicate the benefits of the technologies to employees and how or why they are being used.
"While awareness of these technologies and their benefits is higher than ever before, endorsement from key decision makers has not been enough to spark matching levels of adoption." said Kumsal Bayazit, Chair of RELX Group's Technology Forum.
"Acknowledging that the world is changing needs to be coupled with significant investment and focus on these emerging technologies to stay competitive in today's business landscape."
The top uses for these technologies is to improve worker productivity (51 percent), to make better business decisions (41%), and to streamline business processes (39 percent).
Additional findings: Companies are saving money by automating decisions (40 percent), retaining customers longer (36 percent) and easier detection of fraud and waste (33 percent).
RELX recently opened an AI Lab in Amsterdam so that it's scientists can work with Dutch universities to combine developments in academia and from the industry. It recently published open access research on AI and machine learning as part of its free Artificial intelligence Resource Center.
RELX Group has a valuation of $41 billion. It used to be a major media company with hundreds of magazines and newspapers and was better known as Reed-Elsevier. It has successfully transitioned into an information and data company selling a variety of services to businesses and at a far higher valuation than if it had remained a media publisher.