MS Ai Insider

How Generative AI is Transforming Business Productivity and ROI in 2024: Key Insights and Challenges

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November 12, 2024

1. In 2024, generative AI is revolutionizing business across industries, significantly enhancing productivity and ROI. A recent IDC study reveals that companies investing in AI are seeing transformative results, such as reduced time for tasks and improved efficiency. However, a skills gap persists, highlighting the need for specialized training in AI.2.

IDC’s 2024 AI Opportunity Study: Key Trends to Watch

In 2024, generative AI is set to revolutionize business outcomes across various industries. Companies are just beginning to explore its vast potential.

What’s New in AI?

Microsoft’s recent study, commissioned through IDC, reveals that a committed investment in AI leads to significant ROI. According to the findings, organizations are at a tipping point, gaining momentum in AI adoption.

“When organizations truly commit to and invest in AI, the return on investment (ROI) potential grows significantly.”

Major Updates in AI Trends

Here are the top five AI trends identified in IDC’s study:

1. Enhanced Productivity is Essential

Employee productivity tops the list of business outcomes companies aim to achieve with AI. A staggering 92% of AI users are leveraging it for productivity enhancement. Moreover, 43% report that productivity use cases yield the greatest ROI.

“Copilot has transformed the way we deliver creative concepts to our clients, enabling real-time collaboration.” — Takuya Kodama, Business Strategy Manager at dentsu

2. Shift Towards Advanced AI Solutions

Companies are increasingly gravitating towards custom AI solutions tailored to their specific needs. This trend indicates a growing maturity in AI fluency across industries.

3. Generative AI Adoption is Expanding Rapidly

Generative AI is gaining traction, with 75% of respondents currently using it, up from 55% in 2023. Its highest ROI is seen in the Financial Services sector.

4. AI Leaders Experience Greater Returns

Companies leveraging generative AI report an average ROI of $3.7x. Meanwhile, top leaders achieve even higher returns, averaging $10.3x.

5. Skilling Remains a Challenge

A significant 30% of respondents cite a lack of specialized AI skills within their organizations. This highlights the ongoing need for training and development in the AI space.

“With innovative AI technology from Microsoft, our business experts and data scientists have been able to help make us more sustainable.” — Cristian Brolin, Chief Digital Officer at Södra

What’s Important to Know

As AI continues to evolve, organizations must prioritize skilling and training to fully harness its potential. The future of AI is bright, but it requires commitment and investment.

Generative AI is a key driver for business outcomes in various industries.

92% of AI users focus on enhancing employee productivity as a primary goal.

75% of organizations report increased adoption of generative AI since 2023.

Top AI leaders achieve an average ROI of $10.3, significantly higher than the average.

30% of companies face challenges due to a lack of specialized AI skills among employees.

From the The Official Microsoft Blog