Data released today in a survey conducted by Emergn, one of the world’s most innovative digital services firms, shows that AI is set to reach further into global product and service development than many currently expect.
Despite the continued absence of clear regulatory frameworks or settled best practice in terms of responsible value creation, by 2028 an immense 94% of new digital products and services are expected to have been created using some form of AI in their development cycle.
Pervasive AI means increased risk from failed implementation
Emergn’s data shows that 75% of industry leaders in the UK and US view AI as a crucial technology in reshaping their sector and product development cycle over the next three years.
Yet despite the enthusiasm, Emergn’s survey also makes clear that a huge amount of work is still required to ensure pervasive AI adoption actually delivers the desired results in terms of productivity, efficiency and accessibility. Specifically, 71% advocated for the need to resolve ongoing challenges around data privacy (the ability to control data information); 70% focused on the need to ensure AI can deliver accuracy (information or results that are correct, credible, and reliable); and 60% focused on issues with AI solutions’ dubious scalability (the ability to expand or accelerate whilst maintaining product quality or service efficiency).
With AI set to disrupt product and service development across most industry sectors, the societal cost of failure could be huge. For example, AI built on skewed data sets is already entrenching bias. Failure to secure sensitive patient data could limit rather than endanger access to healthcare. Automation in public services could reinforce rather than rebalance wealth inequality.
The right framework for successful AI implementation
A lack of experience with AI is putting successful implementation at risk. To harness the full potential promised by AI, organizations will need access to experts who can help them to close the gap between executive expectations and implementation realities, and who also offer expert thinking and knowledge of best practice. Emergn does this in three ways:
First, by helping clients understand the opportunities AI brings in realizing business value; from improving efficiency, to improving customer experiences, to creating new business models.
Second, by developing the leadership, product management, and the agility competencies their people and teams needed to maximize the return on investments in AI.
Third, by providing experienced product development teams who can build and deliver the AI and related technology solutions clients demand.
Alex Adamopoulos, Emergn CEO commented:
“AI offers a tremendous opportunity to create more useful products that deliver better experiences, more efficiently. However, it’s true value lies in its application. To use it best, organizations must be building their product in the right way. This requires organizations to really understand what their customers care about and then have in place appropriate structures to oversee the use of AI, particularly the data on which it is trained, to develop and test the product. Our mission is the same as AI’s promise: improving how people and companies work forever.”
Emergn Survey
Emergn’s survey was conducted from July 24 to August 17, 2023.
Respondents – 403 total, from United States and United Kingdom.
– 28% were business leaders from companies with annual revenue of $100 – $999 million
– 51% were business leaders from companies with annual revenues of $1 billion – $4.999 billion
– 21% were business leaders from companies with annual revenues of $5 billion or more
The survey results were not weighted.