Most businesses are now very familiar with technologies like big data analytics, artificial intelligence, and machine learning. Executives have poured over case studies and performance statistics to better understand how these technologies can improve their products and services as well as improve efficiencies and reduce costs associated with their own internal processes and operations.
It is true that there are companies using these technologies, but not as many as you might think based on the benefits that these technologies can bring. A recent survey by RELX asked 1,000 senior executives with companies across the United States for their thoughts and plans regarding AI/ML and data analytics. 88 percent of the executives responding to the survey agreed that AI, ML, and data analytics would help their businesses be more competitive. However, when asked how many had actually implemented these technologies, only 56 percent said they had. As for future plans for increasing the use of AI, ML, and data analytics, only 18 percent said they planned to increase spending on these technologies moving forward.