New research from global AI training data firm LXT finds that investment in artificial intelligence is strong at mid-to-large US organizations, and that fully 40 percent rate themselves at the three highest levels of AI maturity, having already achieved operational to transformative implementations.
According to the firm’s new report, The Path to AI Maturity, in partnership with research firm Reputation Leaders, a key component to success across all organizations is AI training data, in terms of both quality and investment.
“The strategic importance of artificial intelligence continues to grow, and companies are starting to see transformative business benefits—which is leading to the levels of investment revealed in the research findings,” said Mohammad Omar, LXT founder and CEO, in a news release. “We are seeing more and more companies reach a stage where AI is in production or has even become a part of their business DNA.”
AI investment continues, and more than 40 percent of organizations have reached maturity
The survey found that over a third of high revenue companies are spending between $51-100 million on AI and seven in ten organizations are spending $1 million or more of their budget on AI. Enterprises are using AI to innovate, scale up and drive competitive advantage as well as gain internal efficiencies.
As part of the survey, executives placed their companies on the Gartner AI Maturity Model. According to the results, more than 40 percent of organizations have reached high levels of maturity, from Operational (AI in production, creating value) to Transformational (AI is part of business DNA) status. To get there, a quarter of maturing organizations are spending $51 million or more on AI, compared to just 8 percent of experimenters.
AI training data is a key to success, and budgets will increase
Mature organizations say that quality training data is the most important contributor to the success of their AI strategies. When asked about the benefits experienced as a result of high-quality training data for AI, companies that are earlier in their AI journey see efficiency and agility gains, while more mature organizations report accelerated time to market and improved competitive advantage.
Four in 10 organizations allocate a high proportion (70+ percent) of AI budget to training data. On average, over half of the total AI budget for the companies surveyed is dedicated to training data. Quality AI training data creates more successful models and due to the success that AI mature companies are seeing, two-thirds of all organizations expect their need for training data to increase over the next five years.
“An increasing number of organizations are reaching AI maturity, and if your goal is to make AI a part of your company’s DNA, quality training data needs to be part of your strategy,” said Phil Hall, LXT chief growth officer, in the release.
Financial services industry leads in AI maturity
In addition, the executives surveyed reported differing approaches, investment levels and results based on their relative AI budget and maturity level, as well as by specific industry. For example, organizations in the financial services industry are ahead in their AI journey, followed by tech.
LXT and Reputation Leaders commissioned a survey of 200 senior executives (two-thirds C-suite) with AI experience at mid-to-large US organizations (with annual revenue of over $100 million and more than 500 employees) that details the impact that AI investment is having across organizations of varying revenue levels and industries.