Is FOMO Starting to Drive Enterprise AI Adoption?
Fear of Missing Out (FOMO) is a key driver for AI uptake, according to new research by ABBYY.
The intelligent automation company has found that this worry currently plays a big factor in AI investment, with 58% of UK IT leaders reporting they are worried their company will be left behind if they don’t use it. This news comes as trust in AI is high, particularly within the UK digital transformation market, as IT leaders continue to invest £730,000 (US$965,023.50) on average within the last year.
It reveals a bigger picture of businesses eager to power up their AI investments to avoid falling behind their more advanced competitors. According to ABBYY, 95% of UK respondents to its State of Intelligent Automation report say they plan to increase their investments within the next year.
In the face of rising customer demand
Within a business context, AI holds the power to boost data analytics, improve decision-making and enhance productivity within the workplace. In recent months, there has been plenty of debate over if the technology can sustain this progress long-term, with fears concerning internal AI misuse and increased costs plaguing organisations.
However, as the technology continues to expand in popularity, there is a continued sense that AI is now a necessity for enterprises to stay relevant amid rapidly changing markets. Consumers are now expecting more personalised AI experiences, which is creating a sense of urgency amongst organisations.
As a result, increased investment in the technology is contributing to boosting its advancement.
According to ABBYY research, purpose-built AI is considered the most trustworthy type of AI, in addition to small language models (SLMs). In fact, the report finds that 44% of UK respondents are already using purpose-built AI such as intelligent document processing (IDP).
Additionally, 52% of UK business leaders admit that another key driver for expanding use of AI was pressure from customers. Already, companies are facing higher demands for their services to perform faster and better so that their customers can harness AI to its full potential too. This comes ahead of concerns about data protection (36%), AI hallucinations (35%) and compliance risk (32%).
Trusting AI
ABBYY suggests that overall, UK respondents are reporting significantly high levels of trust in AI tools (85%). This corresponds with the UKs overall use of generative AI (Gen AI) tools - its use is the highest of all regions surveyed by ABBYY, with 77% saying they use it compared with 65% globally.
The UK is currently a leading power in AI adoption, with 70% of organisations across the country using Gen AI technology to help power its business operations. As a result, numerous large organisations are committing to UK expansions to fuel their AI growth.
“It’s no surprise to me that organisations have more trust in small language models due to the tendency of LLMs to hallucinate and provide inaccurate and possibly harmful outcomes,” comments Maxime Vermeir, Senior Director of AI Strategy at ABBYY. “We’re seeing more business leaders moving to SLMs to better address their specific business needs, enabling more trustworthy results.”
As far as trust and ethical use is concerned, 89% of UK respondents are confident their company is following all government regulations when it comes to their use of AI. However, only 60% of respondents say they have their own trustworthy AI policies in place that their teams follow - alongside 39% who are seeking guidance from a consultant or non-profit.
Following on from this, ABBYY reports that 52% say they would feel more confident knowing their company had a clear and responsible AI policy. This is alongside 55% that say having knowledge of which AI regulations the company needs to comply with would be a confidence booster, compared with 49% globally.
******
Make sure you check out the latest edition of Technology Magazine and also sign up to our global conference series - Tech & AI LIVE 2024
******
Technology Magazine is a BizClik brand