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How much can AI increase the profits of your company?
Discover some expert reports that consider Artificial Intelligence a driver to boost business profitability
When we consider investing in technology, it is natural that we want to know what the return of investment will be. Here you are not going to discover the accurate answer, but you will find relevant information to help you estimate the value of AI.
Accenture concluded in its report How AI Boosts Industry Profits and Innovation that “AI has the potential to boost rates of profitability by an average of 38 percent by 2035 and lead to an economic boost of US$14 trillion across 16 industries in 12 economies by 2035”.
The Global Survey of Artificial Intelligence revealed last year by McKinsey, says that “organizations are using AI as a tool for generating value. Increasingly, that value is coming in the form of revenues. A small contingent of respondents coming from a variety of industries attribute 20 percent or more of their organizations’ earnings before interest and taxes (EBIT) to AI”. It adds that companies plan to invest more in AI in response to COVID-19 pandemic and the digital transformation acceleration.
In 2015, Gartner forecasts indicated that AI may account for up to $127 billion by 2025, compared to $2 billion six years ago. In its recent report of 2021 (Gartner Second Annual Emerging Technology Product Leaders Survey), Gartner highlights that “33% of technology providers plan to invest $1 million or more in AI within two years”.
The report explains that “the survey was conducted online from April through June 2021 among 268 respondents from China, Hong Kong, Israel, Japan, Singapore, the U.K. and the U.S. Respondents were required to be involved in their organizations’ portfolio decisions when it comes to emerging technology, working at an organization in the high-tech industry with enterprisewide revenue for fiscal year 2020 of $10 million or more.
The vast majority of survey respondents (87%) with AI technologies as a major investment area believe industrywide funding for AI will increase at a moderate to fast pace through 2022”.
According to Errol Rasit, managing vice president at Gartner, “Rapidly evolving, diverse AI technologies will impact every industry”. He added that “technology organizations are increasing investments in AI as they recognize its potential to not only assess critical data and improve business efficiency, but also to create new products and services, expand their customer base and generate new revenue. These are serious investments that will help to dispel AI hype”.
These insights show that Artificial Intelligence is not a futuristic technology
We employ solutions based on AI technologies every day. We easily use home devices thanks to the domotics. We enjoy playing video games and competing with a machine as if we did it with a human being. We benefit from driving assistants to park, avoid accidents or, simply, find the nearest service station…These are just a few examples of how AI permeates our lives. Since the 1990s, AI has gained an increasing prominence, not only in people routines but also in business lives, as investment figures clearly reflect.
What can we do for you at Wealize?
At Wealize we are experts in Machine Learning and Artificial Intelligence. We use technology to help our clients to make better decisions. We build text- and voice- based conversational agents to improve the customer experience. You can find an example of Artificial Intelligence implementation at our product coloqio, a conversational platform to manage conversational agents, channels, skills, languages, interfaces and knowledge bases. coloqio lets you integrate your company's workflows and keep all your data under control.
If you are considering investing in technology to boost your business performance, contact us. We will talk about how to increase your profits with Artificial Intelligence.