Study: Demand for data and AI increases in times of COVID-19
FICO and Corinium have released a new study showing that demand for artificial intelligence (AI), data and digital tools has surged in the wake of the COVID-19 pandemic.
 FICO and Corinium's new study shows: Demand for data, artificial intelligence (AI) and digital tools is rapidly increasing in light of the current COVID-19 pandemic and the strain it is placing on businesses. This is the conclusion of the study released today "Building AI-Driven Enterprises in a Disrupted Environment." the market researchers at Corinium. For the report, Corinium surveyed more than 100 board members and executives and conducted additional in-depth interviews to understand how organizations are developing and deploying AI capabilities. In the process, over half (57%) of Chief Data and Chief Analytics Officers indicated that COVID-19 has led to an increased need for AI and digital products and technologies. Companies are constantly looking for new, AI-based ways to minimize risk and navigate uncharted waters in the current economic climate. The study also highlights the pivotal role AI plays in shaping the future - especially in terms of managing the Corona pandemic and minimizing future risks. Other findings include: Companies strive for more AI capacity Most data-driven companies are currently increasing their investments in AI capabilities. In fact, as many as 63 percent of respondents have already begun scaling their internal AI capabilities. However, CDOs and CAOs face a number of different challenges when it comes to expanding AI. For example, 93 percent said ethical concerns often stand in the way of AI adoption. Other hurdles cited include:
Ethical and responsible AI According to the study, "ensuring responsible and ethical use of AI in the business environment [...] is an important and critical task." Ninety-six percent of data and analytics executives currently have at least partially implemented ethical standards or processes. Just under half of respondents said they already have strong model governance and management rules in place to support the ethical use of AI. However, 67 percent of AI leaders do not monitor their models and, accordingly, cannot ensure their continued accuracy or prevent model deviations. "Ethically correct behavior means not accepting a model completely blindly," explains Dr. Scott Zoldi, Chief Analytics Officer, FICO. "Companies need to ensure that artificial intelligence is robustly designed and explainable, transparently as well as ethically constructed, and driven by an auditable, documented development process to which data will transfer over time." When asked which business units at a company are pushing for greater AI responsibility, data and analytics leaders responded:
AI brings competitive advantage to post-COVID-19 era Whether it's a better customer experience or a reduction in financial crime, respondents believe AI will give their companies a competitive advantage post-Covid 19 pandemic. The full FICO-sponsored study, Building AI-Driven Enterprises in a Disrupted Environment, can be found here. be downloaded. |
