Boomi Unveils Strategic Guide for Successful AI Integration

Singapore, August 12, 2024 – Boomi™️, a leader in intelligent integration and automation, has today released a new report titled “A Playbook for Crafting AI Strategy,” developed in partnership with MIT Technology Review Insights. This comprehensive report, based on a global survey of C-suite executives and senior data leaders, along with in-depth interviews with business leaders in AI and data, provides a detailed overview of the current landscape of AI adoption in enterprises and offers practical strategies for navigating the transformative opportunities presented by artificial intelligence.

As businesses confront ambitious forecasts for AI’s impact, such as PwC’s estimate that AI could contribute a staggering $15.7 trillion to the global economy by 2030, many still face significant challenges in scaling AI from pilot projects to full-scale deployment. For instance, in 2024, only 5.4% of US companies utilised AI to deliver a product or service, highlighting the urgent need for strategic and organisational changes to fully capitalise on AI.

Key insights from the report reveal the following trends and challenges:

AI ambitions are high, but few have progressed beyond initial pilots. While 95% of surveyed companies are already using AI, and 99% expect to in the future, the majority are still in the early stages of implementation. Specifically, 76% have deployed AI in only one to three use cases. With half of these companies planning to roll out AI across all business functions within the next two years, 2024 is a crucial year for establishing the foundations necessary for enterprise-wide AI adoption.

Significant increases in AI-readiness spending are anticipated. Although AI-related spending was modest or flat for most organisations in 2022 and 2023, with only 25% reporting an increase in spending by more than 25%, this is expected to change dramatically in 2024. Ninety percent of respondents plan to boost AI spending on data readiness, including platform modernisation, cloud migration, and data quality, as well as in related areas such as strategy, cultural change, and business models. Forty percent anticipate increasing spending by 10-24%, while a third expect to raise spending by 25-49%.

Data liquidity is critical for effective AI deployment. The ability to seamlessly access, combine, and analyse data from various sources is essential for firms to extract relevant insights and apply them effectively to specific business scenarios. This approach also reduces the need to sift through vast amounts of data, as it is already curated and tailored to the task at hand.

Data quality poses a significant challenge to AI deployment. Half of the respondents cited data quality as the most significant barrier to AI deployment. This issue is particularly pronounced in larger firms with extensive data and significant investments in legacy IT infrastructure. Companies with revenues exceeding $10 billion are the most likely to cite both data quality and data infrastructure as major constraints, indicating that organisations managing larger data repositories face greater difficulties.

Organisations are proceeding cautiously with AI adoption. Nearly all companies (98%) indicated they would prefer to ensure AI’s safe and secure deployment rather than rush to be first in the market. 45% of respondents, including 65% from the largest companies, cited governance, security, and privacy concerns as the main barriers to AI deployment.

Matt McLarty, CTO at Boomi, stated, “Over the past year, organisations have begun to recognise the immense power and potential of AI. This year, the focus is on transitioning from small-scale pilots to widespread AI deployment across enterprises.”

“A Playbook for Crafting AI Strategy” offers essential guidance for the next steps in an organisation’s AI journey, presenting the following key principles:

• This is a pivotal year for laying the groundwork for AI. As companies work to achieve ambitious AI goals in the near term, they are realising that establishing a solid data foundation is crucial. Organisations are intensifying their investments in data quality, data liquidity, and IT infrastructure.
• High-impact AI use cases deliver targeted, business-specific outcomes. While general-purpose generative AI use cases are becoming easier to implement, they are equally accessible to competitors and customers. The most valuable AI use cases are those that create a unique competitive advantage for the business.
• Financial considerations and partnerships are crucial. In 2024, the costs associated with AI—from GPUs to skilled talent and energy consumption, must be carefully managed, and a realistic approach to measuring AI’s return on investment must be developed. Since few organisations will tackle AI alone, selecting the right partners, vendors, and tools will be critical to their AI success.
• AI adoption is being tempered by a realistic assessment of the risks. Organisations are rightly cautious about the risks associated with the unchecked use of AI, and the majority agree that exercising caution is preferable to a first-mover advantage when scaling AI. Emerging regulatory frameworks and a deeper understanding of how to mitigate AI risks should accelerate adoption.

Matt McLarty, CTO at Boomi, said, “The primary obstacle to AI implementation is not knowing where to begin. You don’t need to be an expert in creating generative AI to derive value from it. As organisations strive to harness the transformative potential of AI, our report provides a vital guide to help business leaders navigate the complexities of AI strategy formulation.”

Download the complete report, “A Playbook for Crafting AI Strategy.”