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Soaring demand – AI adoption hits ‘all-time high’

Artificial intelligence adoption has risen to an all-time high, a new report has revealed.

Latest findings from international law firm Womble Bond Dickinson show the technology is now a fundamental component of day-to-day business operations.

The report – titled The View From The Top: How Business Leaders Are Operationalising AI – says artificial intelligence is driving innovation and efficiency across several sectors.

The study – which uses key insights from a panel of experts, as well as findings from a survey with chief executives and chief technology officers – also highlights the technology’s impact on the employment landscape and the challenges associated with absorbing it into existing frameworks.

Widespread artificial intelligence adoption

According to the report’s findings, 87 per cent of chief executives are actively integrating the technology into business operations.

Furthermore, 97 per cent of chief technology officers say they are using artificial intelligence to boost functions.

Impact on jobs

The report highlights the significant impact of artificial intelligence on the workforce. 

A notable 73 per cent of chief executives and 88 per cent of chief technology officers believe artificial intelligence will completely replace certain roles. 

However, that outlook is tempered by optimism that the technology will create new opportunities, with 69 per cent of chief executives and 90 per cent of chief technology officers anticipating the emergence of new roles within their organisations.

Challenges in operationalising artificial intelligence

Despite high adoption rates, the report identifies several challenges businesses face in operationalising artificial intelligence. 

High implementation costs, ethical concerns, regulatory requirements and data quality issues are among the main worries cited by business leaders. 

More than half of chief technology officers surveyed have formal ethical frameworks in place, and many have developed – or are developing – formal policies and guidelines.

Caroline Churchill, partner in Womble Bond Dickinson’s commercial team, said: “For many clients, artificial intelligence adoption is driven by practical needs like managing complexity, scaling data processes and reducing regulatory risk through smarter automation.

“It is also driven by the need to lower costs and improve competitive advantage.

“Artificial intelligence is undoubtedly revolutionising the business landscape. 

“While companies are eager to harness its potential, they must navigate significant challenges to achieve successful integration.”

Click here to read the full report.

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