A new study confirms the business value and opportunity of AI

As AI becomes more integrated into society, The economic impact will be significant, and organizations are only beginning to understand the extent.f what is possible FOr companies to invest in AI, but it should make good business sense. Business leaders and decision makers need to understand the industry and business line use cases best positioned to drive value in their organizations, what the return on investment will be, what value to expect and how to get started. In short, they need help simplifying the business case for AI.

To help companies understand the opportunities AI can open up, Microsoft commissioned research through IDC that provides unique insights into how AI can be used to drive economic impact for organizations. IDC surveyed more than 2,000 business leaders and decision makers from around the world who are responsible for driving AI transformation in their organizations. The study builds on the results from Microsoft Job trend index Focused on workplace productivity, it examines how companies are monetizing their AI investments, from generating new revenue streams to delivering differentiated customer experiences to modernizing internal processes. Key findings fromis it. Case Studies*:

  • 71% of respondents say their companies are using AI
  • 92% of AI deployments are taking 12 months or less.
  • Organizations are realizing a return on their AI investments within 14 months.
  • For every $1 a company invests in AI, it’s realizing an average return of $3.5X
  • 52% say lack of skilled workers is the biggest obstacle to implementing and scaling AI

The study shows that AI has Visible business value, And We You’re seeing this floor in key use cases in areas like employee experience, customer engagement, and internships.business processes, And how AI can help bend the curve on innovation. With generative AI, that value increases exponentially, as we saw last year with generative AI technologies like ChatGPT from OpenAI.

“IDC projects AI will add nearly $10 trillion to global GDP over the next 10 years.** Calculating the value of new investments in GenAI requires building the business case by modeling potential cost and responsible value,” said Ritu Joti. Group Vice President AI and Automation for IDC.

This wave of innovation has accelerated the pace of AI adoption in ways that will transform and enhance how we work and live, and Microsoft’s customers are embracing AI’s opportunities for business transformation.

Enriching employee experiences: EWorkers in every industry are facing increasing digital debt and administrative burdens that reduce productivity and hinder meaningful work. To address this challenge, AI is used to leverage unstructured data such as social media, product listings, and customer engagement to better tailor communications, enable more intelligent insights, and aggregate data. Solve problems quickly. In addition, employees They are using Azure OpenAI and Microsoft Copilot in Microsoft 365 to enhance their writing capabilities, such as presentations, web content, case studies, blogs, press releases, search engine optimization, and digital art.

Reinventing customer engagement: With intense competition for customer acquisition and retention, organizations struggle to keep pace with ever-increasing customer signals and provide personalized service to customers in real-time. To drive greater customer loyalty, organizations are leveraging Dynamics 365’s AI capabilities in contact centers for real-time assistance and suggested responses. Employees are also using AI to summarize conversations, guide them through next steps, and get coaching feedback. Azure-powered virtual assistants are used to provide all kinds of hyper-personalized experiences, such as healthcare claims and entertainment for sports fans. Salespeople are using Viva Sales to nurture leads and close deals.

Redesign business processes
Companies have pockets of valuable information scattered throughout their organization, making it difficult for employees to access and use comprehensive information. By discovering and creating connections across this data, AI can reveal integrated insights that help predict and accelerate workloads. This is particularly evident in cybersecurity, where employees are using AI insights to quickly identify bad actors and better protect both employees and intellectual property. AI is also used in production and operations, to create digital copies of their supply chain environment So the tokens and Improve workflow management, resulting in improved supply chain efficiency.

Bending the curve on innovation: This is an interesting concept as companies in every industry are looking to regain their edge. Organizations can deploy AI to stay ahead of changing business dynamics and maximize customer value. as if By putting AI directly in the hands of developers with GitHub Copilot, organizations can work more efficiently and accelerate innovation without having to update every underlying system to achieve these results. Teams can use AI to improve productivity and speed to market while focusing on high-value tasks.

IDC survey data confirms that businesses are eager to use AI technology 71% of survey respondents currently use AI tools in their organizations, and 22% plan to do so in the next 12 months. However, despite their positive outlook on this initiative and what AI can help them with, organizations are facing implementation challenges. A shortage of skilled workers is preventing companies from accelerating AI-based innovations. Among those surveyed, 52 percent cited a lack of skilled workers as a major impediment to implementing AI startups in business operations.

To help address the skills gap, Microsoft has engaged more than 6 million people worldwide in learning activities over the past 12 months, and is committed to giving it to everyone who uses our AI technology. We have too. He is empowered. Our ecosystem of over 400,000 partners with the skills needed to responsibly implement AI technology and deliver superior customer value.

No matter where you are in your cloud and AI transformation journey, Microsoft can help. To learn more about how customers across industries are shaping AI transformation with Microsoft, please visit Microsoft Cloud Blog It shares real-world examples of AI-driven business impact, as well as resources and skills opportunities you can use to build your readiness to lead the AI ​​era.

About the study
IDC studyCommissioned by Microsoft, it is based in 2,109 enterprise organizations with a total of more than 13 million employees worldwide in 16 countries. Through the questionnaire, respondents were identified as AI decision makers in their organizations.

Source: *IDC Infographic, Sponsored by Microsoft, The Business Opportunity of AI, IDC #US51315823, November 2023.

Tags: AI

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