The Economic Promise of AI
In today's business world, artificial intelligence (AI) is a key part of how companies plan for the future. It's set to have a big impact as businesses start to see just how much AI can do for them. But any money put into AI needs to make sense financially – it has to pay off.
For business leaders, the challenge lies in recognising which industry and business-specific applications of AI will be most beneficial. They must assess the potential returns on investment, anticipate the time required to see value, and navigate the initiation process. Essentially, they need a clearer picture of AI’s value proposition.
To illuminate the path forward, Microsoft has taken the initiative to sponsor research conducted by IDC. This study offers a window into the economic benefits AI is generating for enterprises. It's based on feedback from over 2,000 international business leaders who are at the forefront of AI adoption within their operations.
The insights are telling:
✔️71% of participants acknowledge their firms are already harnessing AI.
✔️92% of AI implementations are completed within a year.
✔️Companies are seeing returns on their AI investments typically within 14 months.
✔️For every dollar invested in AI, businesses are seeing an average return of $3.50.
✔️52% report that a lack of skilled workers is their biggest barrier to implement and scale AI
💡The message is clear: AI is a lucrative venture with a rapid payback period. However, the journey is not without its challenges, the foremost being the talent gap in the AI domain.
For business executives, the time to act is now. Understand the potential, overcome the barriers, and embrace the AI revolution that promises not just to improve the bottom line but also to redefine it.
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