Organizations that make AI a priority investment are already reaping the benefits.
AI is a hot topic for businesses looking to become more customer-centric and efficient. Companies are looking to the technology to power a range of solutions, such as voice assistants, natural-language processing, forecasting tools and e-commerce advertising. Leaders employing what we call the technology@speed approach are using new tools such as AI to develop new business models, and are deploying tech much faster to keep up with changing customer expectations.
Gartner says that, in 2021, AI augmentation will create $2.9 trillion of business value, and 6.2 billion hours of worker productivity globally.¹ However, while the hype around AI has been massive, the benefits have not been realized across all companies.
A report commissioned by EY, Six habits of transformation leaders, shows that of 500 corporates surveyed, fewer than half (47%) say AI accounted for the largest share of their investment over the past two years. This puts AI in fourth place, behind cloud (60%), data and advanced analytics (52%), and the Internet of Things (IoT) (50%).