AI Readiness: Half of organizations are not equipped to measure success of their AI projects

Over half (54 percent) of companies that have taken the Omdia AI readiness assessment do not have AI success metrics in place, notes a new report from the analyst firm.

The findings reveal that just 29 percent of benchmarked companies have AI championed at the highest level – either in the boardroom or among the senior management.

Just 11 percent of respondents admitted to having dedicated and experienced AI staff.

In terms of maturity, the analysts found no region “significantly outperforming another,” but cited insufficient data to assess Latin America, the Middle East, and Africa.

Are you AI ready?

Omdia’s team measured companies’ AI readiness levels based on four functional areas that form the critical foundations for an AI-driven enterprise: strategy, organization, technology operations, and data.

Each area contains a detailed set of criteria and associated questions designed to assess AI maturity.

Despite some worrying findings, the majority of benchmarked companies were considered at least ‘AI Competent’ – a relatively mature readiness level, but with scores lagging in the technical operations and data categories.

Omdia’s team found that over half of benchmarked companies achieved ‘AI Proficient’ status for strategy, and 44 percent achieved it for organization.

Of those surveyed, companies with revenues of $1bn or more were significantly more AI-ready than companies with less than $1bn revenues.

Tech firms were found to be more AI Competent than other tracked industries, which were all progressing in their AI readiness levels at a similar pace, the report stated.

For those seeking to move into the most advanced AI readiness levels, the report recommends improving data management, governance, and processes.

It also encourages organizations to invest in AI strategies and best practices.

You can read the full report here, and benchmark your own organization by using the AI Readiness Tool.

– A version of this news coverage was first published on AI Business, IoTWT’s sister publication.