According to a new study, integrating AI into the business sector is proving to be lucrative. While business adoption has been slower than predicted, 71% of surveyed companies are implementing AI. AI projects are completed in less than a year, with businesses seeing an average return of $3.50 for every dollar spent on AI. Lack of skilled workers remains a primary obstacle. Microsoft’s tools like Azure OpenAI and Microsoft Copilot are enhancing employee productivity, while generative AI is projected to add nearly $10 trillion to global GDP over the next 10 years.
Microsoft Study Highlights Business Benefits of AI Adoption
Integrating AI into the business sector has proven to be lucrative for companies, according to a new study. The adoption of AI by businesses has been slower than predicted, but it is a solid investment that contributes to significant improvements in productivity, customer engagement, and internal operations.
The study, conducted by IDC and commissioned by Microsoft, surveyed over 2,000 business leaders globally responsible for AI strategies. Here are the key findings:
– Currently, 71% of surveyed companies are implementing AI.
– 92% of AI projects are completed in less than a year.
– Businesses see a return on their AI investments in about 14 months on average, with an average return of $3.50 for every dollar spent on AI.
– However, 52% of companies identify the lack of skilled workers as a primary obstacle to adopting and scaling AI.
AI is revolutionizing employee productivity and content creation, as exemplified by Microsoft’s Azure OpenAI and Microsoft Copilot in Microsoft 365. It also enables personalized service delivery and customer engagement through products like Dynamics 365.
The study predicts that generative AI will contribute nearly $10 trillion to global GDP over the next 10 years. While job losses are expected, generative AI will still boost global GDP, according to McKinsey and Gartner.
Microsoft acknowledges the skills gap in AI adoption and has committed to educating over 6 million individuals globally in AI through its partner network of educational institutions.
To benefit from AI adoption and stay competitive, consider the following steps:
1. Identify Automation Opportunities: Locate key customer interaction points that can benefit from AI.
2. Define KPIs: Ensure your AI endeavors have measurable impacts on business outcomes.
3. Select an AI Solution: Choose tools that align with your needs and provide customization.
4. Implement Gradually: Start with a pilot, gather data, and expand AI usage judiciously.
For AI KPI management advice, connect with us at hello@itinai.com. Stay updated on leveraging AI by following us on Telegram t.me/itinainews or Twitter @itinaicom.
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