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Tuesday, 1 February, 2022

AI/ML Annual Research Report 2022 – Analysis

AI/ML is creating many opportunities for companies today. Having a modern data stack/cloud server allows you to get the best out of this technology. Rackspace are investing heavily in AI/ML servers as well as research into this area.

Rackspace have written a comprehensive report/whitepaper highlighting the help, investment, barriers, benefits of AI/ML to a business.

Key findings #1
AI is critical for business strategy. Up to 72% of respondents note AI/ML as part of their business strategy, IT strategy or both.

AI is critical to all enterprises to reduce costs and create new markets. The key is to see how it can fit within a business strategy. In some instances, the inclusion is so profound it will help re-shape a business strategy.

Key findings #2
AI/ML is having an overwhelmingly positive impact on businesses. 70% of all respondents reported positive impacts of AI/ML on brand awareness and reputation, revenue generation and expense reduction.

AI/ML brings so many things to the table. Companies can reduce costs and increase revenue. The act of doing this can give a positive upswing for most businesses too.

Key findings #3
AI/ML budgets are increasing.

As adoption rises, returns are being realised and more companies are finding that AI/ML needs serious investment in order to get solid returns.

Key findings #4
52% are using AI/ML for improving speed and efficiency

This is one of the major factors for early adoption. However, if AI is harnessed widely, new outward facing products and services can be realised too.

Key findings #5
60% consider revenue growth a leading KPI along with 55% on cost savings and 54% profit margins.

This demonstrates how AI can influence all aspects of an enterprise. Depending on what AI is implemented, it can increase revenue, profits as well as reduce costs in many ways.

In summary
This is a really good report and indicates the continual interest and thirst for AI. It indicates some of the issues on the way including the need for a solid strategy, focus on quality/accuracy of data and investing in talent for the future.

Great report Rackspace team.

Read the report here – (Needs a few details)

Contact Mike Nash today

If you are a company in need of finding the right AI team or the right AI strategy/approach, please feel free to contact me. Whether you are start-up or multinational/government get in contact today and see how I can add value to your organisation.

Please feel free to contact me today

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