New Report from Corinium and FICO Signals Increased Demand for Artificial Intelligence in the Age of COVID-19

Rhea-AI Summary

FICO and Corinium have published a report indicating a significant rise in demand for AI, data, and digital tools amid the COVID-19 pandemic. Over 100 C-level executives were surveyed, revealing that 57% believe the pandemic has heightened the necessity for AI initiatives. Notably, 63% of organizations are scaling their AI capacity, yet ethical considerations remain a major barrier for 93% of respondents. Challenges also include building appropriate teams, integrating new technologies, and managing regulatory risks. The report highlights AI's potential to enhance competitive advantages as businesses adapt to the post-COVID landscape.

Positive

• 57% of executives see increased demand for AI due to COVID-19.
• 63% of organizations are scaling AI capacities.
• AI is viewed as a key competitive advantage in post-COVID recovery.

Negative

• 93% of respondents cite ethical considerations as a barrier to AI adoption.
• 66% face challenges in building teams with the right skill sets.
• 62% struggle with integrating new technologies with legacy systems.

SAN JOSE, Calif., July 13, 2020 /PRNewswire/ -- Highlights:

• FICO and Corinium today released a new report that has found the demand for AI, data, and digital tools has soared in the wake of the COVID-19 pandemic
• The Building AI-Driven Enterprises in a Disrupted Environment report surveyed more than 100 c-level data and analytic executives and conducted in-depth interviews to understand how organizations are developing and deploying AI capabilities
• 93 percent of respondents said that ethical considerations represented a barrier to AI adoption within their organizations

Today, FICO, a global analytics software firm, released  a new report from the market intelligence firm Corinium that found the demand for artificial intelligence (AI), data, and digital tools is soaring as the COVID-19 pandemic continues to put a strain on many enterprises.  

Conducted by Corinium and sponsored by FICO, the report - Building AI-Driven Enterprises in a Disrupted Environment - surveyed more than 100 c-level analytic and data executives and conducted in-depth interviews to understand how organizations are developing and deploying AI capabilities.  The study found that the uncertainties caused by the pandemic have forced many organizations to adopt a more committed, disciplined approach to becoming an AI-driven enterprise, with more than half (57 percent) of the chief data and analytics officers saying that COVID-19 has increased demand for AI, digital products and tools. 

Enterprises are seeking new AI-driven ways to mitigate risks and navigate through uncharted territories in the current economic environment. The report reveals the central role AI has in shaping the future as global markets work through and begin to recover from COVID-19; as well as how to mitigate future risk and disruption going forward.

Some key findings include:

Organizations Rally to Add AI Capacity
Most data-driven enterprises are now aggressively investing in their AI capabilities, in fact 63 percent of respondents have started scaling AI capacity within their organization. However, enterprise chief data and chief analytics officers are facing a wide range of challenges as they increasingly look to grow AI. 93 percent say ethical considerations represent a barrier to AI adoption. Other barriers identified include:

• Building a team with the right skill set (66 percent)
• Integrating new technology with legacy systems (62 percent)
• Regulatory and compliance risks (60 percent)

Ethical and Responsible AI
More than 93 percent of respondents said that ethical considerations represented a barrier to AI adoption within their organizations. However, as pointed out in the report, "ensuring AI is used responsibly and ethically in business context is a huge, but critical task."

Half of survey respondents said they have strong model governance and management rules in place to support ethical AI usage, making this the most common approach to tackling the challenge. However, more work is needed to ensure ethical AI usage as 67 percent of AI leaders don't monitor their models to ensure their continued accuracy and ethical treatment.

"Being ethical is not being blind to what's in the model," said Dr. Scott Zoldi, chief analytics officer, FICO. "Organizations need to ensure that AI is designed robustly and is explainable, transparent, built ethically and governed by auditable, recorded development process that is referenced as data shifts over time."

When asked which business areas are pushing for greater AI responsibility with an organization, data and analytics leader said:

• Board of directors (60 percent)
• Data, analytics and AI (53 percent)
• Legal or compliance (52 percent)

AI Enables Post-COVID Competitive Advantage
From better customer experiences and reducing financial crime to automating business processes and improving risk management, respondents believe AI will help their organizations secure a competitive advantage.

A complete copy of the FICO sponsored report, Building AI-Driven Enterprises in a Disrupted Environment, can be downloaded here.

About FICO
FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time. Learn more at -1%26h%3D2517375598%26u%3Dhttps%253A%252F%252Fc212.net%252Fc%252Flink%252F%253Ft%253D0%2526l%253Den%2526o%253D2426418-1%2526h%253D1474740061%2526u%253Dhttp%25253A%25252F%25252Fwww.fico.com%25252F%2526a%253Dhttp%25253A%25252F%25252Fwww.fico.com%26a%3Dhttp%253A%252F%252Fwww.fico.com&a=http%3A%2F%2Fwww.fico.com" rel="nofollow">http://www.fico.com.

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SOURCE FICO

FAQ

What does the FICO and Corinium report reveal about AI demand during the COVID-19 pandemic?

The report indicates a significant increase in demand for AI, data, and digital tools due to the COVID-19 pandemic, with 57% of executives acknowledging this trend.

What are the main barriers to AI adoption identified in the FICO report?

The main barriers include ethical considerations (93%), difficulty in building skilled teams (66%), and challenges with integrating new technology with legacy systems (62%).

How has COVID-19 impacted organizations' approach to AI according to the FICO report?

COVID-19 has prompted a more committed approach to AI, with many organizations aggressively investing in scaling their AI capabilities.

What percentage of organizations are scaling their AI capacity during the pandemic?

According to the report, 63% of organizations have started to scale their AI capacity.