A recent survey commissioned by ABBYY has shed light on the significant surge in investment in artificial intelligence (AI) implementation, with a particular focus on IT executives in the United States, United Kingdom, Germany, and France.
The survey delved into AI implementation budgets and return on investment (ROI), uncovering not only financial gains but also positive outcomes in terms of employee satisfaction, work value, and innovation.
For customers, the news is equally promising. According to Gabrielle Lukianchuk, Chief Marketing Officer at ABBYY, “more than half of the leaders surveyed stated higher quality products and projects, along with faster delivery of their products to customers. More than a third reported improved customer service outcomes.”
The most substantial investments in AI revolve around intelligent automation, with mid to large businesses taking the lead in terms of spending. An impressive 57% of IT executives anticipate a 2x return on investment, and 47% have already realized at least a 2x ROI from intelligent automation.
The remarkable ROI can largely be attributed to the advantages of implementing intelligent automation. Respondents highlighted improved efficiency (52%) as the most significant achievement, closely followed by increased productivity (48%).
Interestingly, respondents cited the “Tendency to maintain ‘old’ ways of doing things” as the primary barrier to AI automation implementation, with 31% identifying this challenge. However, the future appears promising, with AI strategies in the works for 89% of businesses, with 37% of them planning for a 3-5 year implementation timeline.
Smaller businesses are placing a premium on customer experience and automating sales processes as revenue-generating mechanisms in 2023. Simultaneously, they aim to reduce liabilities, such as software subscriptions and rent. However, the complexity of such implementations is evident, as smaller businesses are more likely to have shorter-term AI strategies, spanning only 1 or 2 years.
Overall, AI budgets have witnessed a remarkable increase of over 80% across enterprises of all sizes. This surge reflects the growing necessity of automation and AI in remaining competitive within the modern economy.
