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Laxman Pai, Opalesque Asia: Senior leaders report that they are already seeing a return on their artificial intelligence (AI) investments and plan to increasingly become more bullish, according to a study.
A new report from Ernst & Young LLP (EY US) revealed that among the 95% of senior leaders who report that their organizations are currently investing in AI, the number of companies investing $10 million or more in the technology is set to nearly double next year to 30%, up from 16% currently investing at that level.
However, despite the forecasted investment boom, the survey also found that many leaders are ignoring the foundational functions AI needs to thrive.
The new EY AI Pulse Survey is the second in a series that asks 500 US senior business leaders across industries about their company's AI investment levels, the impact on their business, and the challenges integrating the technology. As debate swirls around an AI bubble, the survey finds growing demand signals with the recognition of challenges ahead.
The survey finds senior business leaders at organizations that commit 5% or more of their total budget toward AI investments continue to see higher rates of positive returns than those spending less than 5%.
And their returns are on the rise compared with six months ago, with leaders who invest 5% or more of their total budget in AI reporting increased positive ROI across: Operational efficiencies (84%, up from 77%), Employee productivity (83%, u...................... To view our full article Click here
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