AI Key To Success But Companies See Skill Shortage: Research

While the interest in artificial intelligence (AI) remains high across organizations the world over, some are facing challenges in its adoption and deployment.

That is according to research conducted by UST, a leading digital transformation solutions company. As per its report, large companies are interested in hopping on board the AI train but over three-quarters of them face challenges in its implementation.

So, what did UST’s research find and how does it affect large companies? Let’s explore!
 

What Did The UST Research Say About AI Talent Shortage

 

• Through a press release published on its website, UST revealed the findings of a study conducted to determine the gap between AI skill shortages and the interest that companies have for it.

• UST also published a comprehensive report of the survey titled AI in the Enterprise.

• The research was commissioned by UST and surveyed 600 senior IT decision-makers in large companies across the US, UK, India and Spain. The executives hailed from companies earning a revenue of over $500 million and represented a combined value of over $10 trillion.

• While 92% of the respondents said AI implementation aligns with their strategic goals, 76% said they faced a severe shortage of AI-skilled workers.

• On the other hand, only 5% said they faced no significant challenges in AI deployment.

• The research identified three significant findings; large companies consider AI enablement of paramount importance; many businesses observed challenges hampering AI’s adoption; and most of them face a lack of ethics, regulation and diversity issues.

• While 54% of businesses use and have integrated AI throughout their organization and 16% have just begun experimenting with it, only 1% do not use and have no plan to use AI. 93% believe AI will be key to their success in the next five years and 89% feel they need to increase spending on the technology.

• 76% of companies feel there is a severe shortage of skilled AI workers.

• While 89% say they need outside help to effectively implement the technology, 31% feel they can’t upskill their own workforce. Other top challenges observed include implementation (44%), security (40%), shortage of in-house expertise (33%), compliance and regulation (33%), unclear of benefits (14%).

• As far as safe practices go, 91% feel they need a responsible AI framework/policy. Over 91% believe responsible AI implementation requires more regulation. “The main reasons for this regulation should be to ensure data privacy (62%), better transparency (57%), and ethical usage (55%).”

• 80% believe diversity is crucial and 70% feel its lack leads to biased outcomes.

• Furthermore, 89% believe AI can help reach net zero goals and 91% feel it offers significant ESG benefits.

 

What Did UST Executives Say?

 

• Krishna Sudheendra, CEO, UST, said, “AI is a groundbreaking technology already accelerating innovation across industry sectors, improving productivity, and redefining what is possible in unimaginable ways.”

• [Contd.] “This research comprehensively shows AI's myriad benefits and challenges for businesses. By shining a light on the dominant hurdles to effective AI integration, we hope to help enterprises identify the right tactics and facilitate greater adoption of AI.”

• Adnan Masood, Chief Architect – AI & Machine Learning, UST, said, "The absence of mature AI governance frameworks is a glaring problem that enterprises can no longer ignore. 90% of those surveyed agree that robust regulations are needed to guide its development and mitigate risks as AI becomes deeply embedded in society.

• [Contd.] “Soon, AI regulations and privacy-first AI will become essential to modern platforms, with algorithmic transparency, explainability, and risk metrics ensuring that only ethically designed AI systems earn public trust.

• [Contd.] “These findings show that we must accelerate efforts to develop and implement sound AI governance policies to create a future where AI systems fulfill their potential as powerful for the common good.”

Ahead of UST, researchers at Expereo, a leading global intelligent internet company, along with IDC, a global market intelligence firm, also found that there was a significant gap between the interest in adopting AI and skilled workers.
 

What Did The Expereo And IDC Research Find?

 

• As per a press release published by Expereo on its website, research from IDC commissioned by Expereo titled Enterprise Horizons 2024 found that 35% of global companies are struggling to retain or attract crucial skills in AI, data and automation, hampering their AI ambitions.

• The research comprised of respondents spanning 650 technology leaders in global enterprises from across Europe, US and APAC.

• This included 29% of global CIOs saying that their current external technology partners aren’t aligned correctly to support AI initiatives, while 28% believe regional variations in ability to implement AI initiatives is a key challenge.

• Here too, navigating AI governance, ethics, regulation, trust and data protection posed a challenge to 36% of respondents.

• Furthermore, 39% observed difficulties in understanding how employees use the technology is a challenge, while 42% CIOs believe “training for new ways of working, a result of AI, is one of the biggest IT challenges in supporting remote and hybrid workers.”

Do you think the current shortage of skilled AI workers will sprout a wide range of educational degrees and corporate programs to fill the gap?

Let us know in the comments below!