Integrating AI into the business sector is proving to be a lucrative move for companies, according to a new study.
AI monetization for developers like Microsoft and OpenAI hinges on business adoption, but generally, this has been slower than many predicted.
Business leaders are keen to grasp the AI use cases that can drive the most value, according to a Microsoft blog post.
Commenters from other companies, such as Adam Selipsky, the CEO of Amazon Web Services (AWS), have also highlighted that AI costs have proved a barrier to adoption, “A lot of the customers I’ve talked to are unhappy about the cost that they are seeing for running some of these models.”
To clarify aspects of business AI adoption, Microsoft commissioned IDC to study the economic benefits of AI for organizations.
The survey encompassed over 2,000 business leaders globally responsible for AI strategies in their organizations.
Here’s a brief look at some of the key findings:
- Currently, 71% of the surveyed companies are implementing AI.
- The majority, 92%, of AI projects are completed in less than a year.
- Businesses are seeing a return on their AI investments in about 14 months on average.
- For every dollar spent on AI, companies see an average return of $3.50.
- However, 52% of companies identify the lack of skilled workers as a primary obstacle in adopting and scaling AI.
The research states that it confirms that AI is not just a tech trend but a solid business investment, contributing to significant improvements in employee productivity, customer engagement, and internal operations.
For instance, Microsoft’s Azure OpenAI and Microsoft Copilot in Microsoft 365 are enhancing employees’ abilities to produce various content types efficiently.
The study further highlights how AI revolutionizes customer engagement by enabling personalized service delivery through AI products like Dynamics 365.
IDC, who conducted the study, stated that generative AI will contribute to growth in GDP. “IDC is projecting that generative AI will add nearly $10 trillion to global GDP over the next 10 years,” said Ritu Jyoti, Group Vice President of AI and Automation for IDC.
This is consistent with other publications by McKinsey and Gartner, which estimate that generative AI will boost global GDP despite job losses.
These findings are strategically positioned to encourage business interest in Microsoft’s new tools.
In fairness to Microsoft, they concede that adoption faces hurdles, primarily due to the skills gap in the workforce. To address this, Microsoft says it has committed to educating over 6 million individuals globally in AI.
This will be actioned through Microsoft’s huge partner network of 400,000 educational establishments and institutions.