Influential AI report by KPMG has been released giving an insight into the latest thoughts from business leaders in the USA. KPMG (Klynveld Peat Marwick Goerdeler) is said to be one of the top 4 accountancy advisory firms in the world and have extended beyond this to all forms of business advice in over 147 countries employing over 219,000 employees (*1). Today they divide a lot of their work between. Audit (39%), Advisory (39%), Tax (22%) advice (*1). Playing such a pivotal role in businesses, they have a clear understanding of the state of play and future role of AI in business.
They produced several reports on AI, based on 700+ business leaders.
- Speed of adoption – 2/3 of insiders feel AI adoption is moving at an appropriate speed within the industry.
- Hype v reality – Most industry insiders: Technology (57%), Transport (69%), Healthcare (52%), retail (64%) think there is hype.
- Preparedness for AI – C leaders (79%), Managers (39%) are prepared
- Technology adoption – 63% firms think AI will be a major part of their business
- Financial – 85% firms say that AI will help them solve challenges
- Retail – In next 2 years, 56% thought that AI will have the greatest impact on customer service. 80% already using some form of AI to help.
- Healthcare – 90% of healthcare professionals believe AI will improve patient experience
- Transportation – 82% believe government should be involved in AI regulation
My key thoughts
- It is amazing to see such a huge acceptance of AI and its possibilities across all industries.
- Most decision makers think that there needs to me more aggressive approach to adopting AI.
- Biggest hurdles seem to be data security and privacy. Rightly so, better data protection leads to better results.
- The companies that are adopting AI are reaping huge benefits.
- In order to make AI work, it needs to add 100% value to the companies core values. It should be adopted as a central ethos and not mere technology play.
- There is going to be a huge need for ‘data scientists’, to pre-process, present and post analysis of data.
- To elevate concerns, commerce and governments need to set out an ethical standards to give peace of mind.
- There is a clear need for more education, more investment in AI and how it can transform business and the wider society.
Thanks KPMG for this report and interesting findings.
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