93% of large companies see AI as essential for success, but more than three-quarters face severe talent shortage: UST survey

Most organizations clearly agree with the artificial intelligence (AI) ship but lacks expert AI staff and they need a compass to help them navigate these uncharted waters, according to a study commissioned by digital transformation solutions company UST.

A research-based report on ‘AI in the Enterprise’ said obstacles to effective implementation often include a lack of internal AI. skillsincreasingly complex regulatory requirements and growing ethical concerns. These factors create uncertainty, slowing AI implementation and preventing the technology from reaching its full potential, he said.

UST surveyed 600 senior IT decision makers at large companies (with revenues of more than $500 million) in the United States, the United Kingdom, India and Spain, representing a combined revenue of more than $10 billion.

Enabling AI remains of paramount importance to large enterprises: over half (54%) use and integrate it across their organisations, over a quarter (28%) use it across the business but in an unstructured way, and 16% have just started experimenting with it. Only 1% said they do not use AI and have no plans to do so. Notably, 92% said their company’s AI implementation aligns with their strategic goals, and 93% said they believe AI will be essential to success over the next five years. However, only 8% said they face no barriers to achieving these goals, highlighting that despite widespread recognition of the importance and strategic value of AI, most organisations face substantial obstacles to its implementation.

Nearly 9 in 10 (89%) said their organization needs to increase spending on AI implementation to keep up with competitors.

More than three-quarters (76%) said there is a severe shortage of AI-skilled staff within their organization. Accordingly, nearly nine in ten (89%) said their organization needs external guidance to effectively implement AI, and more than half (57%) plan to hire external AI experts in the next three years. Two-thirds (67%) said there are not enough external advisors focused on AI implementation, and more than a third (38%) said external expertise is less expensive than in-house. Additionally, nearly a third (31%) of respondents said they are unable to upskill their own workforce. Regarding their AI workforce, 80% said they are looking to improve their workforce’s skills. diversity is critical or very important. However, 32% said their AI team lacks diversity. In addition, 70% expressed concern that this lack of diversity leads to biased results.

“AI is a disruptive technology that is already accelerating innovation across all industry sectors, improving productivity and redefining what is possible in previously unimaginable ways,” said Krishna Sudheendra, CEO of UST. “This research comprehensively showcases the myriad benefits and challenges that AI presents to businesses. By shedding light on the key obstacles to effective AI integration, we hope to help businesses identify the right tactics and facilitate greater AI adoption.”