MIT Study Finds Businesses Are Bullish on AI

Mar 04, 2024

A global study by MIT Technology Review Insights (MITTR) has found that while most businesses are seeking to disrupt their industries using generative AI, only a small proportion believe they have the right level of technology and other attributes such as funding, culture, and skills to support its rapid adoption. MITTR polled 300 business leaders across Asia-Pacific, the Americas, and Europe. 

The report, produced in partnership with Telstra International, comes as AI contract clauses are becoming a norm in publishing. 

Key findings from the report include: 

  • Executives expect generative AI to disrupt industries across economies. Roughly 60% of respondents felt that generative AI technology will substantially disrupt their industry over the next five years. 
  • Majority do not see AI disruption as a risk and instead hope to be disruptors. 78% of respondents saw generative AI as a competitive opportunity, and 65% said their businesses are actively considering ways to use generative AI to "unlock hidden opportunities from data."
  • Despite expectations of change, few companies went beyond experimentation with, or limited adoption of, generative AI in 2023. 76% of companies surveyed had worked with generative AI in some way in 2023, while only 9% had adopted the technology widely. The most common use case was automating non-essential tasks.
  • Companies have ambitious plans to increase adoption in 2024. Respondents reported that they expect the number of functions or general purposes where they will seek to deploy generative AI to more than double in 2024. 
  • Companies need to address IT deficiencies or risk falling short of their generative AI ambitions. Fewer than 30% of respondents ranked IT attributes at their companies as conducive to rapid adoption of generative AI. 
  • Other factors can also undermine the successful use of generative AI. Respondents, both in general and AI early adopters, reported the following non-IT impediments to the extensive use of generative AI: risk (77%), budgets (56%), culture, and talent.

To learn more, click here. The complete report can be downloaded here.

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