LONDON, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Artificial intelligence (AI) company Peak released its Decision Intelligence Maturity Index today, an extensive benchmarking report looking at the commercial AI readiness of firms in the US, UK and India. Most decision makers (81%) state that AI will play a major or moderate role in their business achieving its objectives in the next five years, yet only a quarter of commercially built AI models are currently deployed1.
While the US was an early leader in AI, with 28% of US businesses adopting the technology over six years ago – compared to 25% in India and 20% in the UK – India is the more mature market when it comes to leveraging AI, scoring 64 (out of 100) on Peak’s Decision Intelligence maturity scale, while the US charts 52 and the UK just 44.
Decision Intelligence (DI) is the application of AI to commercial decision-making. Because it can offer benefits across an organization and is not limited to one department or operation, it is how most businesses will adopt the technology. Peak’s DI Maturity Index reveals that Indian businesses are leading the way when it comes to commercial AI adoption, routinely outperforming counterparts in both the US and UK.
“India has already overtaken the UK to become the fifth largest economy in the world, and there’s clear signs that its growth won’t stop there. The US and UK have lost ground in the global AI race too, with India claiming the top spot at a time when Western countries are facing increasing geopolitical uncertainty,” says Peak co-founder and CEO, Richard Potter.
“The turmoil of the last few years has dissuaded many businesses in the US and UK from investing in innovation. By contrast, Indian companies are still incredibly entrepreneurial and eager to embrace new technologies. This puts them in an enviable position, and while they haven’t yet faced the headwinds currently battering those in the US and UK, they’re in a much better position to optimize through challenges if and when they do.”
But it’s not just investments in the technology that are setting Indian businesses up for success. Peak’s DI Maturity Index looks at a range of factors – both technical and not – that correlate with AI readiness. Once again, India leads the US and UK suggesting further success for Indian businesses while other markets fall behind. Data governance and internal communication are key differentiators of the most mature firms.
“There is understandable apprehension around AI’s ability to automate tasks. In reality, widespread adoption will remove a lot of repetition from junior staff and place higher importance on uniquely human traits, like creativity. But there’s a huge educational journey to go on to help people throughout the organization understand that,” says Richard Potter.
That education piece is crucial, since the long-term success of AI is ultimately dependent on the support of end users. Indian businesses are getting this right, with staff – those in middle management positions and lower – fully aware of AI projects in their organizations. Only 2% of Indian staff weren’t sure if their business used AI, compared to 18% in the US and 21% in the UK.
The report also highlights that how businesses structure data teams is crucial to successful AI adoption. Indian businesses favor a decentralized approach; the majority (33%) of Indian businesses have data practitioners embedded in commercial teams to support with analysis – by contrast most US (30%) and UK (25%) businesses have a central data team. Indian businesses are also most likely to temporarily substitute a data expert into a team when needed, with 20% of staff in India having experienced this, compared to 13% in US and 14% in UK.
“In the context of AI adoption, a cross-functional team from commercial and data backgrounds is an essential element of success,” says Richard Potter. “Too often projects fail because they’re focused on just the data and what can be done with it, rather than the end tool and what it needs to deliver for the people using it every day. Embedding data practitioners in commercial teams means they understand that world and can build applications with real utility. Conversely, it also gives commercial teams the chance to ask questions and contribute to applications, building trust in and support for AI tools – which is critical for adoption.”
For more information and to download a copy of the report, please visit https://peak.ai/decision-intelligence-maturity-index/.
About the DI Maturity Index
Drawing on insight from a survey of 3000 decision makers in the US, UK and India from businesses with more than 100 staff, it is augmented by a further survey of 3000 staff (middle management and below). Surveys were conducted between July and August 2022 by Opinium and the Index was developed in partnership with the Center for Economic and Business Research.
About Peak
Founded in 2015 by Richard Potter, David Leitch and Atul Sharma, Peak is on a mission to change the way the world works. It is an AI company that provides the platform, applications and services to help businesses harness the potential of AI to grow revenues, increase profits and efficiency. Peak features three products – Dock, Factory, and Work – plus a library of ready-to-go apps that can be used to rapidly apply AI to deliver on commercial objectives. With features to support both technical and line-of-business users, Peak makes AI widely accessible to everyone within a business, simplifying and accelerating adoption of AI.
Contact:
Mica Hahn
peak@praytellagency.com
510.206.3932
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1 2022. NewVantage Partners. 2022 Data And AI Executive Survey. Businesswire.
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