A study by Couchbase, Inc. has revealed that businesses unable to effectively utilise AI promptly could lose, on average, 8.6% of their revenue per month, equating to an average annual loss of almost $87 million per company.
Some 21% admit to having “zero” or “insufficient” control over AI use, while 64% are concerned that they are not taking advantage of AI as quickly as they could be due to “decision paralysis.”
Moreover, 78% of respondents believe that early AI adopters will become industry leaders, and 73% report that AI is already reshaping their technology environment.
Falling behind the AI race
The study found that almost all (99%) enterprises have encountered issues that disrupted or prevented AI projects, consuming 17% of AI investment and setting strategic goals back by an average of six months.
Most enterprises (70%) say their understanding of the data (e.g., the quality and real-time accessibility of data) needed to power AI is “incomplete,” contributing to 62% not fully understanding where they are at risk from AI (e.g., through security or data management issues).
However, 75% of enterprises have a multi-database architecture, which makes it more challenging to ensure accurate, consistent AI output; 61% do not have the tools to prevent proprietary data from being shared externally, which increases security and compliance risks; and 84% cannot store, manage and index high-dimensional vector data needed for efficient AI use.
Julie Irish, chief information officer at Couchbase, said: “Creating and operating innovative AI applications at scale is essential for successful enterprises. The right data strategy, including methods to ensure high data quality, scalability and accessibility, is more important than ever to ensure companies unlock the value of AI.”
