Singapore — August 8, 2024 — Boomi™, the leader in intelligent integration and automation, has collaborated with MIT Technology Review Insights to release a groundbreaking report titled “A Playbook for Crafting AI Strategy.” This comprehensive study provides an in-depth analysis of the current state of enterprise AI adoption, drawing from a global survey of C-suite and senior data executives and in-depth interviews with business leaders specializing in data and AI.
As businesses worldwide grapple with ambitious AI forecasts—such as PwC’s prediction that AI could contribute a staggering $15.7 trillion to global GDP by 2030—significant challenges remain in scaling AI from pilot projects to enterprise-wide deployment. For instance, only 5.4% of US businesses utilized AI for product or service production in 2024, highlighting the need for strategic and organizational shifts to harness AI effectively.
Key Findings and Challenges
- Limited AI Scaling Beyond Pilots: While 95% of surveyed companies are already using AI and 99% expect to in the future, most have only implemented AI in one to three use cases. With half of these companies aiming for full AI deployment across all business functions within two years, 2024 is pivotal for establishing the necessary foundations for widespread AI adoption.
- Significant Increase in AI-Readiness Spending: AI spending in 2022 and 2023 remained modest for most organizations, with only 25% increasing their spending by more than a quarter. However, this trend is set to change in 2024, with 90% of respondents planning to boost AI spending on data readiness, including platform modernization, cloud migration, and data quality, as well as strategy, cultural change, and business models. Notably, 40% anticipate increasing spending by 10 to 24%, and one-third by 25 to 49%.
- Importance of Data Liquidity: Seamless access to, and analysis of, data from various sources is crucial for effective AI deployment. Data liquidity eliminates the need for extensive data curation, making it easier to extract and apply relevant information to specific business scenarios.
- Data Quality as a Major Limitation: Data quality remains a significant barrier to AI deployment, particularly for larger firms with substantial legacy IT infrastructure. Half of the respondents identified data quality as the most critical issue, with companies generating over $10 billion in revenue most likely to face challenges related to both data quality and infrastructure.
- Cautious Approach to AI Implementation: Almost all organizations (98%) prefer to ensure AI is delivered safely and securely rather than rushing to be first movers. Governance, security, and privacy are cited as the biggest brakes on AI deployment speed, with 45% of respondents, and 65% of those from the largest companies, emphasizing these concerns.
“Over the last year, organizations have come to understand the power and potential of AI,” said Matt McLarty, CTO at Boomi. “This year, those organizations are seeking to shift from small pilots to enterprise-wide deployment of AI at scale.”
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Guiding Principles for AI Strategy
- Building AI Foundations: 2024 is critical for establishing the right data foundation, with organizations doubling down on investments in data quality, data liquidity, and IT infrastructure to meet ambitious AI goals.
- High-Leverage AI Use Cases: The most valuable AI use cases are those that drive business-specific results and create unique competitive advantages, beyond general-purpose generative AI applications.
- Financial Considerations and Partnerships: As AI costs, from GPUs to skilled talent to energy consumption, rise, a realistic approach to measuring AI’s ROI is essential. Organizations must carefully choose the right partners, vendors, and tools for their AI future.
- Moderated AI Adoption Speed: Realistic assessments of AI risks, coupled with emerging regulations and risk mitigation strategies, are moderating the speed of AI adoption, with organizations prioritizing caution over first-mover advantage.
“The biggest factor holding back AI implementation is not knowing where to start,” said McLarty. “You don’t actually have to be an expert on how to create generative AI in order to get value from generative AI. As organizations seek to harness AI’s transformative potential, our report serves as a crucial playbook, guiding business leaders through the complexities of AI strategy formulation.”
About Boomi
Boomi, the intelligent integration and automation leader, empowers organizations globally to automate and streamline critical processes, achieving business outcomes faster. With advanced AI capabilities, the Boomi Enterprise Platform integrates systems and manages data flows seamlessly. Serving over 20,000 companies worldwide and supported by a network of 800+ partners, Boomi is revolutionizing business agility and operational excellence. Discover more at boomi.com.
