More than a third of organisations have implemented artificial intelligence (AI) in some form, according to a survey by Gartner. The study found that 37 per cent of companies have implemented AI, nearly triple the number of four years ago. The study showed that companies in all industries use AI in a variety of applications, but struggle with acute talent shortages.

“Four years ago, AI implementation was rare, only 10 per cent of survey respondents reported that their enterprises had deployed AI or would do so shortly,” said Gartner's Chris Howard. “If you are a CIO and your organization doesn’t use AI, chances are high that your competitors do and this should be a concern.”

Gartner gathered data from more than 3,000 CIO respondents in 89 countries across major industries, representing $15 trillion in revenue and public-sector budgets and $284 billion in IT spending.

The increased deployment of AI comes as capabilities have matured, making enterprises more willing to implement technologies such as chatbots, computer-assisted diagnostics, AI-based fraud protection and consumer fragmentation. Howard added: “We still remain far from general AI that can wholly take over complex tasks, but we have now entered the realm of AI-augmented work and decision science – what we call 'augmented intelligence'.”

AI basics

This WEBchat with Igor Zaks, president and CEO of TenzorAI, looks at why treasury is now 'ripe for AI', because it can interact effectively with the large amounts of data that are processed through treasury management systems. Zaks discusses how AI has already been used to improve functions such as document management and fraud detection, while it also has great potential to improve other treasury areas such as harnessing and analysing 'dark data' in the supply chain, analysing credit risk, performance and late payments.