AI is shaking things up and generating all kinds of buzz, proving to be virtually invaluable for offloading tasks and increasing productivity—but is it truly driving results and ROI? New survey research from tech research and advisory group Omdia seeks empirical answers to that question.
The firm asked respondents if AI has driven topline revenue, reduced bottom-line costs, improved efficiency/automation and improved customer experience/customer satisfaction. The answers were a startling affirmation of the potential of AI to transform companies—at least 54 percent of respondents said they are currently measuring positive results of 1 percent or more, and at least 14 percent are seeing 11 percent or more, depending on the category.
“The implications of AI’s proven ROI in 2023 will be far-reaching, impacting everything from corporate investment and venture capital to corporate financial results, labor markets, strategic planning and innovation,” said Natalia Modjeska, research director at Omdia, in a news release.
AI’s growing ROI has significant implications:
Market adoption of enterprise-grade AI will accelerate
Proven AI ROI will push companies that have not started AI initiatives to begin, particularly in functions and industries with more established use cases. Lagging industries and the more developmental AI use cases will begin to operationalize. Meanwhile, companies with maturing AI will expand AI use into other use cases and business functions.
AI spending will increase
With ROI in hand, senior management will be confident in the expansion of AI initiatives and spark increased spending.
Better corporate results
If companies continue to achieve topline revenue growth and bottom-line cost savings through AI, it will have a positive impact on company financial results.
AI ROI will likely accelerate AI output innovation, more so in companies which have been working with AI for more than 1-2 years. Generative AI initiatives in particular will be given more chances to prove out.
Omdia fielded the survey of 369 enterprises in February 2023 as interest in Generative AI exploded. AI ROI for 2023 were likely measured before Generative AI projects had any impact.