This is What US Companies Are Doing Better Than Most Canadians
blog/this-is-what-us-companies-are-doing-better-than-most-canadians
Date: 2024-03-01
It’s no secret that artificial intelligence (AI) has been a driving force for innovation as of recent.
From the recent launch of Copilot to Google’s new and upcoming Generative Search Experience (GSE), AI has been integral value-add for customers across a range of different industries.
And AI is changing things.
Microsoft Edge and Bing has seen a jump in usage over the past year, partly thanks to the Open AI-ingrained feature, Bing Chat.
Natural language processing is faster and smarter than ever before, saving companies hours weekly on manual editing.
And at a recent Copilot conference hosted by Microsoft, Red Pill Labs learned how large companies (who got early access to Copilot) are using AI to make their supply chain smarter than ever; ranging from getting faster insights on analytics to using AI within website chatbots to save time on human interaction and improve customer satisfaction.
Whether you believe that AI may not be as useful as it can be or not; if it’s one thing that most experts can agree on, it’s this:
Companies not utilizing AI will get left behind faster than before.
Where is the Gap?
According to a concerning survey from KPMG, AI adoption in the US is staggering compared to Canada’s.
According to the survey, 72% of US companies are currently utilizing AI in some capacity.
Comparatively, only 37% of Canadian businesses are currently leveraging AI technologies.
This is a significant gap in adoption rates between the two countries, and it’s concerning for a number of reasons, but especially in regards to the competitive advantage.
Why Are Canadian Companies So Far Behind on AI Adoption?
Surveys, such as the following Leger study, indicate that Canadians have an overall positive attitude towards AI.
Canadians have an overall positive attitude towards AI. (Source: Leger)
Another survey with US and Canadian respondents suggests that, while businesses have an overall positive attitude towards AI, the overall lack of adoption among businesses is attributed to lack of knowledge and lack of time.
The Top 2 contributors to the lack of AI adoption in the US and Canada are the lack of time and knowledge for effective use. (Source: Authority Hacker)
Other barriers to adoption include AI skill gaps, data complexity and perception of high costs.
At a recent Toronto-based MaRS Impact AI conference, the overall consensus for lack of adoption is attributed to Canadians:
Being “bogged down” by trying to implement too much at once, including initiatives that take too much time and testing.
Lacking funding to take on large-scale initiatives.
Fear of the potential risks and implications of introducing AI to their business.
Simply not knowing where to start.
At Red Pill Labs, our perspective is that Canadian companies that refrain from integrating AI into their operations risk lagging behind, particularly as their counterparts in the United States forge ahead in this domain.
What Can You Do to Start with AI?
Start small.
As we say often at Red Pill Labs; Rome wasn’t built in a day, and neither should your entire AI strategy.
Introduce AI in a small capacity before attempting to integrate it into larger aspects of your business operations.
This could involve identifying specific areas or tasks where AI can provide tangible benefits and implementing pilot projects to test its effectiveness.
By starting small and gradually expanding your AI initiatives, you can mitigate risks, learn from experiences, and ensure a smoother transition to a more AI-driven approach across your organization.
And before any huge implementation, seek out experts, and organize your data to ensure your business is ready for AI.