Data Shows How Important AI Adoption is to Business | Cognizant
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Making AI Responsible—and Effective

To bring AI into the business mainstream, companies need to complement their technology advances with a focus on governance that drives ethics and trust. If they don’t, their AI efforts will fall short of expectations and lag the business results delivered by competitors that responsibly embrace machine intelligence, our latest research findings suggest.

OUR RESEARCH REPORT

Surveying the Artificial Intelligence Landscape

Businesses are in the early stages of AI adoption, and are still learning how to put the technology to work. The challenge today is less about understanding technical questions and technology capabilities, and more about crafting a strategy, determining the governance structures and practices needed for “responsible AI,” and accelerating the move from experiments to full-scale AI adoption.

AI Importance and Benefits

How important is AI to the future of your business and industry?

Executives from all industries expect AI to be exceedingly important to their company’s success over the next three years.

Roughly two-thirds of executives believe that AI is extremely or very important to their company’s success today.

84% view AI as critical, including 48% who believe AI will be extremely important to their company’s success.

Financial services, technology, and retail executives are most optimistic about the importance of AI.

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Financial services, technology and retail executives are anticipating increased revenues from AI adoption

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Executives at faster-growing companies expect greater efficiency gains from AI.

More than 80% of executives at faster-growing companies expect major or significant benefits from AI in increased efficiency/lower costs over the next 12 months.

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Percentage of executives who believe that AI will enhance the ability to introduce new products/services or enter new businesses:
Over the next 12 Months

57%

Over the next Three Years

73%

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AI Projects

AI's top two functional focus areas are customer service (21%) and manufacturing/ production (19%).

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Most projects are in an early and experimental stage. Executives most often reported on pilot projects (37%), with only 22% of projects being fully implemented.

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A wide range of AI technologies are employed in AI projects, but the top five AI technologies are used in more than 40% of known projects.

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Companies most often use a mix of in-house developed applications built with third-party assistance.

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Ethical Considerations

Only 53% of companies have policies and procedures designed to identify and address potential unethical behavior and uses of AI.

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Roughly half of executives report that their company uses tools to identify and address potential unethical behavior in AI applications.

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Nearly 90% of executives say their company is using or considering using blockchain technology to provide assurance for intellectual property issues associated with AI.

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So are you ready for AI?

Visit the AI section of our website to learn more about how we can help you make make the shift.

LEARN MORE

AI Insights

Survey Details

To understand:
  • How AI is moving from experimentation to production.
  • The challenges in deploying and reaping business value from AI.
  • The governance required to ensure that AI is developed and deployed responsibly.
Methodology
  • Our research study was conducted across the U.S and Europe.
  • Data was collected via an online survey and telephone interviews.
  • 975 respondents were surveyed.
  • More than half the respondents had C-Suite titles, with an additional 16% being an Executive Vice President, Senior Vice President or Vice President.
  • Industries studied include Financial Services, Technology, Manufacturing, Retail, Healthcare & Life Sciences, Insurance, Media & Entertainment.
  • The data was collected by a third-party partner and analyzed by Cognizant's AI & Analytics Practice.
Industries
Geographies

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Serving customers by looking forward as well as back is a big promise, but the power of today’s new digital capabilities is vast and growing.

Let’s talk about how digital can work for your business.

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