While the effectiveness of AI deployments has recently been in doubt, following a much-publicised study from MIT that found that next to no AI pilots bring any kind of ROI, new research from Lenovo has revealed that the retail sector might be bucking the trend.

The tech giant’s latest CIO Playbook found that almost all (96%) of AI deployments in the retail industry are either meeting or exceeding expectations, with the sector now reporting the highest levels of AI satisfaction.

After surveying more than 600 IT decision-makers across Europe, the UK and the Middle East, Lenovo found that retail firms were the most likely to be in the early stages of AI development and implementation (34%), as well as considering or piloting next-gen devices like AI PCs (92%).

By contrast, firms in the Banking, Financial Services and Insurance (BFSI) industry stand out for their caution.

Lenovo’s report found that BFSI companies allocate the lowest share of expected future AI spending to genAI (38%), the lowest across all sectors surveyed, and are the least likely to be supporting different pilot projects and use cases for the technology (26%).

However, despite the hesitancy, BFSI firms reported the highest rate of AI projects exceeding expectations (33%), suggesting that when AI is deployed, it’s well-aligned with specific needs and in line with the number one priority for financial service companies, ramping up their digital business innovation.

Companies in the healthcare sector, meanwhile, are moving quickly to catch up. These businesses are planning for a 169% increase in AI spending this year, the largest increase of any industry by far, compared to 125% for government sector projects, and just 84% for BSFI firms.  

But spending doesn’t directly translate to success. Healthcare currently has the lowest AI adoption rate and the highest proportion of organisations reporting that AI is falling short of expectations. 

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According to Lenovo, this disconnect suggests that, while the industry is investing heavily, it may lack the internal expertise or strategy needed to implement AI effectively and may require stronger external support and guidance to ensure success.

“These findings confirm that there’s no one-size-fits-all approach to AI,” said Simone Larsson, head of enterprise AI at Lenovo. 

“Whether businesses are looking to take a bold leap with AI or a more measured step-by-step approach, every industry faces unique challenges and opportunities. 

“Regardless of these factors, identification of business challenges and opportunity areas followed by the development of a robust plan provides a foundation on which to build a successful AI deployment.”