Financial services lead in global AI readiness, says GenAI report

In a newly released report, the consultancy firm GenAI has presented an extensive analysis of the readiness of global industries to implement and benefit from artificial intelligence (AI) technologies. The "GenAI Readiness" report, which draws from comprehensive surveys and expert interviews, suggests that certain sectors are prepared to integrate AI more smoothly than others.

According to the report, the financial services sector is leading in AI readiness, with 70% of institutions reporting active AI implementations in their operations. "Financial institutions are leveraging AI to enhance customer service, improve risk management, and drive operational efficiencies," the report states. These findings indicate that the financial services industry has recognised the potential benefits of AI and is investing in the necessary infrastructure and talent to support its deployment.

The manufacturing sector follows closely, with 65% of respondents indicating significant AI investments. The report highlights that manufacturers are increasingly adopting AI for predictive maintenance, quality control, and supply chain optimisation. "Manufacturing companies that embrace AI are seeing substantial improvements in productivity and cost savings," the report notes.

In contrast, the healthcare sector shows a mix of enthusiasm and caution regarding AI adoption. While 50% of healthcare organisations are exploring AI technologies, only 35% have implemented them in a meaningful way. "Healthcare providers are excited about the potential of AI to revolutionise patient care, but concerns about data privacy and regulatory compliance are slowing broader adoption," the report explains.

The report also points out that the retail sector is lagging behind other industries, with just 30% of companies actively using AI. "Retailers are experimenting with AI for personalised marketing and inventory management, but limited budgets and a lack of expertise are significant hurdles," the report comments.

GenAI's research also touches on the geographical disparities in AI readiness. North America and Europe are leading the charge, with 60% and 55% of surveyed companies, respectively, reporting active AI projects. By contrast, only 40% of companies in the Asia-Pacific region have begun implementing AI solutions. "Economic factors, availability of skilled labour, and varying levels of governmental support contribute to these regional differences," the report observes.

The report suggests that organisations aiming to improve their AI readiness should focus on three key areas: investing in AI talent, enhancing data management capabilities, and fostering a culture of innovation. "Businesses that prioritise these areas are more likely to succeed in their AI endeavours," the report advises.