AI Becomes a Top Investment Priority in Canada
Artificial Intelligence has risen to the forefront of Canada's investment priority list, today competing for attention with cybersecurity. According to a recent survey by Amazon Web Services (AWS), over 85% of Canadian IT decision-makers are already testing generative AI. Yet this is not a fad; AI is now an essential element of business strategy, compelling the quest for competitive edge in the marketplace.
Managing the Risks of AI Adoption
As AI gains more traction, companies focus on using it responsibly and safely. According to a report by the Ontario Securities Commission, public firms are being urged to disclose AI's possible risks to investors. In reaction, 90% of firms surveyed by AWS are taking proactive measures by establishing guidelines to ensure the ethical use of AI. This shift is not just a question of innovation but of protecting businesses from the evolving complexities of technology.
Also read: Rafay Systems Launches Serverless Inference for AI Applications
AI is increasingly considered a core element of a modern business strategy. Asked to prioritize their budgets, 42% of companies listed AI as a top priority, with 34% prioritizing improving cybersecurity. The growing intersection of AI and cybersecurity mirrors how companies desire to build resilience and achieve sustainable growth.
Addressing the AI Talent Shortage
In spite of the speed with which AI is being adopted, organizations are facing difficulties acquiring talent to drive this change. Much of the companies—70%, to be exact—are going to upskill their employees to prepare for increasing AI needs. Yet, there's a discrepancy: 90% of companies haven't drafted formal plans to deal with the changes AI adoption infuses into their organizations.
Noticing the need for AI leadership, numerous firms have already hired Chief AI Officers. This is a clear reflection of the growing significance of AI in corporate governance. Additionally, 23% of companies anticipate setting up such positions by 2026, further highlighting the expanding role AI will take in the future.
