The process of AI adoption in organizations is advancing very rapidly.

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According to a report by audit firm KPMG, COVID-19 is being hit by business leaders speeding up adoption of Artificial Intelligence (AI). They see this acceleration moving “very fast”, but are still convinced that AI can solve many challenges.

In my study titled Thriving in an AI worldThe consulting firm says that nearly half of business leaders in the manufacturing, retail and technology sectors believe AI is moving faster than this. KPMG surveyed 950 business leaders across seven industries, including technology, financial services, manufacturing and healthcare.

And within the industry group, leaders in healthcare and life sciences said AI helped them monitor COVID-19 epidemics, develop and deliver vaccines. The sentiment was echoed with executives at Financial Services, who noted that AI’s ability to detect fraud this year proved to be very effective.

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Concerns about the use of AI were more prominent in smaller companies, General ZS and Millennials. Ethics, administration and regulation of AI are major factors in the study notes.

“In addition, many business leaders do not have the ability to see what their organizations are doing to control and control AI and the risk may develop,” said Tracy Gusher, principal of AI at KPMG.

In December, another global audit firm PwC stated in its report that AI use in India during the epidemic was higher than in countries such as the US, Japan and the UK.

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KMPG’s survey also notes that a ‘Wild Wild West’ model for AI – as opposed to a ruleless and unregistered one, prioritizes a regulated path for executives.

“Additionally, a more robust regulatory environment can help facilitate commerce,” said Rob Dwyer, principal at KPMG. “It can help remove unintentional barriers that may be the result of other laws or regulations, or due to lack of maturity of legal and technical standards.”