Oftentimes organizations and businesses do not fully understand the economic impact of AI.
to help solve this dilemma, Microsoft recently commissioned a study through IDC that provides unique insights into AI technology for economic benefit.
The study was based on a wide range of participants and delved into organizations comprehension and usage of AI:
IDC surveyed over 2,000 business leaders and decision makers from around the world who are responsible for bringing AI transformation to life within their organizations. The study, which builds on the results from Microsoft’s Work Trend Index focused on workplace productivity, examines how companies are monetizing their AI investments, from generating new revenue streams to delivering differentiated customer experiences, to modernizing internal processes.
Some of the key findings from the study indicate the following results:
- 71% of respondents say their companies are already using AI
- 92% of AI deployments are taking 12 months or less
- Organizations are realizing a return on their AI investments within 14 months
- For every $1 a company invests in AI, it is realizing an average return of $3.5X
- 52% report that a lack of skilled workers is their biggest barrier to implement and scale AI
Overall the study illustrates that “AI has demonstrable business value”. AI usage is particularly predominant in areas such as employee experience, customer engagement and internal business processes, and how AI can help bend the curve on innovation. Generative AI, such as OpenAI ChatGPT, have been found to be especially valuable to organizations in this realm.