Recent developments are poised to move AI to center stage, leading to revolutions across businesses around the globe. However, challenges remain, and an uncertain future makes it difficult to predict exactly where and how AI will be most effective. Protiviti and ESI ThoughtLab recently conducted a survey of 300 senior executives across the globe to uncover just how AI is being implemented and what to expect in the coming years.
According to the survey, just 16 percent of businesses report gaining significant value from AI. Over the next two years, however, this number is expected to more than triple, potentially leading to a majority of businesses relying on AI.
Already, businesses are investing heavily, with companies spending an average of 36 million per year, and plans call for an increase in spending by 10 percent. Consumer products organizations and financial services companies are somewhat slow to invest, lagging behind technology companies and healthcare organizations. The geographical center of technological development also seems to be shifting; European and North American companies are lagging behind their counterparts in the Asia-Pacific region. China, in particular, aims to become the leader in AI by 2030, and the Chinese government is investing heavily in AI technology.
Although AI’s role in businesses is currently relatively limited, it’s already having an impact on core business functions. Today’s algorithms provide value in decision-making and planning, leading to swifter time-to-market, improving risk management, and reducing costs. Employees and customers are seeing this change, with AI improving employee engagement and increasing customer retention. Businesses expect to see improvements in financial and strategic performance and better scalability. Sound judgment is core for competitiveness, and AI promises to improve dealing with the large volumes of data companies currently handle. In particular, companies expect to utilize AI in nearly all aspects of risk management, product development, and sales and business management, along with benefits for marketing and customer experience.
Although more traditional forms of machine learning are expected to play a major role, companies are looking forward to the benefits of Deep learning. Deep learning is particularly valuable for making sense of both structured and unstructured data, and companies are only expected to collect even more data over the coming years.
