Businesses leveraging strategic investments in AI are witnessing substantial returns. With every $1 strategically invested in AI, businesses are reaping an average return of $3.5 and 5% of organisations worldwide are realising an average return of $8, according to IDC.
Seventy-one percent of the respondents say their companies are already using AI. And of those respondents, 92% say AI deployments are taking 12 months or less.
The global study by Microsoft and IDC, which surveyed over 2,000 influential business leaders driving AI transformation, finds organisations are realising a return on their AI investments within 14 months of deployment on average.
Organisations are focusing on key AI use cases, including automating IT tasks, enhancing fraud detection and cybersecurity, and streamlining business processes and workflows, in the next 24 months. Notably, 40% achieved implementation in less than six months, the study found.
Those leveraging AI have reported an impressive 18% surge in customer satisfaction, employee productivity, and market share. Additionally, 43% of organisations are planning to shift resources from other areas to bolster their AI initiatives within the same timeframe."
While the prospects of AI are exciting, organisations encounter difficulties when it comes to putting AI technologies into practice and expanding their use. When asked about the challenges they face in adopting AI, it was found that 52% of respondents identified a shortage of skilled workers as a significant hurdle. Additionally, 28% cited cost constraints as another barrier.
It's clear now that AI is moving beyond hype and businesses across industries are experimenting with new use cases. But how do you go about embracing this technology?
To successfully adopt AI, organisations should begin by establishing an AI council consisting of senior executives, providing crucial guidance throughout the adoption process. Reskilling and upskilling employees with a solid foundation in AI knowledge is equally crucial, empowering the workforce to effectively leverage AI tools and technologies for driving innovation and efficiency within the organization.
Allocating a sufficient budget for AI initiatives ensures that necessary resources, including investment in technology infrastructure, talent development, and implementation strategies, are in place to support the adoption process.
Collaboration with technology suppliers plays a pivotal role in optimising costs throughout the AI life cycle. By working closely with suppliers, organisations can identify cost-effective solutions that align with their AI objectives. Finally, it is essential to identify specific AI projects that seamlessly align with broader business objectives. Starting with well-defined projects allows organisations to focus their efforts and resources on areas with the highest potential for impact and success.