Despite majority of the Filipino companies pouring in money for artificial intelligence (AI) tools, only a few are ready to fully harness the potential of the advanced technology in their operations, according to a survey conducted by global tech company Cisco.
In a statement on Wednesday, Cisco said that 65 percent of surveyed local companies have set aside 10 percent to 30 percent of their existing information technology (IT) budget to AI adoption.
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The AI investments focused on cybersecurity, IT infrastructure as well as data analytics and management.
“The top three outcomes they aim to achieve include improving efficiency of systems, processes, operations and profitability; the ability to innovate and remain competitive; and growing revenue and market share for the business,” the study noted.
Still, Cisco’s report revealed that only 22 percent—higher than last year’s 17 percent—of the surveyed companies were actually fully prepared to roll out AI technology.
For example, only 23 percent of the respondents have employees who know how to handle AI tools.
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Only about 21 percent of the surveyed companies are deemed to be ready in terms of AI infrastructure.
“As companies accelerate their AI journeys, it’s critical they adopt a comprehensive approach to implementation and connect the dots to link AI ambition with readiness,” said Zaza Soriano-Nicart, managing director at Cisco Philippines.
”[Companies] need a modern digital infrastructure capable of meeting evolving power needs and network latency requirements from growing AI workloads,” she added.
Nevertheless, 98 percent of the surveyed local enterprises expressed “increased urgency” to use AI in their operations.
The report is based on a double-blind survey of 3,660 senior business leaders from companies across Asia Pacific and Japan.
The use of AI has been on the rise since chatbot ChatGPT became popular. It has several use cases that can enhance business operations, including processing of real-time data that can aid in making quick and informed business decisions.
Public consultancy firm Access Partnership, as such, raised the need for upskilling and reskilling of the Filipino workforce in terms of digital capabilities. In its study with Google, they projected that Philippine companies using AI tools in their daily operations would generate P2.8 trillion worth of revenues and cost savings in 2030.