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Industry Insights: CIO vision 2025 — bridging the gap between BI and AI
The future of revenue, efficiency and cost savings in media and entertainment
AI and data management are essential pillars of future enterprise success. This is particularly true in the media and entertainment industry.
Widespread adoption of AI is expected to more than double in marketing and advertising by 2025, with AI being a critical part of the function at an expected increase of 4x (from 5% to 20%). As a result, by 2025, the most tangible business benefits from AI use will come from increased revenue (30%), improved organizational efficiency (26%) and reduced costs (16%).
According to the report, the most instrumental investments to help companies generate benefits from AI will be in talent and skills development, improving data quality, and improving machine learning and business intelligence infrastructure. But this path comes with difficulties; survey respondents emphasized the data challenges they face in the endeavor to embed AI more firmly in their business: 72% say that problems with data are more likely than other factors to jeopardize the achievement of their AI goals between now and 2025.
To mitigate this, a large majority of the survey respondents (72% overall, and 92% of leaders) believe a multicloud approach ensures the most flexible possible foundation for AI development. Additionally, improving data security is all respondents’ top investment priority. Leaders, however, will increase their spending in this area by an average of 101% over the next three years, nearly double that of the rest of the sample.