New study validates the business value and opportunity of AI
As AI becomes more woven into society, its economic impact will be significant, and organizations are just starting to understand the extent of what’s possible. For companies to invest in AI though, it must make good business sense. Business leaders and decision makers need to understand the industry and line-of-business use cases that are best positioned to drive value within their organizations, what the return on investment will be, what time to value to expect, and how to get started. In short, they need help demystifying the business case for AI.
To help companies understand the opportunities AI can unlock, Microsoft commissioned a study through IDC that provides unique insights into how AI is being used to drive economic impact for organizations. 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. Key findings from this study show*:
- 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
The study illustrates that AI has demonstrable business value, and we are seeing this surface in core use cases within areas like employee experience, customer engagement and internal business processes, and how AI can help bend the curve on innovation.