Dive Brief:
- Artificial intelligence will be the number one driver of business change over the next three years, according to 98% of of 2,000 executives surveyed in a new report from Cognizant.
- Respondents believe AI is inevitable, and will come on fast, suggesting CIOs need to begin now to identify ways to apply AI to "change how work is done and how customers engage with your business."
- Data gathered in the study shows that about 8% of leaders think AI has had a significant impact on their business today. But looking forward to 2025, about 38% think it will significantly impact their business.
Dive Insight:
AI has a long way to go before it sees widespread adoption in the enterprise, but more and more companies are looking at the potential its capabilities have to offer. "It’s still not too late to get started, but if you aren’t taking steps now to plan and act for 2020, much less 2025, you’ll very quickly find yourself fighting a 21st century war with 20th century weapons," according to the study.
Recent reports have pointed to automation supported by intelligent software agents as causing a disruption in the workforce. Forrester projects that by 2021, AI and cognitive technologies will cause the elimination of 6% of U.S. jobs.
But, according to Cognizant, only one-third of respondents think it is "very likely" that fewer people will be needed in the workforce. Instead, most think that people and the ingenuity they have to offer will still be required. But automation has the potential to free people from "rote" work, allowing them to apply themselves elsewhere.
Though there is an underlying fear that advancements in AI will negatively harm the business, there is the potential that the technology will change for the better how employees work in the enterprise. It could also reshape how customers engage with the business, offering the potential for more market penetration.
