A new study commissioned by Microsoft through IDC confirms the significant economic impact and business value of AI. The study, which surveyed over 2,000 business leaders globally, reveals how AI is being utilized to drive economic benefits for organizations, from generating new revenue streams to enhancing customer experiences and modernizing internal processes.
Unlocking Business Value with AI: A New Study Reveals
As artificial intelligence (AI) continues to weave itself into our societal fabric, its economic impact is becoming increasingly significant. A new study commissioned by Microsoft through IDC aims to demystify the business case for AI and shed light on its potential opportunities.
Understanding the AI Opportunity
For AI to be a viable investment, it needs to make good business sense. Business leaders and decision makers need to understand the use cases that can drive value within their organizations, the expected return on investment, and how to get started.
Key Findings from the Study
The study surveyed over 2,000 business leaders and decision makers globally, providing unique insights into how AI is driving economic impact. Some key findings include:
- 71% of respondents 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
Quotes from the Study
“IDC is projecting that generative AI will add nearly $10 trillion to global GDP over the next 10 years. Calculating the value of new investments in GenAI requires building the business case by simulating potential cost and responsible value realization,” said Ritu Jyoti, Group Vice President AI and Automation for IDC.
AI: A Catalyst for Innovation
The study also highlights how AI is driving innovation in areas like employee experience, customer engagement, and internal business processes. Generative AI, in particular, is set to add substantial value, as demonstrated by technologies from OpenAI such as ChatGPT.
AI Transforming Business Operations
AI is being used to streamline internal processes and deliver differentiated customer experiences, thus monetizing AI investments. It is also helping to alleviate the increasing volume of digital debt and administrative burdens that slow down productivity.
In conclusion, the study validates the business value and opportunity of AI, demonstrating that it is not just a buzzword but a tool that can drive significant economic impact.
From the The Official Microsoft Blog
