Generative AI, touted as the next big thing in business transformation, is facing significant adoption hurdles.
Despite the widespread hype surrounding AI technologies, the survey of over 300 business leaders globally found that only 9% of businesses are significantly utilising AI in their operations.
The report highlights several barriers impeding the widespread adoption of generative AI. Concerns over data privacy, regulatory compliance, and inadequate IT infrastructure are cited as major obstacles.
Stela Solar, Inaugural Director at Australia’s National Artificial Intelligence Centre, emphasised the misconception regarding the ease of implementing mature, enterprise-ready AI solutions.
AI governance
She stressed the need for companies to enhance data quality, privacy measures, and AI governance to facilitate AI adoption.
While business leaders express optimism about AI’s potential, current deployments are largely limited to automating repetitive, low-value tasks.
The survey indicates a growing interest in expanding AI usage across various business functions, with expectations of doubling AI deployment by 2024.
However, challenges related to IT resources, capabilities, and budget constraints remain significant concerns for many organisations.
Furthermore, regulatory compliance and data privacy emerge as critical barriers to AI implementation.
The proliferation of generative AI technologies has raised legal and security concerns, with companies grappling with issues such as copyright disputes and data breaches.
Laurence Liew, director for AI innovation at AI Singapore, emphasised the importance of establishing robust governance structures and cybersecurity protocols to mitigate these risks.
