Tech

published : 2023-10-28

Business leaders anticipate long-term payoff from AI investments

New study reveals the potential of artificial intelligence in driving revenue growth

A businesswoman holding a tablet showing AI-related data, taken with a Nikon D850.

Major tech companies like Microsoft and Google have made substantial investments in generative artificial intelligence, prompting businesses across industries to integrate these technologies for enhanced efficiency.

However, a recent report from The Wall Street Journal indicates that Big Tech is currently struggling to generate profits from these cutting-edge tools. Nonetheless, new data suggests that these investments will indeed be rewarding in the long run, albeit requiring patience and time to yield returns, as highlighted by enablement tech firm Seismic.

"While the potential of AI in enablement is certainly thrilling, it also brings about a sense of apprehension surrounding the payoffs," explains Seismic CEO Doug Winter.

Enablement technology encompasses various tools that streamline workflows, alleviating the workload of employees.

A group of people brainstorming and discussing AI investments in a modern office, taken with a Canon EOS 5D Mark IV.

Seismic's "The State of AI in Enablement" report for 2023 reveals that 80% of sales and customer service leaders at management level or above expect revenue growth through the incorporation of AI into their go-to-market processes. The respondents predicted an average growth of 23% over the next five years through AI utilization.

Although the immediate payoff might not be apparent, proponents assert that significant returns on investment are imminent. The report also indicates a positive outlook for further AI adoption, with 87% of current AI users expressing plans to invest more in generative AI in the coming year.

Seismic CEO Doug Winter further emphasizes the time required for positive ROI to materialize. He cites the survey's finding that 66% of leaders faced initial hurdles, such as slow adoption and integration issues, before ultimately experiencing positive outcomes.

Furthermore, a vast majority of respondents (93%) who intend to boost their investment in enabling technology in 2024 attribute their decision to the significant advancements in AI.

A CEO presenting a growth chart during a meeting, highlighting the revenue growth potential of AI, taken with a Sony Alpha a7 III.

This thrilling journey of excitement, intrigue, and astonishment demonstrates the immense potential of AI investments. As you dive into the article, be captivated by the narrative and let it reshape your perspectives.

Get ready to embark on a riveting exploration of the transformative power of AI.