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July 8, 2019 11:20 pm

IDC: For 1 In 4 Companies, Half of All AI Projects Fail

A new study from International Data Corporation (IDC) found that of the organizations already using AI, only 25% have developed an "enterprise-wide" AI strategy, and it found that among those in the process of deploying AI, a substantial number of projects are doomed to fail. VentureBeat reports: IDC's Artificial Intelligence Global Adoption Trends & Strategies report, which was published today, summarizes the results of a May 2019 survey of 2,473 organizations using AI solutions in their operations. It chiefly focused on respondents' AI strategy, culture, and implementation challenges, as well as their AI data readiness initiatives and the production deployment trends expected to experience growth in the next two years. Firms blamed the cost of AI solutions, a lack of qualified workers, and biased data as the principal blockers impeding AI adoption internally. Respondents identified skills shortages and unrealistic expectations as the top two reasons for failure, in fact, with a full quarter reporting up to 50% failure rate. However, that's not to suggest success stories are few in far between. More than 60% of companies reported changes in their business model in association with their AI adoption, and nearly 50% said they'd established a formal framework to encourage the ethical use, potential bias risks, and trust implications of AI, according to IDC. Moreover, 25% report having established a senior management position to ensure adherence.

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