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AI to hit big in the next decade.

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February 24, 2020

Artificial intelligence will hit its stride within the next decade, providing tangible benefits to business operations, employees and consumers.

That's a key finding of a KPMG study focused on the challenges and opportunities for AI that polled 750 business decision-makers across five industries.

"Executives need to look at AI as a strategic enterprise-wide initiative, not simply a technology play," Traci Gusher, principal, innovation and enterprise solutions, artificial intelligence at KPMG, said in a press release on the report. "It's not just about installing AI technologies. It's about using AI as a strategic lever to transform the business. And that requires building deep AI capabilities across the organization — both from the bottom up and the top down."

The study found most respondents in every industry are seeking more aggressive AI adoption by their organizations. Of those surveyed, 64% of retail participants reported feeling that AI is more hype than reality right now.

"There is a clear gap between high expectations and the reality of integrating AI into organizations," said Gusher in the release. "AI implementation must occur in alignment with business strategy — which can take time to do properly."

The study noted tat the number one challenge is a lack of understanding of technology capabilities (46 percent), followed by lack of training (36%), and lack of initial investment funding (32%).