Ensuring Explainable and Trusted AI Applications Shown as the Main Concern Among Survey Respondents
AUSTIN, TX / ACCESSWIRE / November 9, 2021 / CognitiveScale, the enterprise AI company that helps organizations win with intelligent, transparent, and trusted AI powered digital systems, today announced the results of its AI Adoption Survey of 700 C-level executives across the United States about how they plan to use AI within their organizations. The survey revealed that trust is a top priority in AI adoption and increasing business efficiencies and improving customer service are the main factors driving enterprise AI adoption. This signifies an important shift as organizations are looking to AI solutions to impact business outcomes across all lines of business.
Artificial Intelligence (AI) can boost operational efficiency, and drive personalized service experience when done well. Too often the intelligent systems businesses rely on to deliver these outcomes are ineffective and include unreliable data, hidden biases and unexplainable results.
Trusted AI systems ensure that the data and models being used are representative of the real world and models are free of inherent biases that can skew decision making and reasoning, leading to decisioning errors and unintended consequences. For example, AI in healthcare is having a profound impact on patient outcomes, service and operational costs. AI enables personalized interventions that not only improve engagement and loyalty, but also reduce costs, e.g., hospitalizations caused due to negligent care. The same can be seen across other industries including financial services.
Key findings from the survey include:
- Increasing business process efficiency was identified by 40% of respondents as the top benefit to gain from deploying AI; while 36% of respondents identified improving customer service as the top benefit.
- 31% percent of respondents are looking to eliminate having too much data with not enough insight through AI adoption; while 27% of respondents are looking to automate manual business processes and 23% are looking to eliminate poor linkage between insights discovery and business action.
- The most important AI capability to respondents is:
- Explainable and trusted (34%);
- Easily scalable (25%); and
- Delivers specific or personalized insights (24%).
"There's a big shift in how organizations are viewing AI and machine learning adoption, as seen from the survey results. For a long time AI was seen primarily as a tool on the development and engineering side of the house; now organizations are looking at AI with a keen eye towards improving business outcomes across all business units," said Robert Picciano, CEO of CognitiveScale. "The data also shows that explainable and trusted AI is critical. Explainable AI ensures accuracy, fairness and transparency of AI-powered decision making and is essential for building trust and confidence when putting models into production."
Other findings from the survey include:
- Majority of respondents (92%) plan to adopt AI to solve business problems within the next 18 months; with many respondents (84%) already using AI or machine learning in some capacity.
- Ninety percent of respondents have the necessary access to data to successfully utilize AI, critical since data is the core of an AI project.
- One quarter of respondents (25%) identified providing transparency into AI or machine learning use as the biggest challenges; 23% identified managing multiple technologies as the challenge.
More information about the findings is available here.
CognitiveScale pioneered the concept of ‘Trusted AI', paving the way for responsible Enterprise AI development worldwide. Backed by 164 AI patents, the Cortex platform empowers data scientists and citizen developers to build, understand and analyze intelligent, transparent & trusted AI systems using any data, on any cloud. By simplifying the development, deployment and management of AI systems, CognitiveScale is revolutionizing how organizations across industries-healthcare, financial services, insurance and digital commerce- engage with customers, optimize services and deliver on bottom line goals-all while protecting them from business risk.
Headquartered in Austin, Texas, CognitiveScale is recognized by the World Economic Forum for positively impacting business and society through AI with active investment from Norwest Venture Partners, Intel Capital, IBM Watson, M12 (Microsoft Ventures), and USAA. To learn more, visit www.cognitivescale.com and follow us on Linkedin and Twitter at @CognitiveScale.
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