AI report finds skyrocketing C-Suite involvement

According to the report, nearly 75% of businesses now consider AI critical to their success, and AI continues to grow in importance across companies of various sizes and industries. Yet, almost 50% of those who responded to the 2020 State of AI survey feel their company is behind on their AI journey, suggesting a critical gap exists between the strategic need and the ability to execute.

“Many organisations have adopted the use of the internet at the core of their processes, and AI is on a similar journey from fringes to core value offering. Increasing investment in AI projects and greater involvement by the C-suite, along with accelerating enterprise adoption in the wake of COVID-19, are clear indicators that AI is core to business success,” said Appen CEO, Mark Brayan. “However, most companies are still in the early stages and facing challenges, especially around training data.”

Key takeaways from the 2020 State of AI Report

The C-Suite is now far more heavily invested and involved in the development of AI projects

Executive visibility and involvement in AI have skyrocketed over 30% year-over-year, with 71% of organisations reporting C-suite involvement in AI projects. What’s more, the percentage of companies investing over $5m has effectively doubled compared to last year. With this level of executive involvement and increased budgets, ethics, governance, and risk management initiatives have become important topics for technologists building AI.

COVID-19 is not slowing AI investment

Continuing investment in AI shows that businesses are choosing to spend in times of turbulence. Two-thirds of companies do not expect any negative impact on their AI strategies. Nearly 50% of companies have accelerated their AI strategies, 20% doing so 'significantly' betting their AI projects will have a positive impact on their organisation’s resiliency, efficiency, and innovation.

“COVID-19 has changed everything about the way companies are operating today, but not everyone has adapted in the same way,” added Wilson Pang, CTO at Appen. “The State of AI report shows despite turbulent times, more than two-thirds of respondents do not expect any negative impact from COVID-19 on their AI strategies. Those that are prioritising AI see the power of digital transformations as a way to improve their resiliency and long term performance.”

Data remains the key AI challenge

Training data is the key to successful AI, with 3 out of 4 companies updating their models at least quarterly. However, 40% of those updating quarterly feel that a lack of data or data management is a challenge.

“Many businesses are still early on their AI journey and they are finding that their data needs span beyond in-house resources when looking for high-quality, annotated training data that drives AI success,” added Pang. “Industry leaders are turning more and more to third-party providers like Appen to help them deploy their AI projects.”

To learn more, download the entire State of AI and Machine Learning Report.