Things have changed in the IT industry since the pandemic raged over the world. 40 percent of organizations convey that their AI projects have been affected. 54 percent of these projects were invested for financial analysis. After the pandemic, their priorities have shifted to cost efficiency (59 percent) and customer engagement (58 percent). Want to know more? Mike Vizard shares news regarding post-pandemic AI projects in this IT Business Edge article.
Why AI Projects?
43 percent of the respondents believe they should have worked more on AI projects. Since resources are scarce, Algorithmia CEO Diego Oppenheimer suggests deploying more artificial intelligence models. He says, “The downturn creates a forcing function.”
According to the recent Algorithma survey, companies were spending $1 million on AI or ML projects before the epidemic. Additionally, 50 percent of the participants have confirmed they would spend more in the coming years. 23 percent have understood that emerging technologies should have been the priorities from the start. Meanwhile, 65 percent assured they already were concentrating on AI projects. 33 percent convey that these applications have gone up on their yearly plan.
Though the majority favored increasing funds for AI projects, every third survey participant talked against prioritizing them. Half of them did not want to invest more in projects any further.
It is not entirely clear why there is such a divide among the organizational respondents. It might be the current economic situation that is forcing them to cut corners. Also, AI projects are not easy to deploy since organizations have less experience in them collectively. Even with AI operations (AIOps), it is not going to be any simpler. It is essential to select relevant use cases for the projects, especially when the tolerance level for such experimentation is the lowest in several enterprises.
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