A new study by UST reveals that while 93% of large companies view artificial intelligence (AI) as crucial for success in the coming years, more than three-quarters face a severe shortage of AI-skilled talent. The research, commissioned by digital transformation solutions provider UST, underscores the growing importance of AI in enterprise strategy, as well as the significant challenges businesses face in implementation.
The comprehensive survey, which polled 600 senior IT decision-makers across the US, UK, India, and Spain in companies with revenues exceeding $500 million, highlights a clear consensus on AI’s strategic value. An overwhelming 92% of respondents reported that their company’s AI implementation aligns with their strategic goals.
However, the path to effective AI integration is far from smooth. Nearly half (44%) of the surveyed executives described the AI implementation process as challenging, citing security concerns (40%), lack of in-house expertise (33%), and compliance and regulatory hurdles (33%) as the primary obstacles.
The skills gap emerges as a particularly pressing issue, with 76% of respondents indicating a severe shortage of AI-skilled personnel within their organisations. This talent crunch is driving companies to seek external guidance, with 89% stating they need outside expertise for effective AI implementation.
Krishna Sudheendra, Chief Executive Officer of UST, commented on the findings: “AI is a groundbreaking technology already accelerating innovation across industry sectors. This research comprehensively shows AI’s myriad benefits and challenges for businesses.”
The study also revealed growing concerns around AI ethics and regulation. While 91% of respondents agree on the need for a responsible AI framework, only 39% consider their current approach “very effective”. Moreover, over 90% believe more regulation is required for successful and responsible AI implementation, both within their industry and across all sectors.
Diversity in AI teams emerged as another critical issue, with 80% of respondents stating that diversity is crucial or very important. However, nearly a third (32%) believe their AI team lacks diversity, raising concerns about potential bias in AI outcomes.
On the financial front, the research indicates a trend towards increased AI investment. While currently only 5% of companies allocate more than half of their technology budget to AI implementation, this figure is expected to rise to 18% within three years. On average, organisations anticipate a return on AI investment within approximately two years.
The findings come as businesses grapple with the rapid advancement of AI technologies and their potential to reshape industries. As companies race to harness the power of AI, the shortage of skilled professionals and the need for robust ethical frameworks present significant challenges that must be addressed to fully realise AI’s transformative potential.
