Budget Allocations for AI
Throughout this blog series, we have drawn from the AI Adoption Index to explore the impact, challenges, and hopes surrounding the use of workplace AI–as reported by some of today’s top business decision makers (BDMs). But let’s take a step back and explore a more behind-the-scenes look into business AI opinions; let’s explore the cost of implementing AI, and whether today’s business leaders are experiencing ROI on their AI strategies.
Most Popular AI
Not all AI is created equal, nor is it a one-size-fits all type of technology. Different forms of AI exist to perform different business functions, serving various use cases to help streamline processes and facilitate better workflow. According to data from the AI Adoption Index, the current top use cases of business AI are Generative AI (53%), Voice Assistants and Chatbots (49%), and Process optimization (40%).
AI Strategy and Decision Making
Among today’s BDMs, nearly 3 out of 4 reported that their company has a dedicated AI strategy. Likewise, over 1 out of 2 surveyed BDMs also said that AI plays a significant role in their company’s short- and long-term goal planning. Overall, it was reported that decision making on AI is distributed across organizational ranks, with division leaders and C-suite executives leading the charge.
The Value of AI
It was reported that smaller businesses lag behind their competitors in AI investment, with 1 in 5 BDMs claiming that less than 5% of their company budget is allocated to AI initiatives. This could be due to a myriad of factors, including knowledge gaps and concerns over ROI. For BDMs who have implemented AI, success of AI projects is measured by revenue growth, improved efficiency, cost savings, and employee productivity–all of which are desirable concepts, but can be difficult to achieve without a dedicated, informed AI strategy.
In order to combat skills and information gaps and maintain AI capabilities, more than half of surveyed BDMs invest in continuous learning development opportunities, with smaller percentages choosing to attend industry-relevant conferences and collaborate directly with AI vendors. Despite the risks and the potential for AI to develop quicker than businesses can keep up with, 76% of BDMs are satisfied with their current AI investment levels–and expect this to increase over the next three years.
AI’s Biggest Impact
The leading use cases of AI in the workplace are customer service, marketing, quality control, and business intelligence. As far as the industries most ripe for AI’s impact, science (83%), entertainment (80%), education (80%), and healthcare (80%) ranked highest in the opinion of today’s BDMs.
Does this automatically guarantee significant ROI and business growth in these industries? No. As with any investment, there are stipulations that must be taken into account on a business-by-business basis, from data type to the number of devices or apps needed for problem solving.
Overall, the AI Adoption Survey data suggests that many of today’s business leaders either have AI strategies in place or currently in development. What’s more, most BDMs seem to be in agreement that the value of AI isn’t necessarily measured in the amount invested so much as the positive outcomes and revenue growth that AI facilitates within an organization. Furthermore, it is crucial for organizations to fully understand their specific needs and challenges to make informed decisions around AI use cases. Thankfully, there are events like HumanX that can equip today’s business leaders with the knowledge they need to successfully navigate workplace AI.
Crafted specifically to maximize ROI for every attendee, HumanX brings together the greatest minds and thought leaders in the AI space to provide actual, realized solutions for all AI challenges. As AI continues to evolve, so too will the opportunities for businesses to harness its power efficiently and economically–so why not turn to the experts for best practices?
Visit https://www.humanx.co/ to learn more about how you can supercharge your AI strategy and advance business revenue.