66% of businesses willing to share data with third-parties: report
Although willing to share data, businesses are still cautious, and believe more clarity is needed in privacy regulation, a report finds
A new research program by MIT Technology Review Insights explores trends in global AI adoption and the potential for companies across industries to share data with each other in the future.
The global AI agenda includes a survey of more than 1,000 leaders as well as interviews with AI experts worldwide.
The first report, “The global AI agenda: Promise, reality, and the future of data sharing,” released on March 27. The findings are as follows:
- AI deployment is widespread but will take time to scale. AI is being deployed widely across sectors, exercising an important, though not dominant influence in business operations. Most survey respondents expect AI to be used in anywhere from 11% to 30% of their business processes in three years’ time.
- Change management and data challenges hamper efforts to scale AI. More than half of surveyed companies struggle most with the change management involved in modifying business processes to leverage AI. Nearly as difficult are data challenges, such as integrating unstructured data and interfacing with open-data platforms.
- The top AI use cases today are in quality control, customer care, and cybersecurity. 60% of manufacturers and pharma companies are using AI to improve product quality. Nearly half of retail and consumer firms are using it in customer care. Over 50% of energy firms are leveraging AI for monitoring and diagnostics, 58% of financial services providers for fraud detection, and 52% of tech firms to strengthen cybersecurity.
- Currently nascent, data sharing can magnify the impact of AI. 66% of companies are willing to share data externally to help develop new AI-enabled efficiencies, products, or even value chains. Manufacturers, consumer goods firms, retailers, and health sector organizations envision benefits to supply chain speed and visibility and reduced time to market of new products.
- Greater regulatory clarity is required for more active data sharing. Although in principle willing to share data, businesses are still cautious, and more clarity is needed in privacy regulation and industry standards, say 64% and 58% of respondents, respectively, before data sharing takes hold.