A new Microsoft-backed study has found that most companies see a return on their AI investments within 14 months, with AI implementations typically taking less than 12 months for nine in 10 organizations.
The survey of more than 2,000 business leaders quantifies some of the benefits we are already familiar with when it comes to using AI tools in the workplace.
The report also highlights the impact of technology on the workforce and their organizations, including the potential for more jobs.
Microsoft says AI is good for everyone
The Redmond report shows that on average, companies get back $3.5 for every dollar they invest in AI, and that a small group of companies (about 5%) get as much as $8 back on their investments.
In an effort to allay employees’ fears of losing their jobs to AI, the company emphasizes that artificial intelligence is quickly finding a home in the area of boosting productivity – tackling digital debt and administrative burdens to free up employees’ time to focus on more productive tasks with better results.
In addition to employee satisfaction, AI would also improve customer experiences across a wide range of industries by providing more personalized insights and responses.
In a sense, Microsoft likens AI to a global revolution, much like the industrial and digital revolutions of the last century. Industries that have not typically explored deep technology solutions can use AI to increase efficiency, including production and operations.
Looking ahead, 22% of participating leaders said they would introduce AI into their businesses over the next 12 months, on top of the 71% who have already done so, and in stark contrast to last year’s widespread fears about the impact on people appear to be largely positive.