LXT, an emerging leader in AI training data to power intelligent technology for global organizations, has released its new report titled “The ROI of high-quality AI training data.” The report is a follow-up to its first annual report, “The Path to AI Maturity,” which was released earlier this year.
Key Findings of the Report
The new report provided some deep insight into AI maturity in U.S. organizations, as well as investment levels and business drivers behind AI initiatives. It surveyed 200 senior executives with AI experience at mid-to-large companies, with two thirds being C-Suite executives.
Here are some of the report’s key findings:
- 40% of U.S. organizations consider themselves to have reached the three highest levels of AI maturity, meaning they have advanced from the awareness and experimentation phases of AI deployments to achieving demonstrable ROI in production.
- Respondents were asked to select success factors for AI, such as model quality, skilled staff, and quality training data. The results show that for companies at the highest levels of AI maturity, the most important success factor is quality training data.
- Organizations across all levels of maturity are dedicating large percentages of their AI budgets to training data. On average, businesses are investing 59% of their budget on training data.
- AI is being used across industries to accelerate organizations’ digital transformation initiatives and to stay competitive. At the same time, two-thirds of those surveyed indicated that there will be an increased need for training data over the next five years.
- Respondents indicated that in regard to AI training data investments and the drive to increase investment in this area, ROI is measured across the key four factors of operational efficiency, cost reduction, reduction in error rates, and improved reputation.
- Companies beginning their AI journey must first create a strong foundation for AI, focusing on cost and error rate reduction. As these companies’ AI strategies mature, the ROI shifts to operational efficiency and business transformation.
- 99% of the respondents indicated that they work with third parties for AI training data, with the key values including trust, reach, longer strategic partnerships, and speed.
The new research from LXT highlights how crucial it is for an organization to use high-quality training data to mature their AI strategies. Investments in training data for AI also provide many benefits like operational efficiency, lower costs, reduced error rates, and improved business reputation. Third-party data providers are fundamental for sourcing training data, and organizations value trust, reliability, global reach, and speed in a third-party partner.
You can read LXT’s full report here.