News Summary

A recent report by Georgian Partners reveals that Canadian companies are facing significant challenges in adopting artificial intelligence (AI) technologies. The study, which surveyed 634 business executives globally, including 201 Canadians, found that nearly half of Canadian technical executives cite a lack of technical talent as a major hurdle to AI adoption. Furthermore, only 7% of Canadian firms are considered ‘runners’ in AI maturity, significantly trailing behind the global average of 17%. Barriers such as the high cost of model training and deployment, as well as difficulties in connecting AI projects to revenue, hinder Canadian companies. To manage costs, many firms are opting for third-party solutions and reducing headcounts. Notably, companies like Shopify and OpenText have implemented AI-first strategies, resulting in substantial workforce reductions. Despite these efforts, Canadian firms report mixed results in efficiency gains and struggle to match their global peers in AI-driven customer service functions.