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Artificial intelligence may not yet be plumbing, but speakers at the eTail Boston 2024 conference indicated it is beyond the shiny and new stage.
AI feeds on data, but that data must be robust and reliable. For companies, managing this process effectively isn't easy.
Even as companies race to roll out generative AI tools to be more competitive and productive, several hurdles are leading to pilots being abandoned.
Despite significant concerns with the accuracy and security of AI, 70% of financial services leaders plan to increase their AI spend in 2024.
Almost half of financial services leaders had a positive view of AI in 2023. But despite this initial excitement, the implementation of planned initiatives this year has been sluggish.
High implementation costs and hallucination risks curb AI investments in 2024.
Manufacturers face technical and operational challenges, such as the need for retrofitting existing systems, that contribute to their hesitation in adopting Gen AI.
While early excitement over generative AI was high, actual implementation of planned initiatives may be rolling out slower than expected as concerns over security, accuracy and costs are rising.
Industry starting to test the waters with technologies like generative AI to help ‘democratize’ data access, drive smarter decision making.
30% worry that they’re falling behind their competition, with only one in five successfully deployed initiatives. Despite slow deployment, manufacturers reported above-average cost benefits (48%).