IFS Unveils Global AI Optimism Scoreboard — TradingView News

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• Despite global leadership in AI, respondents from the UK and US were the least optimistic about seeing benefits from AI anytime soon
• Norway is the most optimistic about the future of AI
• Countries that have invested in AI skills are more optimistic about AI
• Organizations that are architecturally ready and have solid sustainability planning correlate with AI optimism

London, UK, July 11t2024 – Research from IFS, a leading provider of enterprise cloud technology and industrial AI software, has revealed the Global AI Optimism League Table. Global study Industrial AI: the new frontier for productivity, innovation and competition surveyed 1,700 senior decision-makers from companies in manufacturing, telecommunications, aerospace and defence, services, construction and engineering, and energy and resources. They found that optimism about artificial intelligence (AI) is a direct indicator of the maturity of their AI strategy. The study found that companies with revenues between $200 million and $500 million were the most optimistic about AI, while the UK and the US were the least optimistic.

IFS Global AI Optimism League Table by Country

IFS Global AI Optimism League Table by Company Size

Cash is not always king

It’s easy to assume that the more financial resources available, the more optimism there is about what can be done with AI. However, the research reveals that companies with revenues of more than $500 million ranked only third in terms of optimism, due to a clear polarization in strategy, data readiness, and skills. Indeed, the polarization in AI readiness has led to 25% of this group believing that the benefits of AI will materialize within 12 months, while laggards don’t expect to see benefits for at least three years. Large enterprises showed the largest time-to-benefit gaps of all the company-size groups surveyed.

Meanwhile, the study found that midsize companies ($50 million to $200 million) are less optimistic about AI because they currently have fewer resources and skills to implement the technology, and therefore plan to benefit from the emerging technology in the long term.

Christian PedersenIFS Chief Product Officer commented: “On a superficial level, the lack of optimism among some respondents might suggest that we are on the verge of a trough of disillusionment, especially after the hype surrounding AI for much of the past 18 months. In reality, we are seeing businesses differentiate themselves with AI. Organizations that have built a solid foundation of data, invested in skills, and embedded sustainability into their strategy are optimistic because they are seeing the benefits quickly. It is important that leaders see AI as a strategy, not a tool.”

Factors paving the way for a smooth path to AI

Delving into what’s driving AI optimism, research suggests that companies’ architectural readiness directly correlates with their overall optimism about the technology. Respondents who report being more architecturally ready are more likely to be optimistic about AI. This suggests that companies with a strong cloud foundation are further along in their AI journeys and are most likely to believe that tangible AI benefits will become a reality more quickly.

Pedersen continued: “We see direct evidence from our research that the market is divided into those who have adopted AI and those who have not. There is an element of ‘following the herd’ that fuels management’s desire for AI programs. McKinsey found that AI could be the key to unlocking an additional $4.4 trillion in corporate profits annually, which is increasing the pressure to adopt it. Without clear direction and strategy, AI programs stall, making the end result seem further away than it should be.”

The Rise of Industrial AI for Productivity, Innovation and Sustainability

Innovative products and services (31%) and data accessibility (30%) are the areas where senior decision-makers expect AI to deliver big changes, closely followed by cost reductions (29%). Interestingly, at the country level, the US (32%) and Germany (31%) were the only countries most likely to believe AI will lead to steady business growth.

The study finds a positive correlation between skills and AI optimism. Countries that are most likely to identify as having invested in skills for several years are generally more optimistic about AI. France (49%), UAE (53%), Norway (48%), Australia (46%), Sweden (46%) and Japan (45%) are the leaders in this area.

Sustainability planning also correlates directly with overall optimism about AI. The less broad a country’s sustainability strategy was regarding AI, the less likely it was to be optimistic about AI in general. Respondents from the UK (5%), Canada (6%), Denmark (6%) and Finland (4%) were the least likely to have an AI sustainability strategy, all in the bottom half of the optimism table.

“The lofty expectations for AI mask a fundamental misunderstanding of how it will generate value. The real power lies in Industrial AI, where data flows through every part of your business, connecting structured, connected data sets to uncover insights, optimize every process, and connect the digital world with the physical world. This is where the real value lies. If a company doesn’t have a strategy to get to this point, it needs a partner who can guide it on the journey.” Pedersen concluded.

Discover more insights and actions in the executive report, Industrial AI: The Next Frontier for Productivity, Innovation, and Competitiveness.

Research Methodology:

Censuswide surveyed 1,709 executives, presidents, vice presidents and directors working in manufacturing, telecommunications, A&D, services, construction and engineering, or energy and resources in organizations with annual revenues of more than $50 million (age 18 and over) in the United Kingdom, United States, Canada, Germany, France, United Arab Emirates, Norway, Japan, Australia, Sweden, Denmark and Finland.

About IFS:

IFS develops and delivers cloud-based software for businesses around the world that manufacture and distribute goods, build and maintain assets, and manage service-oriented operations. Our single platform seamlessly connects our industry products to a single data model and leverages built-in digital innovation, enabling our customers to be their best when it matters—in the Moment of Service™. The industry expertise of our people and our growing ecosystem, along with our commitment to delivering value at every stage, have made IFS a recognized leader and the most recommended vendor in our sector. Our team of more than 6,000 employees embodies our values ​​of agility, reliability, and collaboration every day in the way we support our more than 6,500 customers. Learn more about how our enterprise software solutions can help your business today at ifs.com.

IFS Recognition

• IFS is ranked #1 for EAM market share in Gartner® Market Share: All Software Markets, Worldwide, 2023 for the third consecutive year
• Gartner® Peer Insights Customers’ Choice 2023 – Cloud ERP
• IFS Named a Leader in IDC MarketScape: Worldwide Field Service Management Solutions 2023-2024
• Top 100 Companies (3rd Place), The Software Report, 2023

IFS press contacts:

EMEA and APJ: Adam Gillbe

Corporate Communications

Email address: [email protected]

Phone: +44 7775 114 856

United States: Mairi Morgan

Corporate Communications

Email address: [email protected]

Phone: +44 7918 607 299

https://news.cision.com/ifs/r/ifs-reveals-global-table-of-artificial-intelligence-optimism%2Cc4013900

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