#Digital Landscape - Artificial Intelligence
Updated: Oct 7, 2020
Most companies report measurable benefits from AI where it has been deployed; however, much work remains to scale impact, manage risks, and retrain the workforce.
Adoption of artificial intelligence (AI) continues to increase, and the technology is generating returns. High-performing companies (or AI high performers) achieve greater scale and see both higher revenue increases and greater cost decreases. A clear road map applying core practices for using AI to drive value across the organisation is essential to mitigate any risks associated with the technology, and retrain workers to prepare them for AI adoption.
Workforce retraining will need to ramp up. AI adoption has generally had modest overall effects on organisations’ workforce size in the past year, and expect AI adoption to lead to a decrease in workforce in the next three years, compared with one-fifth who expect an increase, and AI high performers are doing more retraining.
Most organisations are seeing returns from AI
Adoption of AI will affect revenue and cost in the business units where AI is used. AI will deliver a meaningful value to companies. In marketing and sales, respondents most often report revenue increases from AI use in pricing, prediction of likelihood to buy, and customer-service analytics. In product and service development, revenue-producing use cases include the creation of new AI-based products and new AI-based enhancements. And in supply-chain management, respondents often cite sales and demand forecasting and spend analytics as use cases that generate revenue.
AI is the future, and should be a major component of a digital marketing strategy.