IFS: 90% of Business Leaders Have AI Plans

A new study published by Swedish software company IFS reveals a large majority of business leaders have plans to implement artificial intelligence into their organization.

The study, which polled 600 business leaders across a wide range of industries, indicates that AI is a point of interest for many. Like blockchain and other new, rather undefined technologies, it seems many businesses want to be involved, but are unsure how to implement the technology and whether it will have any major benefit.

SEE ALSO: How AI is Empowering the Internet Networks of Tomorrow

The industries most invested in AI include industrial automation (44.6 percent), customer relationship management (38.9 percent) and inventory planning and logistics (38.9 percent).

“AI is no longer an emerging technology. It is being implemented to support business automation in the here and now, as this study clearly proves,” IFS VP of AI Bob De Caux said.

Most leaders surveyed said AI would help make workers more productive (60.6 percent), while only 18 percent said they would use it to replace workers. As we referenced recently, more forward-thinking organizations are utilizing AI as a side companion to human workers, not as a replacement.

“We are seeing many real-world examples where technology is augmenting existing decision-making processes by providing users with more timely, accurate and pertinent information”, Caux added.

“In today’s disruptive economy, the convergence of technologies such as AI, RPA, and IoT is bolstering a new form of business automation that will provide companies that are brave enough with the tools and services they need to be more competitive and outflank larger competitors.”

Discussing how AI will affect the job market, 29 percent of business leaders said it will lead to a reduction in headcount. 56 percent believe changes in education and possible re-education programs for workers made redundant through AI would help, while 23 percent believe AI will provide enough jobs for those displaced by AI. 15 percent argued that a shortened working week of 30-hours would be beneficial.